Landstar System Reports Third Quarter Revenue of $1.012 Billion and Diluted Earnings per Share of $1.35
October 23 2019 - 4:15PM
Landstar System, Inc. (NASDAQ: LSTR) reported diluted earnings per
share of $1.35 in the 2019 third quarter on revenue of $1.012
billion. Landstar reported diluted earnings per share of $1.63 on
revenue of $1.202 billion in the 2018 third quarter. Gross profit
(defined as revenue less the cost of purchased transportation and
commissions to agents) was $152.6 million in the 2019 third quarter
compared to $171.3 million in the 2018 third quarter. Operating
margin, representing operating income divided by gross profit, was
46.3 percent in the 2019 third quarter.
Truck transportation revenue hauled by
independent business capacity owners (“BCOs”) and truck brokerage
carriers in the 2019 third quarter was $932.2 million, or 92
percent of revenue, compared to $1.118 billion, or 93 percent of
revenue, in the 2018 third quarter. Truckload transportation
revenue hauled via van equipment in the 2019 third quarter was
$575.0 million compared to $717.0 million in the 2018 third
quarter. Truckload transportation revenue hauled via
unsided/platform equipment in the 2019 third quarter was $331.8
million compared to $375.7 million in the 2018 third quarter.
Revenue hauled by rail, air and ocean cargo carriers was $59.3
million, or 6 percent of revenue, in the 2019 third quarter
compared to $65.7 million, or 5 percent of revenue, in the 2018
third quarter.
Trailing twelve-month return on average
shareholders’ equity was 34 percent and trailing twelve-month
return on invested capital, representing net income divided by the
sum of average equity plus average debt, was 29 percent. Landstar
purchased approximately 175,000 shares of its common stock during
the 2019 third quarter at an aggregate cost of approximately $18.8
million. Currently, the Company is authorized to purchase up to
approximately 1,151,000 shares of the Company’s common stock under
Landstar’s previously announced share purchase programs. As of
September 28, 2019, the Company had $316 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 December 6, 2019, to stockholders of
record as of the close of business on November 12, 2019. It is
currently the intention of the Board to pay dividends on a
quarterly basis going forward.
“The current macroeconomic environment made for
challenging comparisons against our record 2018 third quarter
performance,” said Landstar President and Chief Executive Officer
Jim Gattoni. “Softer demand, driven by slowing production in the
U.S. manufacturing sector, and more readily available capacity
drove Landstar’s truck rates and volumes below prior year levels in
the 2019 third quarter. Overall, 2019 third quarter revenue was 16
percent below revenue of the 2018 third quarter, mostly due to a 13
percent decrease in revenue per load on loads hauled via truck and
a 5 percent decrease in truck loadings. While truck revenue per
load has been below prior year levels throughout 2019, truck load
volumes have more recently slowed with softening demand. Truck load
volumes in the 2019 third quarter fell 5 percent as compared to the
2018 third quarter, a larger decrease than the low single digit
decrease anticipated in the Company’s third quarter earnings
guidance issued on July 24, 2019 as part of the Company’s 2019
second quarter earnings release.”
“In our second quarter earnings release, we
provided third quarter revenue guidance of $1.01 billion to $1.06
billion and third quarter diluted earnings per share guidance of
$1.48 to $1.54. On September 11, 2019, we disclosed in a Form 8-K
and further explained at a webcast investor conference the next day
that, based on overall market conditions and the adverse financial
impact of a tragic vehicular accident involving Landstar that
occurred during the 2019 third quarter, we would be near the bottom
end of revenue guidance and would not achieve the bottom end of the
range for earnings per diluted share provided on July 24, 2019.
Revenue in the 2019 third quarter was at the low end of our
previously issued guidance while diluted earnings per share fell
far below our guidance, mostly due to higher insurance and claims
costs than we anticipated in our initial estimate. Third quarter
guidance included insurance and claims costs at 3.6 percent of BCO
revenue, whereas actual insurance and claims costs were 5.1 percent
of BCO revenue in the 2019 third quarter.”
Gattoni continued, “Through the first few weeks
of October, the number of loads hauled via truck was below the
corresponding period of 2018 in a high single-digit percentage
range. I expect that trend to continue during the remainder of the
2019 fourth quarter. Accordingly, I expect the number of loads
hauled via truck in the 2019 fourth quarter to be below the number
of loads hauled by truck in the 2018 fourth quarter in a high
single-digit percentage range. Pricing for our truck services was
fairly stable on a sequential month-to-month basis during the 2019
third quarter, continuing a trend that began in the middle of the
2019 second quarter. I expect pricing to remain stable through the
2019 fourth quarter given current demand and assuming little change
in the level of truck capacity available in the marketplace. Given
the slowing pricing environment experienced in the 2018 fourth
quarter, year-over-year comparisons should therefore ease a bit in
the 2019 fourth quarter. Assuming the current macroeconomic
environment continues throughout the remainder of the fourth
quarter, I expect 2019 fourth quarter truck revenue per load to be
lower than the 2018 fourth quarter in a high single-digit
percentage range. I anticipate revenue for the 2019 fourth quarter
to be in a range of $970 million to $1.02 billion. Assuming that
estimated range of revenue and insurance and claims expense at 3.6
percent of BCO revenue, representing average insurance and claims
costs as a percentage of BCO revenue over the past five years, I
would anticipate 2019 fourth quarter diluted earnings per share to
be in a range of $1.40 to $1.46 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 Third 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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Thirty Nine Weeks Ended |
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Thirteen Weeks Ended |
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September 28, |
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September 29, |
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September 28, |
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September 29, |
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2019 |
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2018 |
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2019 |
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2018 |
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Revenue |
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$ |
3,089,698 |
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$ |
3,432,793 |
|
|
$ |
1,011,658 |
|
$ |
1,202,081 |
|
Investment income |
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|
3,736 |
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|
2,754 |
|
|
|
1,315 |
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|
1,002 |
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Costs and expenses: |
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Purchased transportation |
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2,365,646 |
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2,658,710 |
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|
774,520 |
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|
931,473 |
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|
Commissions to agents |
|
|
257,862 |
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|
275,828 |
|
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|
84,568 |
|
|
99,304 |
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|
Other operating costs, net of gains/losses on asset
sales/dispositions |
|
|
28,531 |
|
|
|
24,176 |
|
|
|
10,431 |
|
|
8,966 |
|
|
Insurance and claims |
|
|
55,248 |
|
|
|
57,718 |
|
|
|
23,969 |
|
|
18,819 |
|
|
Selling, general and administrative |
|
|
120,717 |
|
|
|
140,948 |
|
|
|
38,152 |
|
|
46,699 |
|
|
Depreciation and amortization |
|
|
33,045 |
|
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|
32,520 |
|
|
|
10,695 |
|
|
10,754 |
|
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|
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|
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|
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Total costs and expenses |
|
|
2,861,049 |
|
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|
3,189,900 |
|
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|
942,335 |
|
|
1,116,015 |
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Operating income |
|
|
232,385 |
|
|
|
245,647 |
|
|
|
70,638 |
|
|
87,068 |
|
Interest and debt expense |
|
|
2,278 |
|
|
|
2,455 |
|
|
|
764 |
|
|
816 |
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|
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|
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|
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Income before income taxes |
|
|
230,107 |
|
|
|
243,192 |
|
|
|
69,874 |
|
|
86,252 |
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Income taxes |
|
|
52,452 |
|
|
|
56,279 |
|
|
|
16,619 |
|
|
19,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net income |
|
|
177,655 |
|
|
|
186,913 |
|
|
|
53,255 |
|
|
66,948 |
|
Less: Net loss attributable to noncontrolling interest |
|
|
(17 |
) |
|
|
(112 |
) |
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|
- |
|
|
(37 |
) |
Net income attributable to Landstar System, |
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Inc. and subsidiary |
|
$ |
177,672 |
|
|
$ |
187,025 |
|
|
$ |
53,255 |
|
$ |
66,985 |
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Earnings per common share attributable to |
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Landstar System, Inc. and subsidiary |
|
$ |
4.45 |
|
|
$ |
4.50 |
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|
$ |
1.35 |
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$ |
1.63 |
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Diluted earnings per share attributable to |
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Landstar System, Inc. and subsidiary |
|
$ |
4.45 |
|
|
$ |
4.50 |
|
|
$ |
1.35 |
|
$ |
1.63 |
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Average number of shares outstanding: |
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Earnings per common share |
|
|
39,891,000 |
|
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|
41,530,000 |
|
|
|
39,566,000 |
|
|
41,101,000 |
|
|
Diluted earnings per share |
|
|
39,891,000 |
|
|
|
41,576,000 |
|
|
|
39,566,000 |
|
|
41,137,000 |
|
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Dividends per common share |
|
$ |
0.515 |
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$ |
0.465 |
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$ |
0.185 |
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$ |
0.165 |
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Landstar System, Inc. and Subsidiary |
Consolidated Balance Sheets |
(Dollars in thousands, except per share amounts) |
(Unaudited) |
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September 28, |
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December 29, |
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2019 |
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2018 |
|
ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ |
284,434 |
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$ |
199,736 |
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Short-term investments |
|
31,596 |
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|
40,058 |
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Trade accounts receivable, less allowance |
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of $7,296 and $6,413 |
|
598,415 |
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|
691,604 |
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Other receivables, including advances to independent |
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contractors, less allowance of $8,593 and $6,216 |
|
25,384 |
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|
23,744 |
|
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Other current assets |
|
30,921 |
|
|
|
16,287 |
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Total current assets |
|
970,750 |
|
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|
971,429 |
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Operating property, less accumulated depreciation |
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|
|
|
|
|
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and amortization of $274,000 and $250,153 |
|
270,430 |
|
|
|
284,032 |
|
Goodwill |
|
38,232 |
|
|
|
38,232 |
|
Other assets |
|
106,319 |
|
|
|
86,871 |
|
Total assets |
$ |
1,385,731 |
|
|
$ |
1,380,564 |
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LIABILITIES AND EQUITY |
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Current liabilities: |
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|
|
|
|
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Cash overdraft |
$ |
44,625 |
|
|
$ |
55,339 |
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Accounts payable |
|
285,442 |
|
|
|
314,134 |
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Current maturities of long-term debt |
|
39,375 |
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|
43,561 |
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Insurance claims |
|
51,320 |
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|
40,176 |
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Accrued compensation |
|
10,477 |
|
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|
29,489 |
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Contractor escrow |
|
25,521 |
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|
25,202 |
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Other current liabilities |
|
26,996 |
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|
27,917 |
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Total current liabilities |
|
483,756 |
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|
535,818 |
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Long-term debt, excluding current maturities |
|
61,390 |
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|
84,864 |
|
Insurance claims |
|
33,024 |
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|
|
30,429 |
|
Deferred income taxes and other non-current liabilities |
|
51,586 |
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|
40,320 |
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Equity |
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Landstar System, Inc. and subsidiary shareholders' equity |
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Common stock, $0.01 par value, authorized 160,000,000 |
|
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shares, issued 68,072,834 and 67,870,962 shares |
|
681 |
|
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|
679 |
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|
Additional paid-in capital |
|
225,937 |
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|
|
226,852 |
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Retained earnings |
|
1,998,362 |
|
|
|
1,841,279 |
|
|
Cost of 28,609,926 and 27,755,001 shares of common |
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stock in treasury |
|
(1,465,284 |
) |
|
|
(1,376,111 |
) |
|
Accumulated other comprehensive loss |
|
(3,721 |
) |
|
|
(5,875 |
) |
|
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Total Landstar System, Inc. and subsidiary shareholders' |
|
|
|
|
|
|
|
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|
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equity |
|
755,975 |
|
|
|
686,824 |
|
Noncontrolling interest |
|
- |
|
|
|
2,309 |
|
|
|
Total equity |
|
755,975 |
|
|
|
689,133 |
|
Total liabilities and equity |
$ |
1,385,731 |
|
|
$ |
1,380,564 |
|
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|
|
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Landstar System, Inc. and Subsidiary |
Supplemental Information |
(Unaudited) |
|
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|
Thirty Nine Weeks Ended |
|
|
Thirteen Weeks Ended |
|
|
|
|
|
September 28, |
|
September 29, |
|
|
September 28, |
September 29, |
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
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|
2019 |
|
|
|
2018 |
|
Revenue generated through (in thousands): |
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Truck transportation |
|
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Truckload: |
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|
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Van equipment |
|
$ |
1,799,421 |
|
|
$ |
2,086,523 |
|
|
|
$ |
575,042 |
|
|
$ |
717,047 |
|
|
|
|
Unsided/platform equipment |
|
|
980,615 |
|
|
|
1,039,784 |
|
|
|
|
331,787 |
|
|
|
375,739 |
|
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|
Less-than-truckload |
|
|
73,475 |
|
|
|
76,448 |
|
|
|
|
25,367 |
|
|
|
25,500 |
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Total truck transportation |
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|
2,853,511 |
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|
3,202,755 |
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|
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|
932,196 |
|
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|
1,118,286 |
|
|
Rail intermodal |
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|
87,555 |
|
|
|
96,026 |
|
|
|
|
28,970 |
|
|
|
34,439 |
|
|
Ocean and air cargo carriers |
|
|
89,258 |
|
|
|
82,719 |
|
|
|
|
30,365 |
|
|
|
31,213 |
|
|
Other (1) |
|
|
59,374 |
|
|
|
51,293 |
|
|
|
|
20,127 |
|
|
|
18,143 |
|
|
|
|
|
|
$ |
3,089,698 |
|
|
$ |
3,432,793 |
|
|
|
$ |
1,011,658 |
|
|
$ |
1,202,081 |
|
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Revenue on loads hauled via BCO Independent Contractors (2) |
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|
included in total truck transportation |
|
$ |
1,390,135 |
|
|
$ |
1,519,344 |
|
|
|
$ |
466,207 |
|
|
$ |
520,391 |
|
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Number of loads: |
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|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Van equipment |
|
|
1,014,572 |
|
|
|
1,045,322 |
|
|
|
|
327,671 |
|
|
|
353,456 |
|
|
|
|
Unsided/platform equipment |
|
|
391,112 |
|
|
|
388,759 |
|
|
|
|
130,192 |
|
|
|
133,425 |
|
|
|
Less-than-truckload |
|
|
115,616 |
|
|
|
106,639 |
|
|
|
|
41,067 |
|
|
|
35,969 |
|
|
|
|
Total truck transportation |
|
|
1,521,300 |
|
|
|
1,540,720 |
|
|
|
|
498,930 |
|
|
|
522,850 |
|
|
Rail intermodal |
|
|
35,370 |
|
|
|
40,260 |
|
|
|
|
11,490 |
|
|
|
13,420 |
|
|
Ocean and air cargo carriers |
|
|
22,150 |
|
|
|
21,250 |
|
|
|
|
7,340 |
|
|
|
8,220 |
|
|
|
|
|
|
|
1,578,820 |
|
|
|
1,602,230 |
|
|
|
|
517,760 |
|
|
|
544,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loads hauled via BCO Independent Contractors (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
included in total truck transportation |
|
|
722,870 |
|
|
|
717,470 |
|
|
|
|
239,210 |
|
|
|
236,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per load: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Van equipment |
|
$ |
1,774 |
|
|
$ |
1,996 |
|
|
|
$ |
1,755 |
|
|
$ |
2,029 |
|
|
|
|
Unsided/platform equipment |
|
|
2,507 |
|
|
|
2,675 |
|
|
|
|
2,548 |
|
|
|
2,816 |
|
|
|
Less-than-truckload |
|
|
636 |
|
|
|
717 |
|
|
|
|
618 |
|
|
|
709 |
|
|
|
|
Total truck transportation |
|
|
1,876 |
|
|
|
2,079 |
|
|
|
|
1,868 |
|
|
|
2,139 |
|
|
Rail intermodal |
|
|
2,475 |
|
|
|
2,385 |
|
|
|
|
2,521 |
|
|
|
2,566 |
|
|
Ocean and air cargo carriers |
|
|
4,030 |
|
|
|
3,893 |
|
|
|
|
4,137 |
|
|
|
3,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per load on loads hauled via BCO Independent Contractors
(2) |
|
$ |
1,923 |
|
|
$ |
2,118 |
|
|
|
$ |
1,949 |
|
|
$ |
2,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by capacity type (as a % of total revenue); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck capacity providers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BCO Independent Contractors (2) |
|
|
45 |
% |
|
|
44 |
% |
|
|
|
46 |
% |
|
|
43 |
% |
|
|
Truck Brokerage Carriers |
|
|
47 |
% |
|
|
49 |
% |
|
|
|
46 |
% |
|
|
50 |
% |
|
Rail intermodal |
|
|
3 |
% |
|
|
3 |
% |
|
|
|
3 |
% |
|
|
3 |
% |
|
Ocean and air cargo carriers |
|
|
3 |
% |
|
|
2 |
% |
|
|
|
3 |
% |
|
|
3 |
% |
|
Other |
|
|
2 |
% |
|
|
1 |
% |
|
|
|
2 |
% |
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 28, |
|
September 29, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
Truck Capacity Providers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BCO Independent Contractors (2) |
|
|
|
|
|
|
|
|
|
|
|
9,738 |
|
|
|
9,751 |
|
|
Truck Brokerage Carriers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Approved and active (3) |
|
|
|
|
|
|
|
|
|
|
|
39,963 |
|
|
|
40,151 |
|
|
|
Other approved |
|
|
|
|
|
|
|
|
|
|
|
16,984 |
|
|
|
16,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
56,947 |
|
|
|
56,954 |
|
|
Total available truck capacity providers |
|
|
|
|
|
|
|
|
|
|
|
66,685 |
|
|
|
66,705 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trucks provided by BCO Independent Contractors (2) |
|
|
|
|
|
|
|
|
|
|
|
10,441 |
|
|
|
10,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
Landstar System (NASDAQ:LSTR)
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