Landstar System, Inc. Named to Fortune 500 List for First Time

Rhea-AI Summary

Landstar System, Inc. (NASDAQ: LSTR) has been named to the Fortune 500 for the first time, debuting at number 491 with a record revenue of approximately $6.5 billion for fiscal year 2021. This achievement highlights Landstar's entrepreneurial business model and the strength of its independent agent network. Since its IPO in 1993, the company has seen over 500% growth in annual revenue and a compound annual growth rate of 17% in total shareholder return as of May 2022. The Fortune 500 list ranks the largest U.S. companies by revenue.

Positive

• Debuted at number 491 on Fortune 500 list.
• Achieved record revenue of approximately $6.5 billion in 2021.
• Since IPO in 1993, annual revenue has increased by over 500%.
• Total shareholder return CAGR of approximately 17% through May 2022.

Negative

• None.

JACKSONVILLE, Fla., May 23, 2022 (GLOBE NEWSWIRE) -- Landstar System, Inc. (NASDAQ: LSTR), a worldwide technology-enabled, asset-light provider of integrated transportation management solutions delivering safe, specialized transportation services, announced today that it was named for the first time to the Fortune 500 list of America’s largest corporations by revenue. With revenue of approximately $6.5 billion in fiscal year 2021, an annual record for the company, Landstar debuted at number 491 on the list.

“The consistent strength and depth of the Landstar network is what earned the Company this prestigious ranking,” said Landstar President and CEO Jim Gattoni. “The ability of our independent agents and employees to scale operations and adjust to the marketplace, the power of our unique capacity network to execute, and our innovative digital tools that facilitate efficiency in freight transportation management combined flawlessly to achieve remarkable performance.”

The ranking reflects Landstar’s record-setting growth in 2021, and is also a testament to the Company’s unique, entrepreneurial business model that has proven successful for decades. Formed in 1988, Landstar provides customers access to high quality, safe freight transportation services through a network of independent agents and transportation capacity providers, leading-edge technology, and dedicated corporate personnel.

Empowering this entrepreneurial drive has earned the trust of customers and created a long history of financial success. Since its initial public offering in March 1993, Landstar annual revenue has increased over 500% and the Company has achieved a total shareholder return compound annual growth rate through May 20, 2022 of approximately 17%.

“On behalf of Landstar’s leadership team, I congratulate everyone who has contributed to Landstar’s success. We thank all of our independent agencies, owner-operators leased to Landstar, approved third-party carriers, customers and employees who have helped us accomplish this milestone. Making the Fortune 500 was truly a team effort,” added Gattoni.

The Fortune 500 annual list, compiled and published by Fortune magazine since 1955, ranks the largest U.S. companies by total annual revenue for their respective fiscal years. For the complete Fortune 500 list, visit www.fortune.com/fortune500.

About Landstar

Landstar System, Inc., a Fortune 500 company, is a worldwide, technology-enabled, asset-light provider of integrated transportation management solutions delivering safe, specialized transportation services to a broad range of customers utilizing a network of agents, third-party capacity providers and employees. Landstar transportation services companies are certified to ISO 9001:2015 quality management system standards and RC14001:2015 environmental, health, safety and security management system standards. Landstar System, Inc. is headquartered in Jacksonville, Florida. Its common stock trades on The NASDAQ Stock Market® under the symbol LSTR.

FAQ

What is Landstar's revenue in fiscal year 2021?

Landstar reported a record revenue of approximately $6.5 billion in fiscal year 2021.

What position did Landstar achieve on the Fortune 500 list?

Landstar debuted at number 491 on the Fortune 500 list.

When did Landstar go public?

Landstar went public in March 1993.

What is the total shareholder return CAGR for Landstar?

The total shareholder return compound annual growth rate for Landstar is approximately 17% through May 20, 2022.