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4/24/2014 8:45:00 AM Write a Letter to the Editor Write a letter to the Editor

Landstar’s 1Q Income Rises to $27.6 Million

Russ MacNeil for TT

Landstar System reported its first-quarter net income rose to $27.6 million, or 61 cents per share, from $26.7 million, or 57 cents, a year ago.

Revenue rose to a first-quarter record $688 million, from $623 million, the truckload carrier said in a statement.

Loads hauled by truck increased 4% over the same time last year, and revenue per load rose 8%, the company said.

The quarterly results marked the best first-quarter performance in Landstar’s history, Chairman and CEO Henry Gerkens said in a statement.

“Strength in demand for truck transportation services that began in the 2013 fourth quarter increased as we moved through the 2014 first quarter,” Gerkins said. “As we move into the second quarter, I expect that normal uptick in seasonal freight patterns will continue to drive strong demand for our truck services. Supporting this expectation, demand for the company’s truck services accelerated during the first few weeks of the April fiscal period.”

The company anticipates second-quarter earnings per share to be in a range of 73 cents to 78 cents per share and revenue to be between $750 million and $800 million.

Landstar System is ranked No. 9 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.

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