Landstar System Inc. reported record first-quarter revenue and earnings per share, and net income climbed.
Net income for the quarter ended April 1 was $32 million, or 77 cents per share, compared with $29 million, or 69 cents, in the year-earlier period ended March 26.
Revenue rose to $781 million, compared with $712 million, according to the Jacksonville, Fla.-based Landstar.
“The number of loads hauled via truck during the 2017 first quarter was also higher than any first quarter in Landstar history,” Landstar CEO Jim Gattoni said in a statement. “Given the soft demand environment and readily available truck capacity during the quarter, I am extremely pleased with the execution of the Landstar model.”
Truck transportation revenue hauled by independent business capacity owners, or "BCOs," and truck brokerage carriers in the quarter was $727 million, or 93% of total revenue, compared with $655 million, or 92%, a year earlier, Landstar said.
Truckload transportation revenue hauled via van equipment was $470 million, compared with $428 million in the 2016 quarter. Truckload transportation revenue hauled via unsided/platform equipment in the 2017 first quarter was $237.2 million, compared with $209.4 million a year earlier.
Revenue hauled by rail, air and ocean cargo carriers was $42.4 million, or 5% of revenue, compared with $45 million, or 6% in the 2016 period.
“As expected, the pricing environment for our truckload services continued to be soft in the 2017 first quarter, as industrywide truck capacity continued to be readily available," Gattoni added. "However, the percentage change in year-over-year revenue per load on loads hauled via truck improved each month. Moreover, in February, the company experienced its first year-over-year monthly increase in truck revenue per load in two years.”
In addition, the company declared a quarterly dividend of 9 cents per share payable on June 2 to stockholders of record as of the close of business on May 11. It said the intention of its board is to pay dividends on a quarterly basis going forward.