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Landstar System’s Fourth-Quarter Income Declines
Truckload carrier Landstar System’s fourth-quarter net income fell to $28.7 million or 50 cents a share, from $41.8 million or 70 cents a year earlier.
Revenue for the quarter ended Dec. 30 fell to $611.3 million from $800.4 million in the previous fourth quarter, Landstar said Thursday.For the full year, the company’s net income was $113.1 million or $1.93 a share, compared with $115.6 million or $1.91 in 2005. Revenue was about the same, at $2.513 billion, compared with $2.517 billion in 2005.In December, Landstar lowered its outlook to 44 to 49 cents a share, from 52 cents forecasted by financial analysts. (Click here for previous coverage.)The 2005 fourth quarter included about $50 million of revenue from an extra week in the 2005 period and $123 million from an FAA contract, Landstar Chief Executive Officer Henry Gerkens said in a statement.Landstar is ranked No. 14 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
