Landstar System Reports Second Quarter Revenue of $1.225B and Earnings Per Share of $1.48 and Announces 9% Increase to Quarterly Dividend
Landstar System (NASDAQ: LSTR) reported Q2 2024 earnings with revenue of $1.225 billion and EPS of $1.48. The company saw a 5% sequential revenue growth, breaking a streak of seven quarters of declines. Landstar's board declared a quarterly dividend of $0.36 per share, a 9% increase from previous quarters. The company continued its stock repurchase program, buying back 316,000 shares for $57.0 million. Truck transportation accounted for 90% of revenue at $1.106 billion. Despite challenging market conditions, Landstar maintained a strong balance sheet with $504 million in cash and short-term investments. The company's trailing twelve-month return on average shareholders' equity was 22%, and return on invested capital was 20%.
Landstar System (NASDAQ: LSTR) ha riportato gli utili del secondo trimestre 2024, con un fatturato di 1,225 miliardi di dollari e un utile per azione (EPS) di 1,48 dollari. L'azienda ha registrato una crescita sequenziale del fatturato del 5%, interrompendo una serie di sette trimestri di calo. Il consiglio di amministrazione di Landstar ha dichiarato un dividendo trimestrale di 0,36 dollari per azione, con un aumento del 9% rispetto ai trimestri precedenti. L'azienda ha continuato il suo programma di riacquisto di azioni, riacquistando 316.000 azioni per un totale di 57 milioni di dollari. Il trasporto su camion ha rappresentato il 90% del fatturato con 1,106 miliardi di dollari. Nonostante le difficili condizioni di mercato, Landstar ha mantenuto un solido bilancio con 504 milioni di dollari in contante e investimenti a breve termine. Il rendimento medio degli azionisti negli ultimi dodici mesi è stato del 22% e il rendimento sul capitale investito è stato del 20%.
Landstar System (NASDAQ: LSTR) informó sobre sus ingresos del segundo trimestre de 2024, con una facturación de 1.225 millones de dólares y una ganancia por acción (EPS) de 1.48 dólares. La compañía experimentó un crecimiento secuencial del 5%, rompiendo una racha de siete trimestres de pérdidas. La junta de Landstar declaró un dividendo trimestral de 0.36 dólares por acción, un aumento del 9% respecto a los trimestres anteriores. La empresa continuó con su programa de recompra de acciones, recomprando 316,000 acciones por 57 millones de dólares. El transporte por camión representó el 90% de los ingresos, alcanzando 1.106 millones de dólares. A pesar de las difíciles condiciones del mercado, Landstar mantuvo un balance sólido con 504 millones de dólares en efectivo e inversiones a corto plazo. El rendimiento sobre el capital promedio de los accionistas en los últimos doce meses fue del 22%, y el rendimiento sobre el capital invertido fue del 20%.
랜드스타 시스템 (NASDAQ: LSTR)은 2024년 2분기 실적을 보고하였으며, 매출은 12억 2천5백만 달러, 주당 순이익(EPS)은 1.48달러로 나타났습니다. 회사는 5%의 분기 대비 매출 성장을 기록하며, 7분기 연속 감소세를 끝냈습니다. 랜드스타 이사회는 주당 0.36달러의 분기 배당금을 선언하였으며, 이는 이전 분기 대비 9% 증가한 것입니다. 회사는 31만6천 주를 5천7백만 달러에 재매입하는 주식 재구매 프로그램을 계속했습니다. 트럭 운송은 90%의 매출를 차지하며, 총 11억 6천만 달러입니다. 어려운 시장 환경 속에서도 랜드스타는 5억 4백만 달러의 현금 및 단기 투자로 강력한 재무 상태를 유지했습니다. 최근 12개월 동안 주주 평균 자기자본 수익률은 22%, 투자자본 수익률은 20%였습니다.
Landstar System (NASDAQ: LSTR) a annoncé ses résultats du deuxième trimestre 2024, avec un chiffre d'affaires de 1,225 milliard de dollars et un bénéfice par action (EPS) de 1,48 dollar. La société a connu une croissance séquentielle du chiffre d'affaires de 5%, mettant fin à une série de sept trimestres de déclin. Le conseil d'administration de Landstar a déclaré un dividende trimestriel de 0,36 dollar par action, soit une augmentation de 9% par rapport aux trimestres précédents. L'entreprise a poursuivi son programme de rachat d'actions, en rachetant 316 000 actions pour 57 millions de dollars. Le transport routier a représenté 90 % du chiffre d'affaires avec 1,106 milliard de dollars. Malgré des conditions de marché difficiles, Landstar a maintenu une solide situation financière avec 504 millions de dollars en liquidités et investissements à court terme. Le rendement moyen des capitaux propres des actionnaires au cours des douze derniers mois était de 22 %, et le rendement sur le capital investi s'élevait à 20 %.
Landstar System (NASDAQ: LSTR) hat die Q2 2024 Erträge mit einem Umsatz von 1,225 Milliarden Dollar und einem Gewinn pro Aktie (EPS) von 1,48 Dollar bekannt gegeben. Das Unternehmen verzeichnete ein 5%iges sequenzielles Umsatzwachstum und beendete eine Reihe von sieben Quartalen mit Rückgängen. Der Vorstand von Landstar erklärte eine vierteljährliche Dividende von 0,36 Dollar pro Aktie, was eine 9%ige Erhöhung im Vergleich zu den vorherigen Quartalen darstellt. Das Unternehmen setzte sein Aktienrückkaufprogramm fort und kaufte 316.000 Aktien für 57 Millionen Dollar zurück. Der Transport per Lkw machte 90% des Umsatzes mit 1,106 Milliarden Dollar aus. Trotz schwieriger Marktbedingungen behielt Landstar eine starke Bilanz mit 504 Millionen Dollar in bar und kurzfristigen Investitionen. Die Rendite auf das durchschnittliche Eigenkapital der Aktionäre betrug 22%, und die Rendite auf das investierte Kapital betrug 20%.
- 5% sequential revenue growth, breaking a streak of seven quarters of declines
- 9% increase in quarterly dividend to $0.36 per share
- Strong balance sheet with $504 million in cash and short-term investments
- 22% return on average shareholders' equity
- 20% return on invested capital
- Revenue decreased from $1.374 billion in Q2 2023 to $1.225 billion in Q2 2024
- EPS declined from $1.85 in Q2 2023 to $1.48 in Q2 2024
- 8.9% decrease in the number of loads hauled via truck compared to Q2 2023
- 2.6% decline in truck revenue per load compared to Q2 2023
Insights
Landstar System's Q2 2024 results present a mixed picture. While revenue of
Key financial highlights:
- Revenue:
$1.225 billion (down from$1.374 billion in Q2 2023) - Gross profit:
$120 million (down from$140 million ) - Operating income:
$68.1 million (down from$88 million ) - EPS:
$1.48 (down from$1.85 )
The company's focus on capital returns is evident with a
However, the declining year-over-year metrics suggest ongoing challenges in the freight market. The
Investors should monitor the sustainability of the sequential growth trend and the impact of ongoing technology investments on future performance.
Landstar's Q2 results offer valuable insights into the current state of the freight transportation market. The sequential revenue growth of
Breaking down the revenue streams:
- Truck transportation:
90% of revenue at$1.106 billion - Van equipment:
$619 million - Unsided/platform equipment:
$381 million - Power-only services:
$78 million - Rail, air and ocean cargo:
8% of revenue at$94 million
The
Landstar's asset-light model and diverse service offerings provide flexibility in navigating market fluctuations. The company's continued investment in technology and equipment during this downturn could position it well for a market recovery.
The freight market's performance often serves as a leading indicator for broader economic trends. The sequential improvement, if sustained, could signal a potential upturn in economic activity. However, caution is warranted given the persistent year-over-year declines.
JACKSONVILLE, Fla., July 30, 2024 (GLOBE NEWSWIRE) -- Landstar System, Inc. (NASDAQ: LSTR) (“Landstar” or the “Company”) today reported basic and diluted earnings per share (“EPS”) of
Landstar continues to return meaningful amounts of capital to stockholders through the Company’s stock purchase program and dividends. During the 2024 second quarter, Landstar purchased approximately 316,000 shares of its common stock at an aggregate cost of
| 2Q 2024 | 2Q 2023 | ||||||
| Revenue | $ | 1,225,005 | $ | 1,373,857 | |||
| Gross profit | $ | 119,996 | $ | 139,706 | |||
| Variable contribution | $ | 175,131 | $ | 198,182 | |||
| Operating income | $ | 68,059 | $ | 87,950 | |||
| Basic and diluted earnings per share | $ | 1.48 | $ | 1.85 | |||
| (1) Dollars above in thousands, except per share amounts | |||||||
| (2) Please refer to the Consolidated Statements of Income and Reconciliation of Gross Profit to Variable Contribution included below | |||||||
Total revenue was
The number of loads hauled via truck declined
Gross profit in the 2024 second quarter was
The Company’s balance sheet continues to be very strong, with cash and short-term investments of approximately
Landstar will provide a live webcast of its quarterly earnings conference call this evening at 5:00 p.m. ET. To access the webcast, visit www.investor.landstar.com; click on “Webcasts,” then click on “Landstar’s Second Quarter 2024 Earnings Release Conference Call.” A slide presentation to accompany the webcast presentation is also available on Landstar’s investor relations website at https://investor.landstar.com/.
About Landstar:
Landstar System, Inc., is a 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.
Non-GAAP Financial Measures:
In this earnings release and accompanying financial disclosures, the Company provides the following information that may be deemed a non-GAAP financial measure: variable contribution and variable contribution margin. The Company believes variable contribution and variable contribution margin are useful measures of the variable costs that we incur at a shipment-by-shipment level attributable to our transportation network of third-party capacity providers and independent agents in order to provide services to our customers. The Company also believes that it is appropriate to present each of the financial measures that may be deemed a non-GAAP financial measure, as referred to above, for the following reasons: (1) disclosure of these matters will allow investors to better understand the underlying trends in the Company’s financial condition and results of operations; (2) this information will facilitate comparisons by investors of the Company’s results as compared to the results of peer companies; and (3) management considers this financial information in its decision making.
Forward Looking Statements Disclaimer:
The following is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not based on historical facts are “forward-looking statements.” This press release contains forward-looking statements, such as statements which relate to Landstar’s business objectives, plans, strategies and expectations. Terms such as “anticipates,” “believes,” “estimates,” “intention,” “expects,” “plans,” “predicts,” “may,” “should,” “could,” “will,” the negative thereof and similar expressions are intended to identify forward-looking statements. Such statements are by nature subject to uncertainties and risks, including but not limited to: an increase in the frequency or severity of accidents or other claims; unfavorable development of existing accident claims; dependence on third party insurance companies; dependence on independent commission sales agents; dependence on third party capacity providers; the impact of the Russian conflict with Ukraine on the operations of certain independent commission sales agents, including the Company’s largest such agent by revenue in the 2023 fiscal year; decreased demand for transportation services; U.S. trade relationships; substantial industry competition; disruptions or failures in the Company’s computer systems; cyber and other information security incidents; dependence on key vendors; potential changes in taxes; status of independent contractors; regulatory and legislative changes; regulations focused on diesel emissions and other air quality matters; regulations requiring the purchase and use of zero-emission vehicles; intellectual property; and other operational, financial or legal risks or uncertainties detailed in Landstar’s Form 10-K for the 2023 fiscal year, described in Item 1A Risk Factors, and in other SEC filings from time to time. These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated. Investors should not place undue reliance on such forward-looking statements, and the Company undertakes no obligation to publicly update or revise any forward-looking statements.
| Landstar System, Inc. and Subsidiary | |||||||||||||||||
| Consolidated Statements of Income | |||||||||||||||||
| (Dollars in thousands, except per share amounts) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Twenty-Six Weeks Ended | Thirteen Weeks Ended | ||||||||||||||||
| June 29, | July 1, | June 29, | July 1, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Revenue | $ | 2,396,048 | $ | 2,809,532 | $ | 1,225,005 | $ | 1,373,857 | |||||||||
| Investment income | 7,066 | 3,852 | 3,654 | 2,484 | |||||||||||||
| Costs and expenses: | |||||||||||||||||
| Purchased transportation | 1,855,579 | 2,154,491 | 950,058 | 1,053,197 | |||||||||||||
| Commissions to agents | 197,098 | 248,153 | 99,816 | 122,478 | |||||||||||||
| Other operating costs, net of gains on asset sales/dispositions | 28,994 | 25,840 | 14,135 | 13,462 | |||||||||||||
| Insurance and claims | 53,432 | 57,431 | 27,164 | 29,784 | |||||||||||||
| Selling, general and administrative | 111,361 | 108,096 | 54,939 | 54,529 | |||||||||||||
| Depreciation and amortization | 28,630 | 30,139 | 14,488 | 14,941 | |||||||||||||
| Total costs and expenses | 2,275,094 | 2,624,150 | 1,160,600 | 1,288,391 | |||||||||||||
| Operating income | 128,020 | 189,234 | 68,059 | 87,950 | |||||||||||||
| Interest and debt (income) expense | (3,286 | ) | (1,033 | ) | (1,675 | ) | (307 | ) | |||||||||
| Income before income taxes | 131,306 | 190,267 | 69,734 | 88,257 | |||||||||||||
| Income taxes | 31,586 | 45,513 | 17,110 | 21,698 | |||||||||||||
| Net income | $ | 99,720 | $ | 144,754 | $ | 52,624 | $ | 66,559 | |||||||||
| Basic and diluted earnings per share | $ | 2.79 | $ | 4.03 | $ | 1.48 | $ | 1.85 | |||||||||
| Average basic and diluted shares outstanding | 35,702,000 | 35,962,000 | 35,654,000 | 35,941,000 | |||||||||||||
| Dividends per common share | $ | 0.66 | $ | 0.60 | $ | 0.33 | $ | 0.30 | |||||||||
| Landstar System, Inc. and Subsidiary | ||||||||||
| Consolidated Balance Sheets | ||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||
| (Unaudited) | ||||||||||
| June 29, | December 30, | |||||||||
| 2024 | 2023 | |||||||||
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 438,062 | $ | 481,043 | ||||||
| Short-term investments | 65,959 | 59,661 | ||||||||
| Trade accounts receivable, less allowance | ||||||||||
| of | 724,479 | 743,762 | ||||||||
| Other receivables, including advances to independent | ||||||||||
| contractors, less allowance of | 42,117 | 43,339 | ||||||||
| Other current assets | 44,568 | 24,936 | ||||||||
| Total current assets | 1,315,185 | 1,352,741 | ||||||||
| Operating property, less accumulated depreciation | ||||||||||
| and amortization of | 285,995 | 284,300 | ||||||||
| Goodwill | 41,607 | 42,275 | ||||||||
| Other assets | 112,417 | 122,530 | ||||||||
| Total assets | $ | 1,755,204 | $ | 1,801,846 | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Cash overdraft | $ | 58,358 | $ | 61,541 | ||||||
| Accounts payable | 401,535 | 395,980 | ||||||||
| Current maturities of long-term debt | 27,980 | 27,876 | ||||||||
| Insurance claims | 42,677 | 41,825 | ||||||||
| Dividends payable | - | 71,433 | ||||||||
| Other current liabilities | 75,168 | 76,569 | ||||||||
| Total current liabilities | 605,718 | 675,224 | ||||||||
| Long-term debt, excluding current maturities | 45,397 | 43,264 | ||||||||
| Insurance claims | 59,862 | 58,922 | ||||||||
| Deferred income taxes and other non-current liabilities | 43,415 | 40,513 | ||||||||
| Shareholders' equity: | ||||||||||
| Common stock, | ||||||||||
| shares, issued 68,553,927 and 68,497,324 | 686 | 685 | ||||||||
| Additional paid-in capital | 256,084 | 254,642 | ||||||||
| Retained earnings | 2,859,786 | 2,783,645 | ||||||||
| Cost of 33,102,276 and 32,780,651 shares of common | ||||||||||
| stock in treasury | (2,106,266 | ) | (2,048,184 | ) | ||||||
| Accumulated other comprehensive loss | (9,478 | ) | (6,865 | ) | ||||||
| Total shareholders' equity | 1,000,812 | 983,923 | ||||||||
| Total liabilities and shareholders' equity | $ | 1,755,204 | $ | 1,801,846 | ||||||
| Landstar System, Inc. and Subsidiary | |||||||||||||||||||
| Supplemental Information | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Twenty-Six Weeks Ended | Thirteen Weeks Ended | ||||||||||||||||||
| June 29, | July 1, | June 29, | July 1, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Revenue generated through (in thousands): | |||||||||||||||||||
| Truck transportation | |||||||||||||||||||
| Truckload: | |||||||||||||||||||
| Van equipment | $ | 1,247,244 | $ | 1,458,124 | $ | 618,940 | $ | 703,041 | |||||||||||
| Unsided/platform equipment | 723,995 | 772,336 | 380,950 | 394,772 | |||||||||||||||
| Less-than-truckload | 53,707 | 62,673 | 28,090 | 31,115 | |||||||||||||||
| Other truck transportation(1) | 149,675 | 277,520 | 77,709 | 118,017 | |||||||||||||||
| Total truck transportation | 2,174,621 | 2,570,653 | 1,105,689 | 1,246,945 | |||||||||||||||
| Rail intermodal | 45,002 | 50,889 | 22,307 | 25,232 | |||||||||||||||
| Ocean and air cargo carriers | 125,380 | 136,534 | 71,306 | 75,441 | |||||||||||||||
| Other(2) | 51,045 | 51,456 | 25,703 | 26,239 | |||||||||||||||
| $ | 2,396,048 | $ | 2,809,532 | $ | 1,225,005 | $ | 1,373,857 | ||||||||||||
| Revenue on loads hauled via BCO Independent Contractors(3) | |||||||||||||||||||
| included in total truck transportation | $ | 918,071 | $ | 1,034,881 | $ | 465,510 | $ | 515,355 | |||||||||||
| Number of loads: | |||||||||||||||||||
| Truck transportation | |||||||||||||||||||
| Truckload: | |||||||||||||||||||
| Van equipment | 599,973 | 655,036 | 300,959 | 323,082 | |||||||||||||||
| Unsided/platform equipment | 244,407 | 263,185 | 126,460 | 135,613 | |||||||||||||||
| Less-than-truckload | 82,850 | 93,066 | 42,617 | 46,874 | |||||||||||||||
| Other truck transportation(1) | 71,440 | 110,373 | 37,914 | 52,311 | |||||||||||||||
| Total truck transportation | 998,670 | 1,121,660 | 507,950 | 557,880 | |||||||||||||||
| Rail intermodal | 14,380 | 15,390 | 7,230 | 7,630 | |||||||||||||||
| Ocean and air cargo carriers | 17,240 | 16,750 | 8,520 | 8,310 | |||||||||||||||
| 1,030,290 | 1,153,800 | 523,700 | 573,820 | ||||||||||||||||
| Loads hauled via BCO Independent Contractors(3) | |||||||||||||||||||
| included in total truck transportation | 422,300 | 463,910 | 213,560 | 231,360 | |||||||||||||||
| Revenue per load: | |||||||||||||||||||
| Truck transportation | |||||||||||||||||||
| Truckload: | |||||||||||||||||||
| Van equipment | $ | 2,079 | $ | 2,226 | $ | 2,057 | $ | 2,176 | |||||||||||
| Unsided/platform equipment | 2,962 | 2,935 | 3,012 | 2,911 | |||||||||||||||
| Less-than-truckload | 648 | 673 | 659 | 664 | |||||||||||||||
| Other truck transportation(1) | 2,095 | 2,514 | 2,050 | 2,256 | |||||||||||||||
| Total truck transportation | 2,178 | 2,292 | 2,177 | 2,235 | |||||||||||||||
| Rail intermodal | 3,129 | 3,307 | 3,085 | 3,307 | |||||||||||||||
| Ocean and air cargo carriers | 7,273 | 8,151 | 8,369 | 9,078 | |||||||||||||||
| Revenue per load on loads hauled via BCO Independent Contractors(3) | $ | 2,174 | $ | 2,231 | $ | 2,180 | $ | 2,228 | |||||||||||
| Revenue by capacity type (as a % of total revenue): | |||||||||||||||||||
| Truck capacity providers: | |||||||||||||||||||
| BCO Independent Contractors(3) | 38 | % | 37 | % | 38 | % | 38 | % | |||||||||||
| Truck Brokerage Carriers | 52 | % | 55 | % | 52 | % | 53 | % | |||||||||||
| Rail intermodal | 2 | % | 2 | % | 2 | % | 2 | % | |||||||||||
| Ocean and air cargo carriers | 5 | % | 5 | % | 6 | % | 5 | % | |||||||||||
| Other | 2 | % | 2 | % | 2 | % | 2 | % | |||||||||||
| June 29, | July 1, | ||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||
| Truck Capacity Providers | |||||||||||||||||||
| BCO Independent Contractors(3) | 8,385 | 9,748 | |||||||||||||||||
| Truck Brokerage Carriers: | |||||||||||||||||||
| Approved and active(4) | 45,382 | 58,303 | |||||||||||||||||
| Other approved | 25,450 | 29,503 | |||||||||||||||||
| 70,832 | 87,806 | ||||||||||||||||||
| Total available truck capacity providers | 79,217 | 97,554 | |||||||||||||||||
| Trucks provided by BCO Independent Contractors(3) | 9,180 | 10,548 | |||||||||||||||||
| (1) Includes power-only, expedited, straight truck, cargo van, and miscellaneous other truck transportation revenue generated by the transportation logistics segment. Power-only refers to shipments where the Company furnishes a power unit and an operator but not trailing equipment, which is typically provided by the shipper or consignee. | |||||||||||||||||||
| (2) Includes primarily reinsurance premium revenue generated by the insurance segment and intra-Mexico transportation services revenue generated by Landstar Metro. | |||||||||||||||||||
| (3) BCO Independent Contractors are independent contractors who provide truck capacity to the Company under exclusive lease arrangements. | |||||||||||||||||||
| (4) Active refers to Truck Brokerage Carriers who moved at least one load in the 180 days immediately preceding the fiscal quarter end. | |||||||||||||||||||
| Landstar System, Inc. and Subsidiary | |||||||||||||||||
| Reconciliation of Gross Profit to Variable Contribution | |||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Twenty-Six Weeks Ended | Thirteen Weeks Ended | ||||||||||||||||
| June 29, | July 1, | June 29, | July 1, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Revenue | $ | 2,396,048 | $ | 2,809,532 | $ | 1,225,005 | $ | 1,373,857 | |||||||||
| Costs of revenue: | |||||||||||||||||
| Purchased transportation | 1,855,579 | 2,154,491 | 950,058 | 1,053,197 | |||||||||||||
| Commissions to agents | 197,098 | 248,153 | 99,816 | 122,478 | |||||||||||||
| Variable costs of revenue | 2,052,677 | 2,402,644 | 1,049,874 | 1,175,675 | |||||||||||||
| Trailing equipment depreciation | 13,834 | 16,519 | 6,937 | 8,150 | |||||||||||||
| Information technology costs (1) | 11,986 | 13,493 | 6,182 | 6,742 | |||||||||||||
| Insurance-related costs (2) | 54,659 | 58,382 | 27,881 | 30,122 | |||||||||||||
| Other operating costs | 28,994 | 25,840 | 14,135 | 13,462 | |||||||||||||
| Other costs of revenue | 109,473 | 114,234 | 55,135 | 58,476 | |||||||||||||
| Total costs of revenue | 2,162,150 | 2,516,878 | 1,105,009 | 1,234,151 | |||||||||||||
| Gross profit | $ | 233,898 | $ | 292,654 | $ | 119,996 | $ | 139,706 | |||||||||
| Gross profit margin | 9.8 | % | 10.4 | % | 9.8 | % | 10.2 | % | |||||||||
| Plus: other costs of revenue | 109,473 | 114,234 | 55,135 | 58,476 | |||||||||||||
| Variable contribution | $ | 343,371 | $ | 406,888 | $ | 175,131 | $ | 198,182 | |||||||||
| Variable contribution margin | 14.3 | % | 14.5 | % | 14.3 | % | 14.4 | % | |||||||||
| (1) Includes costs of revenue incurred related to internally developed software including ASC 350-40 amortization, implementation costs, hosting costs and other support costs utilized to support the Company’s independent commission sales agents, third party capacity providers, and customers, included as a portion of depreciation and amortization and of selling, general and administrative in the Company's Consolidated Statements of Income. | |||||||||||||||||
| (2) Primarily includes (i) insurance premiums paid for commercial auto liability, general liability, cargo and other lines of coverage related to the transportation of freight; (ii) the related cost of claims incurred under those programs; and (iii) brokerage commissions and other fees incurred relating to the administration of insurance programs available to BCO Independent Contractors that are reinsured by the Company, which are included in selling, general and administrative in the Company’s Consolidated Statements of Income. | |||||||||||||||||
FAQ
What was Landstar's revenue and EPS for Q2 2024?
How much did Landstar LSTR increase its quarterly dividend?
What was Landstar's LSTR stock repurchase activity in Q2 2024?
How did Landstar's LSTR truck transportation revenue perform in Q2 2024?
What was Landstar's LSTR cash position as of June 29, 2024?
