Landstar System, Inc. (NASDAQ: LSTR) reported record second quarter
diluted earnings per share of $1.53 in the 2019 second quarter on
revenue of $1.045 billion. Landstar reported diluted earnings per
share of $1.51 on revenue of $1.183 billion in the 2018 second
quarter. Gross profit (defined as revenue less the cost of
purchased transportation and commissions to agents) was $158.0
million in the 2019 second quarter compared to $171.4 million in
the 2018 second quarter. Operating margin, representing operating
income divided by gross profit, was 51.2 percent in the 2019 second
quarter.
Truck transportation revenue hauled by
independent business capacity owners (“BCOs”) and truck brokerage
carriers in the 2019 second quarter was $968.2 million, or 93
percent of revenue, compared to $1.105 billion, or 93 percent of
revenue, in the 2018 second quarter. Truckload transportation
revenue hauled via van equipment in the 2019 second quarter was
$605.4 million compared to $713.3 million in the 2018 second
quarter. Truckload transportation revenue hauled via
unsided/platform equipment in the 2019 second quarter was $338.1
million compared to $364.7 million in the 2018 second quarter.
Revenue hauled by rail, air and ocean cargo carriers was $56.8
million, or 5 percent of revenue, in the 2019 second quarter
compared to $60.3 million, or 5 percent of revenue, in the 2018
second quarter.
Trailing twelve-month return on average
shareholders’ equity was 37 percent and trailing twelve-month
return on invested capital, representing net income divided by the
sum of average equity plus average debt, was 32 percent. Landstar
purchased approximately 550,000 shares of its common stock during
the 2019 second quarter at an aggregate cost of approximately $56.8
million. Currently, the Company is authorized to purchase up to
approximately 1,326,000 shares of the Company’s common stock under
Landstar’s previously announced share purchase programs. As of June
29, 2019, the Company had $285 million in cash and short term
investments and $216 million available for borrowings under the
Company’s senior credit facility. Landstar also announced today
that its Board of Directors has declared a quarterly dividend of
$0.185 per share payable on August 30, 2019, to stockholders of
record as of the close of business on August 12, 2019. This
quarterly dividend includes a 12 percent increase to the amount of
the Company’s regular quarterly dividend declared following each of
the prior four quarters. It is currently the intention of the Board
to pay dividends on a quarterly basis going forward.
“Landstar’s business model performed very well
in the 2019 second quarter given the significant change in U.S.
freight dynamics from 2018 to 2019,” said Landstar’s President and
Chief Executive Officer Jim Gattoni. “We entered 2019 knowing we
would face very difficult year-over-year comparisons after a record
setting 2018. Plus, in late 2018, we began to experience
decelerating rates of growth in both truck revenue per load and
truck loads that continued through the first quarter of 2019. The
freight environment softened further from the 2019 first quarter to
the 2019 second quarter, putting additional downward pressure on
rates, especially in the spot market where the Company primarily
operates. Although demand for freight services has slowed and
capacity has become more readily available as compared to 2018, I
believe we continue to be in a relatively healthy freight
environment. In Landstar’s 2019 first quarter earnings
release on April 24, we provided second quarter revenue guidance of
$1.075 billion to $1.125 billion and second quarter diluted
earnings per share guidance of $1.56 to $1.62. On June 5, we
disclosed in a Form 8-K and further explained at a webcast investor
conference later that day that, based on recent market conditions,
and, in particular, a comparatively challenging pricing environment
with respect to the Company’s truckload services, we may not
achieve the bottom end of the range of estimates for revenue and
earnings per diluted share we provided on April 24, 2019.
Revenue and diluted earnings per share for the 2019 second
quarter were below the bottom end of the guidance issued on April
24, 2019 largely due to actual truckload rates below our original
expectations, beginning in the month of May. Nonetheless, diluted
earnings per share were $1.53 in the 2019 second quarter, the
highest second quarter diluted earnings per share in Landstar
history, as lower top-line numbers were offset by lower costs,
showing the strength of Landstar’s variable cost model.”
Gattoni continued, “On April 24, Landstar
provided volume guidance for the 2019 second quarter indicating
that truck volumes would be approximately equal to the number of
loads hauled by truck in the 2018 second quarter. The number of
loads hauled via truck in the 2019 second quarter decreased 1
percent from the 2018 second quarter, driven entirely by a 3
percent decrease in the number of loads hauled via van equipment.
The aggregate number of loads hauled via railroads, ocean cargo
carriers and air cargo carriers was 8 percent lower in the 2019
second quarter compared to the 2018 second quarter.”
Gattoni further commented, “As I referred to
above, the pricing environment for our truck services continued to
drive truckload rates in the 2019 second quarter below the 2018
second quarter, as industry-wide truck capacity was more readily
available than during the 2018 second quarter. The Company’s
guidance issued on April 24, 2019 called for a decrease in revenue
per load on loads hauled via truck in a high single-digit
percentage range from the 2018 second quarter. Revenue per load on
loads hauled via truck was below the prior year comparable period
by 8 percent, 11 percent and 13 percent for April, May and June,
respectively. Revenue per load on loads hauled via van equipment
decreased 13 percent from the 2018 second quarter and revenue per
load on loads hauled via unsided/platform equipment decreased 7
percent from the 2018 second quarter. As a result, revenue per load
on loads hauled via truck was 11 percent lower in the 2019 second
quarter than the 2018 second quarter.”
Gattoni continued, “Through the first few weeks
of July, the number of loads hauled via truck was slightly behind
the number of loads hauled in the corresponding period of 2018. I
expect that trend to continue during the remainder of the 2019
third quarter. Accordingly, I expect the number of loads
hauled via truck in the 2019 third quarter to be below the number
of loads hauled by truck in the 2018 third quarter in a low
single-digit percentage range. My expectation is that pricing
conditions for truck services experienced during the 2019 second
quarter will continue through the 2019 third quarter with little
change in the level of truck capacity available in the marketplace.
Assuming those capacity market conditions continue throughout the
rest of the third quarter, I expect 2019 third quarter truck
revenue per load to be lower than the 2018 third quarter in a low
double-digit percentage range. I anticipate revenue for the 2019
third quarter to be in a range of $1.01 billion to $1.06 billion.
Assuming that range of estimated revenue and insurance and claims
expense at 3.6 percent of BCO revenue, representing average
insurance and claims costs as a percent of BCO revenue over the
past five years, I would anticipate 2019 third quarter diluted
earnings per share to be in a range of $1.48 to $1.54 per
share.”
Landstar will provide a live webcast of its
quarterly earnings conference call tomorrow morning at 8:00 a.m.
ET. To access the webcast, visit the Company’s website at
www.landstar.com; click on “Investor Relations” and “Webcasts,”
then click on “Landstar’s Second Quarter 2019 Earnings Release
Conference Call.”
The following is a “safe harbor” statement under
the Private Securities Litigation Reform Act of 1995. Statements
contained in this press release that are not based on historical
facts are “forward-looking statements”. This press release contains
forward-looking statements, such as statements which relate to
Landstar’s business objectives, plans, strategies and expectations.
Terms such as “anticipates,” “believes,” “estimates,” “intention,”
“expects,” “plans,” “predicts,” “may,” “should,” “could,” “will,”
the negative thereof and similar expressions are intended to
identify forward-looking statements. Such statements are by nature
subject to uncertainties and risks, including but not limited to:
an increase in the frequency or severity of accidents or other
claims; unfavorable development of existing accident claims;
dependence on third party insurance companies; dependence on
independent commission sales agents; dependence on third party
capacity providers; decreased demand for transportation services;
U.S. foreign trade relationships; substantial industry competition;
disruptions or failures in the Company’s computer systems; cyber
and other information security incidents; dependence on key
vendors; changes in fuel taxes; status of independent contractors;
regulatory and legislative changes; regulations focused on diesel
emissions and other air quality matters; catastrophic loss of a
Company facility; intellectual property; unclaimed property; and
other operational, financial or legal risks or uncertainties
detailed in Landstar’s Form 10K for the 2018 fiscal year, described
in Item 1A Risk Factors, and in other SEC filings from time to
time. These risks and uncertainties could cause actual results or
events to differ materially from historical results or those
anticipated. Investors should not place undue reliance on such
forward-looking statements, and the Company undertakes no
obligation to publicly update or revise any forward-looking
statements.
About Landstar:Landstar System,
Inc. is a worldwide, asset-light provider of integrated
transportation management solutions delivering safe, specialized
transportation services to a broad range of customers utilizing a
network of agents, third-party capacity providers and employees.
Landstar transportation services companies are certified to ISO
9001:2015 quality management system standards and RC14001:2015
environmental, health, safety and security management system
standards. Landstar System, Inc. is headquartered in
Jacksonville, Florida. Its common stock trades on The NASDAQ Stock
Market® under the symbol LSTR.
(Tables follow)
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Landstar System, Inc. and Subsidiary |
Consolidated Statements of Income |
(Dollars in thousands, except per share amounts) |
(Unaudited) |
|
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Twenty Six Weeks Ended |
|
Thirteen Weeks Ended |
|
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|
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June 29, |
|
June 30, |
|
June 29, |
|
June 30, |
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
2018 |
|
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|
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|
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Revenue |
|
|
|
$ |
2,078,040 |
|
|
$ |
2,230,712 |
|
|
$ |
1,045,040 |
|
$ |
1,182,786 |
|
Investment
income |
|
|
|
2,421 |
|
|
|
1,752 |
|
|
|
1,283 |
|
|
891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
Purchased
transportation |
|
|
1,591,126 |
|
|
|
1,727,237 |
|
|
|
799,371 |
|
|
916,940 |
|
|
Commissions to agents |
|
|
173,294 |
|
|
|
176,524 |
|
|
|
87,623 |
|
|
94,399 |
|
|
Other operating
costs, net of gains on asset sales/dispositions |
|
|
18,100 |
|
|
|
15,210 |
|
|
|
9,861 |
|
|
7,606 |
|
|
Insurance and
claims |
|
|
|
31,279 |
|
|
|
38,899 |
|
|
|
16,286 |
|
|
21,539 |
|
|
Selling, general
and administrative |
|
|
82,565 |
|
|
|
94,249 |
|
|
|
41,297 |
|
|
48,998 |
|
|
Depreciation and
amortization |
|
|
22,350 |
|
|
|
21,766 |
|
|
|
11,034 |
|
|
10,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and
expenses |
|
|
1,918,714 |
|
|
|
2,073,885 |
|
|
|
965,472 |
|
|
1,100,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
|
|
161,747 |
|
|
|
158,579 |
|
|
|
80,851 |
|
|
83,426 |
|
Interest and debt
expense |
|
|
|
1,514 |
|
|
|
1,639 |
|
|
|
709 |
|
|
839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income taxes |
|
|
160,233 |
|
|
|
156,940 |
|
|
|
80,142 |
|
|
82,587 |
|
Income
taxes |
|
|
|
|
35,833 |
|
|
|
36,975 |
|
|
|
19,042 |
|
|
20,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
124,400 |
|
|
|
119,965 |
|
|
|
61,100 |
|
|
62,492 |
|
Less: Net loss
attributable to noncontrolling interest |
|
|
(17 |
) |
|
|
(75 |
) |
|
|
- |
|
|
(31 |
) |
Net income
attributable to Landstar System, |
|
|
|
|
|
|
|
|
|
Inc. and
subsidiary |
|
|
$ |
124,417 |
|
|
$ |
120,040 |
|
|
$ |
61,100 |
|
$ |
62,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Earnings per
common share attributable to |
|
|
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|
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|
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|
|
Landstar System,
Inc. and subsidiary |
|
$ |
3.11 |
|
|
$ |
2.88 |
|
|
$ |
1.53 |
|
$ |
1.51 |
|
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Diluted earnings
per share attributable to |
|
|
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Landstar System,
Inc. and subsidiary |
|
$ |
3.11 |
|
|
$ |
2.87 |
|
|
$ |
1.53 |
|
$ |
1.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of
shares outstanding: |
|
|
|
|
|
|
|
|
|
Earnings per
common share |
|
|
40,053,000 |
|
|
|
41,744,000 |
|
|
|
39,945,000 |
|
|
41,450,000 |
|
|
Diluted earnings
per share |
|
|
40,053,000 |
|
|
|
41,795,000 |
|
|
|
39,945,000 |
|
|
41,491,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per
common share |
|
$ |
0.330 |
|
|
$ |
0.300 |
|
|
$ |
0.165 |
|
$ |
0.150 |
|
|
|
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Landstar System, Inc. and Subsidiary |
Consolidated Balance Sheets |
(Dollars in thousands, except per share amounts) |
(Unaudited) |
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|
|
|
|
|
|
June 29, |
|
December 29, |
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
ASSETS |
|
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Current
assets: |
|
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|
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Cash and cash
equivalents |
|
|
$ |
250,212 |
|
|
$ |
199,736 |
|
|
Short-term
investments |
|
|
|
35,138 |
|
|
|
40,058 |
|
|
Trade accounts
receivable, less allowance |
|
|
|
|
|
of $6,744 and
$6,413 |
|
|
|
594,122 |
|
|
|
691,604 |
|
|
Other receivables,
including advances to independent |
|
|
|
|
|
contractors, less
allowance of $7,729 and $6,216 |
|
27,212 |
|
|
|
23,744 |
|
|
Other current
assets |
|
|
|
32,619 |
|
|
|
16,287 |
|
|
|
Total current
assets |
|
|
|
939,303 |
|
|
|
971,429 |
|
|
|
|
|
|
|
|
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|
|
Operating
property, less accumulated depreciation |
|
|
|
|
|
|
and amortization
of $264,910 and $250,153 |
|
269,246 |
|
|
|
284,032 |
|
Goodwill |
|
|
|
|
|
38,407 |
|
|
|
38,232 |
|
Other assets |
|
|
|
|
101,737 |
|
|
|
86,871 |
|
Total assets |
|
|
|
$ |
1,348,693 |
|
|
$ |
1,380,564 |
|
|
|
|
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|
LIABILITIES AND
EQUITY |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
Cash
overdraft |
|
|
|
$ |
43,620 |
|
|
$ |
55,339 |
|
|
Accounts
payable |
|
|
|
285,569 |
|
|
|
314,134 |
|
|
Current maturities
of long-term debt |
|
|
39,194 |
|
|
|
43,561 |
|
|
Insurance
claims |
|
|
|
41,254 |
|
|
|
40,176 |
|
|
Accrued
compensation |
|
|
|
11,372 |
|
|
|
29,489 |
|
|
Contractor
escrow |
|
|
|
25,530 |
|
|
|
25,202 |
|
|
Other current
liabilities |
|
|
|
27,711 |
|
|
|
27,917 |
|
|
|
Total current
liabilities |
|
|
|
474,250 |
|
|
|
535,818 |
|
|
|
|
|
|
|
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|
Long-term debt,
excluding current maturities |
|
65,573 |
|
|
|
84,864 |
|
Insurance
claims |
|
|
|
|
31,016 |
|
|
|
30,429 |
|
Deferred income
taxes and other non-current liabilities |
|
49,554 |
|
|
|
40,320 |
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
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|
Landstar System,
Inc. and subsidiary shareholders' equity |
|
|
|
|
Common stock,
$0.01 par value, authorized 160,000,000 |
|
|
|
|
|
shares, issued
68,064,877 and 67,870,962 shares |
|
681 |
|
|
|
679 |
|
|
Additional paid-in
capital |
|
|
|
224,550 |
|
|
|
226,852 |
|
|
Retained
earnings |
|
|
|
1,952,439 |
|
|
|
1,841,279 |
|
|
Cost of 28,435,182
and 27,755,001 shares of common |
|
|
|
|
|
stock in
treasury |
|
|
|
(1,446,425 |
) |
|
|
(1,376,111 |
) |
|
Accumulated other
comprehensive loss |
|
(2,945 |
) |
|
|
(5,875 |
) |
|
|
Total Landstar
System, Inc. and subsidiary shareholders' |
|
|
|
|
|
|
equity |
|
|
|
|
728,300 |
|
|
|
686,824 |
|
Noncontrolling
interest |
|
|
|
- |
|
|
|
2,309 |
|
|
|
Total equity |
|
|
|
|
728,300 |
|
|
|
689,133 |
|
Total liabilities
and equity |
|
|
$ |
1,348,693 |
|
|
$ |
1,380,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Landstar System, Inc. and Subsidiary |
|
Supplemental Information |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twenty Six Weeks Ended |
|
|
Thirteen Weeks Ended |
|
|
|
|
|
June 29, |
|
June 30, |
|
|
June 29, |
|
June 30, |
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
2019 |
|
|
|
2018 |
|
Revenue generated
through (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Truck
transportation |
|
|
|
|
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
|
|
|
|
|
Van equipment |
|
$ |
1,224,379 |
|
|
$ |
1,369,476 |
|
|
|
$ |
605,365 |
|
|
$ |
713,341 |
|
|
|
|
Unsided/platform
equipment |
|
|
648,828 |
|
|
|
664,045 |
|
|
|
|
338,107 |
|
|
|
364,676 |
|
|
|
Less-than-truckload |
|
|
48,108 |
|
|
|
50,948 |
|
|
|
|
24,732 |
|
|
|
27,364 |
|
|
|
|
Total truck
transportation |
|
|
1,921,315 |
|
|
|
2,084,469 |
|
|
|
|
968,204 |
|
|
|
1,105,381 |
|
|
Rail
intermodal |
|
|
58,585 |
|
|
|
61,587 |
|
|
|
|
28,570 |
|
|
|
32,295 |
|
|
Ocean and air
cargo carriers |
|
|
58,893 |
|
|
|
51,506 |
|
|
|
|
28,224 |
|
|
|
28,029 |
|
|
Other
(1) |
|
|
39,247 |
|
|
|
33,150 |
|
|
|
|
20,042 |
|
|
|
17,081 |
|
|
|
|
|
|
$ |
2,078,040 |
|
|
$ |
2,230,712 |
|
|
|
$ |
1,045,040 |
|
|
$ |
1,182,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue on loads
hauled via BCO Independent Contractors (2) |
|
|
|
|
|
|
|
|
|
|
|
included in total
truck transportation |
|
$ |
923,928 |
|
|
$ |
998,953 |
|
|
|
$ |
474,620 |
|
|
$ |
527,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
loads: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck
transportation |
|
|
|
|
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
|
|
|
|
|
Van equipment |
|
|
686,901 |
|
|
|
691,866 |
|
|
|
|
345,080 |
|
|
|
354,947 |
|
|
|
|
Unsided/platform
equipment |
|
|
260,920 |
|
|
|
255,334 |
|
|
|
|
135,750 |
|
|
|
135,543 |
|
|
|
Less-than-truckload |
|
|
74,549 |
|
|
|
70,670 |
|
|
|
|
39,240 |
|
|
|
37,250 |
|
|
|
|
Total truck
transportation |
|
|
1,022,370 |
|
|
|
1,017,870 |
|
|
|
|
520,070 |
|
|
|
527,740 |
|
|
Rail
intermodal |
|
|
23,880 |
|
|
|
26,840 |
|
|
|
|
11,420 |
|
|
|
13,560 |
|
|
Ocean and air
cargo carriers |
|
|
14,810 |
|
|
|
13,030 |
|
|
|
|
7,300 |
|
|
|
6,700 |
|
|
|
|
|
|
|
1,061,060 |
|
|
|
1,057,740 |
|
|
|
|
538,790 |
|
|
|
548,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loads hauled via
BCO Independent Contractors (2) |
|
|
|
|
|
|
|
|
|
|
|
included in total
truck transportation |
|
|
483,660 |
|
|
|
480,890 |
|
|
|
|
248,810 |
|
|
|
247,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per
load: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck
transportation |
|
|
|
|
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
|
|
|
|
|
Van equipment |
|
$ |
1,782 |
|
|
$ |
1,979 |
|
|
|
$ |
1,754 |
|
|
$ |
2,010 |
|
|
|
|
Unsided/platform
equipment |
|
|
2,487 |
|
|
|
2,601 |
|
|
|
|
2,491 |
|
|
|
2,690 |
|
|
|
Less-than-truckload |
|
|
645 |
|
|
|
721 |
|
|
|
|
630 |
|
|
|
735 |
|
|
|
|
Total truck
transportation |
|
|
1,879 |
|
|
|
2,048 |
|
|
|
|
1,862 |
|
|
|
2,095 |
|
|
Rail
intermodal |
|
|
2,453 |
|
|
|
2,295 |
|
|
|
|
2,502 |
|
|
|
2,382 |
|
|
Ocean and air
cargo carriers |
|
|
3,977 |
|
|
|
3,953 |
|
|
|
|
3,866 |
|
|
|
4,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per load
on loads hauled via BCO Independent Contractors (2) |
$ |
1,910 |
|
|
$ |
2,077 |
|
|
|
$ |
1,908 |
|
|
$ |
2,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by
capacity type (as a % of total revenue); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck capacity
providers: |
|
|
|
|
|
|
|
|
|
|
|
BCO Independent
Contractors (2) |
|
|
44 |
% |
|
|
45 |
% |
|
|
|
45 |
% |
|
|
45 |
% |
|
|
Truck Brokerage
Carriers |
|
|
48 |
% |
|
|
49 |
% |
|
|
|
47 |
% |
|
|
49 |
% |
|
Rail
intermodal |
|
|
3 |
% |
|
|
3 |
% |
|
|
|
3 |
% |
|
|
3 |
% |
|
Ocean and air
cargo carriers |
|
|
3 |
% |
|
|
2 |
% |
|
|
|
3 |
% |
|
|
2 |
% |
|
Other |
|
|
|
2 |
% |
|
|
1 |
% |
|
|
|
2 |
% |
|
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 29, |
|
June 30, |
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
Truck Capacity
Providers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BCO Independent
Contractors (2) |
|
|
|
|
|
|
|
9,879 |
|
|
|
9,501 |
|
|
Truck Brokerage
Carriers: |
|
|
|
|
|
|
|
|
|
|
Approved and active (3) |
|
|
|
|
|
|
|
40,097 |
|
|
|
37,045 |
|
|
Other approved |
|
|
|
|
|
|
|
17,790 |
|
|
|
15,406 |
|
|
|
|
|
|
|
|
|
|
|
|
57,887 |
|
|
|
52,451 |
|
|
Total available
truck capacity providers |
|
|
|
|
|
|
|
67,766 |
|
|
|
61,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trucks provided by
BCO Independent Contractors (2) |
|
|
|
|
|
|
|
10,587 |
|
|
|
10,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
primarily reinsurance premium revenue generated by the insurance
segment and intra-Mexico transportation services revenue generated
by |
Landstar
Metro. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) BCO
Independent Contractors are independent contractors who provide
truck capacity to the Company under exclusive lease
arrangements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Active refers
to Truck Brokerage Carriers who moved at least one load in the 180
days immediately preceding the fiscal quarter end. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact: Kevin Stout
Landstar System, Inc.
www.landstar.com
904-398-9400
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