Landstar System reports Q4 EPS $2.60, consensus $2.62

Reports Q4 revenue $1.67B, consensus $1.77B."The current macroeconomic environment made for challenging comparisons against our record 2021 fourth quarter performance despite the extra week of operations in the 2022 fourth quarter," said Landstar President and Chief Executive Officer Jim Gattoni. "Softer demand during a weaker than typical peak season resulted in more readily available truck capacity and truck rates and volumes below the record prior year levels. The number of loads hauled via truck decreased 5.5% as compared to the 2021 fourth quarter, below the low end of our fourth quarter guidance issued in our 2022 third quarter earnings release on October 19, 2022. Revenue per load on loads hauled via truck decreased 7% as compared to the 2021 fourth quarter, at the low end of the 2022 fourth quarter guidance. In addition, revenue generated in the aggregate via rail, air and ocean cargo carriers was below the estimated amount included in the fourth quarter guidance." Gattoni further stated, "As expected, even with a challenging 2022 fourth quarter, Landstar’s fiscal year financial performance in 2022 was the best in the Company’s history. Revenue in fiscal year 2022 was approximately $7.4 billion, an annual record, and was approximately $900 million higher than the previous record set in 2021. Gross profit and variable contribution in fiscal year 2022 were $788 million and $1.018 billion, respectively, both also representing new annual records. Operating income in fiscal year 2022 was an annual record of $571 million and represented year-over-year growth of 13%. Diluted earnings per share in fiscal year 2022 was an annual record of $11.76, an increase of $1.78, or 18 percent, from our prior fiscal year record of $9.98 in 2021."