Landstar’s Third-Quarter Profit Declines
Truckload carrier Landstar System said late Wednesday its third-quarter net income declined to $20.1 million, or 39 cents a share, from $32.8 million, or 62 cents, a year ago.
Revenue fell to $500.7 million, from $732.8 million, for the quarter ended Sept. 26, the company said in a statement.
Revenue hauled by third-party truck capacity providers was $455.9 million, or 91% of revenue, compared with $646.7 million, or 88%, a year ago.
Chief Executive Officer Henry Gerkens said he sees a “gradually improving overall freight environment and I believe that the worst is over. The very difficult revenue comparisons to prior year experienced by Landstar throughout 2009 will continue to ease throughout the 2009 fourth quarter.”
He said fourth-quarter earnings would be similar to the third quarter’s, at between 37 and 42 cents per share.
Landstar System is ranked No. 13 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
