Landstar’s Profit Matches Year-Ago Level

Truckload carrier Landstar System said Thursday its first-quarter net earnings matched its profit from the same period last year, which was a first-quarter record for earnings per share.

Net income was $26.8 million, or 57 cents per share, the company said in a statement.

Revenue slipped to $628.3 million, the second-highest first-quarter in the company’s history to last year’s $649 million.

Truck transportation revenue from independent business capacity owners and truck brokerage carriers was $574.7 million, or 91% of total revenue, compared with $600.2 million, or 92%, a year ago.

Revenue from rail, air and ocean cargo carriers was $39.1 million, or 6% of revenue, compared with $35.1 million, or 5%, a year ago.

“Landstar experienced softness throughout the 2013 first quarter in both the number of loads and revenue per load on loads hauled via truck, with much of the softness coming from revenue hauled on heavy/specialized platform equipment,” Chairman and CEO Henry Gerkens said.

“I anticipate 2013 second-quarter revenue to be below revenue for the 2012 second quarter,” similar to the first-quarter’s year-over-year decline, he said in a statement.

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