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Landstar System Inc. reported record profits for the first quarter of 2021.
The Jacksonville, Fla.-based truckload carrier on April 21 reported record quarterly net income of $77.2 million, or $2.01 per diluted share, for the quarter. That compared with $40.9 million, or $1.04, during the same time the previous year. Total revenue increased 32.5% to $1.288 billion from $927.6 million.
The results surpassed expectations of investment analysts, who forecast $1.59 per share on Q1 revenue of $1.14 billion, according to Zacks Consensus Estimate.
“Landstar’s 2021 first quarter set a new standard as the best first-quarter financial performance in our history,” Landstar CEO Jim Gattoni said in a news release. “Revenue was the second-highest quarterly revenue in Landstar’s history, second only to the 2020 fourth quarter. And, 2021 first-quarter gross profit, net income and diluted earnings per share were each all-time quarterly records.”
Landstar noted that while the coronavirus pandemic did not take a significant toll on its Q1 2020 results, it did have an impact on Q2 2020.
Total LTL operations saw revenue increase 11.2% to 25.7 million from $22.9 million.
Gattoni noted that while Q1 truckload volumes are typically softer than in later quarters due to seasonality, he believes the stage has been set for what could be a record-setting year.
“We provided first-quarter revenue guidance of $1.10 billion to $1.15 billion and first quarter diluted earnings per share guidance of $1.55 to $1.65,” Gattoni said. “Our 2021 first-quarter guidance reflected our expectation that revenue per load on loads hauled via truck would exceed the 2020 first quarter in a mid-teen percentage range, and the number of loads hauled via truck in the 2021 first quarter would exceed the 2020 first quarter in a high single digit percentage range. Actual performance in the 2021 first quarter significantly exceeded our expectations.”
Truck transportation revenue hauled by the company’s independent business capacity owners and truck brokerage carriers during Q1 increased 33% to $1.19 billion from $854.6 million during the same time last year. That represents 93% of Landstar’s revenue, the company noted. The segment includes both truckload and less-than-truckload operations.
Truckload transportation revenue hauled by van equipment during the quarter was $827.2 million compared with $545.3 million last year. Truckload transportation revenue hauled by un-sided/platform equipment was $340.6 million compared with $286.3 million.
In addition to truck transportation, revenue hauled by rail, air and ocean cargo carriers was $79.3 million in Q1 at 6% of total revenue. That compared with $54.7 million in the first quarter for 2020.
Landstar ranks No. 9 on the Transport Topics Top 100 list of the largest for-hire carriers in North America and No. 22 on the TT Top 50 list of the largest logistics companies.
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