Landstar System Inc ( (LSTR) ) has realeased its Q3 earnings. Here is a breakdown of the information Landstar System Inc presented to its investors.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Landstar System, Inc. is a technology-enabled, asset-light provider of integrated transportation management solutions, focusing on safe, specialized transportation services through a broad network of agents, third-party capacity providers, and employees. Headquartered in Jacksonville, Florida, the company operates in the logistics and transportation sector, trading under the NASDAQ symbol LSTR.
In its third-quarter 2024 earnings report, Landstar System, Inc. posted a revenue of $1.214 billion and earnings per share of $1.41. Despite a challenging freight environment, Landstar managed a 3.2% sequential increase in truck revenue per load, surpassing typical seasonal trends. The company continues to focus on delivering excellent service and maintaining safety standards across its operations.
Key financial highlights for the third quarter include a decrease in total revenue and earnings per share compared to the same period in 2023, with revenue dropping from $1.289 billion and EPS from $1.71. Truck transportation revenue, which constitutes 90% of the company’s revenue, saw a decline to $1.091 billion. The number of loads hauled via truck decreased by 7.7%, though truck revenue per load increased by 0.7%. Despite these challenges, Landstar continued its stock repurchase program, buying approximately 121,000 shares for $22.4 million, and declared a quarterly dividend of $0.36 per share.
Landstar’s balance sheet remains robust, with $531 million in cash and short-term investments as of September 28, 2024. The company achieved a 21% return on average shareholders’ equity and a 19% return on invested capital, reflecting its strong financial position.
Looking forward, Landstar’s management remains committed to navigating the challenging freight market while focusing on enhancing safety and service delivery. The company aims to continue its capital return strategy to shareholders and maintain financial stability amid market fluctuations.
