Landstar Raises Guidance for Q3 on Positive Trend

Landstar System (LSTR) has raised its guidance for the third quarter of fiscal 2021 on the back of upbeat performance in the first seven weeks of the quarter. The company engages in the provision of transportation management solutions.

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Revenues in the third quarter are expected between $1.68 billion and $1.72 billion, up from $1.55 billion and $1.60 billion guided earlier. Further, earnings per share is anticipated to be in the range of $2.45 to $2.55 against the prior expectation of $2.20 to $2.30.

Notably, Landstar revealed that truckload volume in the third quarter, so far, was in low-single-digit percentage, higher than the volume witnessed in the second quarter. Also, revenue per load on loads hauled via truck was in mid-single-digit percentage range, higher sequentially. (See Landstar stock charts on TipRanks)

On August 3, Morgan Stanley analyst Ravi Shanker maintained a Sell rating on the stock with a price target of $119 (24.9% downside potential).

Shanker expects the company to report earnings per share of $2.01 for the third quarter of 2021.

Based on 1 Buy, 8 Holds and 2 Sells, the stock has a Hold consensus rating. The average Landstar price target of $160.78 implies 1.4% upside potential from current levels. Shares have gained 19.1% so far this year.