Logistics firm Landstar System's Q3 revenue rises 25%, beats estimates
LSTR•Landstar System's third-quarter revenue rose 25% year over year to $1.51 billion, beating the $1.47 billion analyst estimate. EPS increased 154% to $1.42, while results were affected by higher insurance and claim costs.
1. Revenue and earnings
Landstar System reported third-quarter revenue of $1.51 billion, up 25% year over year and above the $1.47 billion consensus estimate. Earnings per share rose 154% year over year to $1.42. Gross profit was $127 million, and the company declared a $0.44 dividend.
2. Truck revenue grows
Truck revenue increased 29% year over year, with van and platform equipment revenue each rising more than 30%, CEO Frank Lonegro said. The company added 165 Business Capacity Owner trucks, its strongest quarterly improvement since the third quarter of 2021.
3. Costs and repurchases
Results were negatively affected by elevated insurance and claim costs, including adverse actuarial adjustments and settlements from prior years. Landstar repurchased 232,645 shares for $41.4 million during the quarter and provided no specific financial guidance for the current quarter or full year.
