Landstar System Reports Third Quarter Revenue of $1.214B and Earnings Per Share of $1.41
Landstar System (NASDAQ: LSTR) reported third quarter 2024 revenue of $1.214 billion and earnings per share of $1.41, down from $1.71 in Q3 2023. The company faced challenging freight conditions, though achieved a 3.2% sequential increase in truck revenue per load compared to Q2 2024. Truck transportation revenue was $1.091 billion, representing 90% of total revenue. The company maintained strong financials with cash and short-term investments of $531 million, delivering a 21% return on equity. During Q3, Landstar purchased 121,000 shares for $22.4 million and declared a quarterly dividend of $0.36 per share.
Landstar System (NASDAQ: LSTR) ha riportato per il terzo trimestre del 2024 un fatturato di 1,214 miliardi di dollari e utili per azione di 1,41 dollari, in calo rispetto ai 1,71 dollari del terzo trimestre del 2023. L'azienda ha dovuto affrontare condizioni di trasporto merci difficili, ma ha registrato un incremento sequenziale del 3,2% nel fatturato dei camion per carico rispetto al secondo trimestre del 2024. Il fatturato del trasporto camionistico è stato di 1,091 miliardi di dollari, rappresentando il 90% del fatturato totale. L'azienda ha mantenuto solidi risultati finanziari con liquidità e investimenti a breve termine di 531 milioni di dollari, offrendo un ritorno del 21% sul capitale investito. Durante il terzo trimestre, Landstar ha acquisito 121.000 azioni per 22,4 milioni di dollari e ha dichiarato un dividendo trimestrale di 0,36 dollari per azione.
Landstar System (NASDAQ: LSTR) reportó ingresos de 1.214 millones de dólares en el tercer trimestre de 2024 y ganancias por acción de 1,41 dólares, disminuyendo desde 1,71 dólares en el tercer trimestre de 2023. La compañía enfrentó condiciones desafiantes en el transporte de mercancías, aunque logró un aumento secuencial del 3,2% en los ingresos por camión por carga en comparación con el segundo trimestre de 2024. Los ingresos por transporte por camión fueron de 1.091 millones de dólares, representando el 90% del ingreso total. La empresa mantuvo sólidos resultados financieros con efectivo e inversiones a corto plazo de 531 millones de dólares, proporcionando un retorno del 21% sobre el capital. Durante el tercer trimestre, Landstar compró 121,000 acciones por 22,4 millones de dólares y declaró un dividendo trimestral de 0,36 dólares por acción.
랜드스타 시스템 (NASDAQ: LSTR)는 2024년 3분기 수익이 12.14억 달러이고 주당 순이익이 1.41달러로, 2023년 3분기 1.71달러에서 감소했다고 보고했습니다. 회사는 어려운 화물 조건에 직면했지만 2024년 2분기와 비교하여 화물당 트럭 수익이 3.2% 증가했습니다. 트럭 운송 수익은 10.91억 달러로, 전체 수익의 90%를 차지합니다. 회사는 5억 3100만 달러의 현금 및 단기 투자를 유지하며 21%의 자기자본 수익률을 제공했습니다. 3분기 동안 랜드스타는 121,000주를 2240만 달러에 매입하고 주당 0.36달러의 분기 배당금을 선언했습니다.
Landstar System (NASDAQ: LSTR) a annoncé pour le troisième trimestre 2024 un chiffre d'affaires de 1,214 milliard de dollars et un bénéfice par action de 1,41 dollar, en baisse par rapport à 1,71 dollar au troisième trimestre 2023. L'entreprise a dû faire face à des conditions de fret difficiles, mais a réalisé une augmentation séquentielle de 3,2 % des revenus des camions par chargement par rapport au deuxième trimestre 2024. Les revenus du transport par camion étaient de 1,091 milliard de dollars, représentant 90 % du chiffre d'affaires total. L'entreprise a maintenu des finances solides avec des liquidités et des investissements à court terme de 531 millions de dollars, offrant un rendement des capitaux propres de 21 %. Au troisième trimestre, Landstar a acheté 121 000 actions pour 22,4 millions de dollars et a déclaré un dividende trimestriel de 0,36 dollar par action.
Landstar System (NASDAQ: LSTR) berichtete im dritten Quartal 2024 von einem Umsatz von 1,214 Milliarden Dollar und einem Gewinn pro Aktie von 1,41 Dollar, was einem Rückgang von 1,71 Dollar im dritten Quartal 2023 entspricht. Das Unternehmen sah sich herausfordernden Frachtbedingungen gegenüber, erzielte jedoch einen sequenziellen Anstieg von 3,2 % im Truck-Umsatz pro Ladung im Vergleich zum zweiten Quartal 2024. Der Umsatz im Lkw-Transport betrug 1,091 Milliarden Dollar und machte 90 % des Gesamtumsatzes aus. Das Unternehmen wies starke Finanzen mit Bargeld und kurzfristigen Investitionen in Höhe von 531 Millionen Dollar auf und erzielte eine Eigenkapitalrendite von 21 %. Im dritten Quartal erwarb Landstar 121.000 Aktien für 22,4 Millionen Dollar und erklärte eine vierteljährliche Dividende von 0,36 Dollar pro Aktie.
- 3.2% sequential increase in truck revenue per load from Q2 2024
- Strong balance sheet with $531 million in cash and short-term investments
- 21% return on average shareholders' equity
- 19% return on invested capital
- Revenue decreased to $1.214B from $1.289B in Q3 2023
- EPS declined to $1.41 from $1.71 year-over-year
- Gross profit dropped to $113M from $128M year-over-year
- Number of loads hauled via truck declined 7.7% year-over-year
Insights
The Q3 earnings report reveals concerning trends for Landstar System. Revenue declined by
- Gross profit decreased
12% to$112.7M - Operating income fell
21.4% to$63.1M - Truck load volume declined
7.7%
While the company maintains a strong balance sheet with
JACKSONVILLE, Fla., Oct. 29, 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 capital to stockholders through the Company’s stock purchase program and dividends. During the 2024 third quarter, Landstar purchased approximately 121,000 shares of its common stock at an aggregate cost of
| 3Q 2024 | 3Q 2023 | |||||
| Revenue | $ | 1,213,867 | $ | 1,289,345 | ||
| Gross profit | $ | 112,693 | $ | 128,079 | ||
| Variable contribution | $ | 171,359 | $ | 187,358 | ||
| Operating income | $ | 63,116 | $ | 80,348 | ||
| Basic and diluted earnings per share | $ | 1.41 | $ | 1.71 | ||
| (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 third 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 4:30 p.m. ET. To access the webcast, visit www.investor.landstar.com; click on “Webcasts,” then click on “Landstar’s Third 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) | |||||||||||||||||
| Thirty-Nine Weeks Ended | Thirteen Weeks Ended | ||||||||||||||||
| September 28, | September 30, | September 28, | September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Revenue | $ | 3,609,915 | $ | 4,098,877 | $ | 1,213,867 | $ | 1,289,345 | |||||||||
| Investment income | 10,988 | 6,874 | 3,922 | 3,022 | |||||||||||||
| Costs and expenses: | |||||||||||||||||
| Purchased transportation | 2,799,384 | 3,141,234 | 943,805 | 986,743 | |||||||||||||
| Commissions to agents | 295,801 | 363,397 | 98,703 | 115,244 | |||||||||||||
| Other operating costs, net of gains on asset sales/dispositions | 44,138 | 40,998 | 15,144 | 15,158 | |||||||||||||
| Insurance and claims | 83,830 | 86,971 | 30,398 | 29,540 | |||||||||||||
| Selling, general and administrative | 162,613 | 159,071 | 51,252 | 50,975 | |||||||||||||
| Depreciation and amortization | 44,001 | 44,498 | 15,371 | 14,359 | |||||||||||||
| Total costs and expenses | 3,429,767 | 3,836,169 | 1,154,673 | 1,212,019 | |||||||||||||
| Operating income | 191,136 | 269,582 | 63,116 | 80,348 | |||||||||||||
| Interest and debt (income) expense | (4,455 | ) | (2,079 | ) | (1,169 | ) | (1,046 | ) | |||||||||
| Income before income taxes | 195,591 | 271,661 | 64,285 | 81,394 | |||||||||||||
| Income taxes | 45,838 | 65,254 | 14,252 | 19,741 | |||||||||||||
| Net income | $ | 149,753 | $ | 206,407 | $ | 50,033 | $ | 61,653 | |||||||||
| Basic and diluted earnings per share | $ | 4.21 | $ | 5.74 | $ | 1.41 | $ | 1.71 | |||||||||
| Average basic and diluted shares outstanding | 35,608,000 | 35,958,000 | 35,420,000 | 35,951,000 | |||||||||||||
| Dividends per common share | $ | 1.02 | $ | 0.93 | $ | 0.36 | $ | 0.33 | |||||||||
| Landstar System, Inc. and Subsidiary | ||||||||||
| Consolidated Balance Sheets | ||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||
| (Unaudited) | ||||||||||
| September 28, | December 30, | |||||||||
| 2024 | 2023 | |||||||||
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 468,830 | $ | 481,043 | ||||||
| Short-term investments | 62,451 | 59,661 | ||||||||
| Trade accounts receivable, less allowance | ||||||||||
| of | 694,633 | 743,762 | ||||||||
| Other receivables, including advances to independent | ||||||||||
| contractors, less allowance of | 51,533 | 43,339 | ||||||||
| Other current assets | 33,947 | 24,936 | ||||||||
| Total current assets | 1,311,394 | 1,352,741 | ||||||||
| Operating property, less accumulated depreciation | ||||||||||
| and amortization of | 289,248 | 284,300 | ||||||||
| Goodwill | 41,122 | 42,275 | ||||||||
| Other assets | 115,491 | 122,530 | ||||||||
| Total assets | $ | 1,757,255 | $ | 1,801,846 | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Cash overdraft | $ | 50,746 | $ | 61,541 | ||||||
| Accounts payable | 397,908 | 395,980 | ||||||||
| Current maturities of long-term debt | 27,672 | 27,876 | ||||||||
| Insurance claims | 43,370 | 41,825 | ||||||||
| Dividends payable | - | 71,433 | ||||||||
| Contractor escrow | 30,244 | 28,498 | ||||||||
| Other current liabilities | 42,712 | 48,071 | ||||||||
| Total current liabilities | 592,652 | 675,224 | ||||||||
| Long-term debt, excluding current maturities | 44,834 | 43,264 | ||||||||
| Insurance claims | 59,861 | 58,922 | ||||||||
| Deferred income taxes and other non-current liabilities | 43,990 | 40,513 | ||||||||
| Shareholders' equity: | ||||||||||
| Common stock, | ||||||||||
| shares, issued 68,559,269 and 68,497,324 | 686 | 685 | ||||||||
| Additional paid-in capital | 255,398 | 254,642 | ||||||||
| Retained earnings | 2,897,073 | 2,783,645 | ||||||||
| Cost of 33,228,096 and 32,780,651 shares of common | ||||||||||
| stock in treasury | (2,128,684 | ) | (2,048,184 | ) | ||||||
| Accumulated other comprehensive loss | (8,555 | ) | (6,865 | ) | ||||||
| Total shareholders' equity | 1,015,918 | 983,923 | ||||||||
| Total liabilities and shareholders' equity | $ | 1,757,255 | $ | 1,801,846 | ||||||
| Landstar System, Inc. and Subsidiary | ||||||||||||||||||||
| Supplemental Information | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Thirty-Nine Weeks Ended | Thirteen Weeks Ended | |||||||||||||||||||
| September 28, | September 30, | September 28, | September 30, | |||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| Revenue generated through (in thousands): | ||||||||||||||||||||
| Truck transportation | ||||||||||||||||||||
| Truckload: | ||||||||||||||||||||
| Van equipment | $ | 1,851,237 | $ | 2,123,693 | $ | 603,993 | $ | 665,569 | ||||||||||||
| Unsided/platform equipment | 1,093,753 | 1,150,483 | 369,758 | 378,147 | ||||||||||||||||
| Less-than-truckload | 77,902 | 90,770 | 24,195 | 28,097 | ||||||||||||||||
| Other truck transportation (1) | 242,853 | 379,471 | 93,178 | 101,951 | ||||||||||||||||
| Total truck transportation | 3,265,745 | 3,744,417 | 1,091,124 | 1,173,764 | ||||||||||||||||
| Rail intermodal | 65,981 | 73,953 | 20,979 | 23,064 | ||||||||||||||||
| Ocean and air cargo carriers | 201,729 | 202,358 | 76,349 | 65,824 | ||||||||||||||||
| Other (2) | 76,460 | 78,149 | 25,415 | 26,693 | ||||||||||||||||
| $ | 3,609,915 | $ | 4,098,877 | $ | 1,213,867 | $ | 1,289,345 | |||||||||||||
| Revenue on loads hauled via BCO Independent Contractors (3) | ||||||||||||||||||||
| included in total truck transportation | $ | 1,374,915 | $ | 1,543,634 | $ | 456,844 | $ | 508,753 | ||||||||||||
| Number of loads: | ||||||||||||||||||||
| Truck transportation | ||||||||||||||||||||
| Truckload: | ||||||||||||||||||||
| Van equipment | 887,895 | 966,867 | 287,922 | 311,831 | ||||||||||||||||
| Unsided/platform equipment | 362,627 | 389,471 | 118,220 | 126,286 | ||||||||||||||||
| Less-than-truckload | 119,346 | 134,580 | 36,496 | 41,514 | ||||||||||||||||
| Other truck transportation (1) | 114,552 | 157,112 | 43,112 | 46,739 | ||||||||||||||||
| Total truck transportation | 1,484,420 | 1,648,030 | 485,750 | 526,370 | ||||||||||||||||
| Rail intermodal | 21,420 | 22,150 | 7,040 | 6,760 | ||||||||||||||||
| Ocean and air cargo carriers | 26,120 | 25,380 | 8,880 | 8,630 | ||||||||||||||||
| 1,531,960 | 1,695,560 | 501,670 | 541,760 | |||||||||||||||||
| Loads hauled via BCO Independent Contractors (3) | ||||||||||||||||||||
| included in total truck transportation | 620,640 | 689,260 | 198,340 | 225,350 | ||||||||||||||||
| Revenue per load: | ||||||||||||||||||||
| Truck transportation | ||||||||||||||||||||
| Truckload: | ||||||||||||||||||||
| Van equipment | $ | 2,085 | $ | 2,196 | $ | 2,098 | $ | 2,134 | ||||||||||||
| Unsided/platform equipment | 3,016 | 2,954 | 3,128 | 2,994 | ||||||||||||||||
| Less-than-truckload | 653 | 674 | 663 | 677 | ||||||||||||||||
| Other truck transportation (1) | 2,120 | 2,415 | 2,161 | 2,181 | ||||||||||||||||
| Total truck transportation | 2,200 | 2,272 | 2,246 | 2,230 | ||||||||||||||||
| Rail intermodal | 3,080 | 3,339 | 2,980 | 3,412 | ||||||||||||||||
| Ocean and air cargo carriers | 7,723 | 7,973 | 8,598 | 7,627 | ||||||||||||||||
| Revenue per load on loads hauled via BCO Independent Contractors (3) | $ | 2,215 | $ | 2,240 | $ | 2,303 | $ | 2,258 | ||||||||||||
| Revenue by capacity type (as a % of total revenue): | ||||||||||||||||||||
| Truck capacity providers: | ||||||||||||||||||||
| BCO Independent Contractors (3) | 38 | % | 38 | % | 38 | % | 39 | % | ||||||||||||
| Truck Brokerage Carriers | 52 | % | 54 | % | 52 | % | 52 | % | ||||||||||||
| Rail intermodal | 2 | % | 2 | % | 2 | % | 2 | % | ||||||||||||
| Ocean and air cargo carriers | 6 | % | 5 | % | 6 | % | 5 | % | ||||||||||||
| Other | 2 | % | 2 | % | 2 | % | 2 | % | ||||||||||||
| September 28, | September 30, | |||||||||||||||||||
| 2024 | 2023 | |||||||||||||||||||
| Truck Capacity Providers | ||||||||||||||||||||
| BCO Independent Contractors (3) | 8,266 | 9,455 | ||||||||||||||||||
| Truck Brokerage Carriers: | ||||||||||||||||||||
| Approved and active (4) | 44,828 | 51,717 | ||||||||||||||||||
| Other approved | 25,714 | 27,925 | ||||||||||||||||||
| 70,542 | 79,642 | |||||||||||||||||||
| Total available truck capacity providers | 78,808 | 89,097 | ||||||||||||||||||
| Trucks provided by BCO Independent Contractors (3) | 9,027 | 10,253 | ||||||||||||||||||
| (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) | |||||||||||||||||
| Thirty-Nine Weeks Ended | Thirteen Weeks Ended | ||||||||||||||||
| September 28, | September 30, | September 28, | September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Revenue | $ | 3,609,915 | $ | 4,098,877 | $ | 1,213,867 | $ | 1,289,345 | |||||||||
| Costs of revenue: | |||||||||||||||||
| Purchased transportation | 2,799,384 | 3,141,234 | 943,805 | 986,743 | |||||||||||||
| Commissions to agents | 295,801 | 363,397 | 98,703 | 115,244 | |||||||||||||
| Variable costs of revenue | 3,095,185 | 3,504,631 | 1,042,508 | 1,101,987 | |||||||||||||
| Trailing equipment depreciation | 20,764 | 24,240 | 6,930 | 7,721 | |||||||||||||
| Information technology costs (1) | 18,115 | 19,791 | 6,129 | 6,298 | |||||||||||||
| Insurance-related costs (2) | 85,122 | 88,484 | 30,463 | 30,102 | |||||||||||||
| Other operating costs | 44,138 | 40,998 | 15,144 | 15,158 | |||||||||||||
| Other costs of revenue | 168,139 | 173,513 | 58,666 | 59,279 | |||||||||||||
| Total costs of revenue | 3,263,324 | 3,678,144 | 1,101,174 | 1,161,266 | |||||||||||||
| Gross profit | $ | 346,591 | $ | 420,733 | $ | 112,693 | $ | 128,079 | |||||||||
| Gross profit margin | 9.6 | % | 10.3 | % | 9.3 | % | 9.9 | % | |||||||||
| Plus: other costs of revenue | 168,139 | 173,513 | 58,666 | 59,279 | |||||||||||||
| Variable contribution | $ | 514,730 | $ | 594,246 | $ | 171,359 | $ | 187,358 | |||||||||
| Variable contribution margin | 14.3 | % | 14.5 | % | 14.1 | % | 14.5 | % | |||||||||
| (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
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