Truckload carrier Landstar System will increase fourth-quarter revenue in the “mid-single-digit range,” Chief Executive Officer Henry Gerkens said in a conference call with investors, Bloomberg reported.
Revenue in November was up almost 10% from last year on higher volumes, Gerkens said.
The new revenue outlook exceeds his estimate in October of a “low- to mid- single-digit range” increase, Bloomberg reported.
Gerkens said he expects per-share earnings to be 47 to 50 cents, compared with 50 cents a year earlier, Bloomberg reported.
Gerkens said Landstar bought 1.2 million shares of its stock during the first two months of this quarter, for a total of about 4 million shares this year as it continues a share repurchase program.
Landstar is ranked No. 12 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.