Landstar’s Income Grows for 4Q and 2013
Landstar System Inc.
Landstar System Inc. said its net income increased in the fourth quarter and the 2013 year, but income from continuing operations dropped.
Landstar’s profit was $59.6 million in the quarter, or $1.30 a share, compared with $34 million, or 73 cents, a year prior, Landstar said Jan. 30. Revenue was $692 million, up from $685.1 million.
The carrier sold its Web-based freight auction site NLM to XPO Logistics in in December. Profit from continuing operations, which excludes NLM, was $25.2 million, or 55 cents a share. It was $32.9 million, or 71 cents, in the 2012 quarter, Landstar said.
For the full year, profit was $146 million, or $3.17 a share, compared with $129.8 million, or $2.78 a share, last year. Landstar’s 2013 revenue was $2.66 billion, down from $2.77 billion in 2012.
“I am pleased with the company’s 2013 fourth-quarter performance,” Landstar Chairman and CEO Henry Gerkens said in a statement. “Landstar finished the year strong as revenue from continuing operations in the 2013 fourth quarter exceeded both the prior year fourth quarter and the high end of the revenue guidance.”
Gerkens added that the fourth-quarter revenue from continuing operations was the highest for a 13-week fourth quarter in the company’s history.
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