Landstar System, Inc. (NASDAQ: LSTR) reported revenue of $1.086
billion, an increase of approximately 7% over revenue of $1.012
billion reported in the 2019 third quarter. Diluted earnings per
share of $1.61 in the 2020 third quarter represented an increase of
approximately 19% over diluted earnings per share of $1.35 in the
2019 third quarter. 2020 third quarter diluted earnings per share
was the second highest third quarter diluted earnings per share in
the Company’s history, behind only the 2018 third quarter diluted
earnings per share of $1.63. Gross profit (defined as revenue less
the cost of purchased transportation and commissions to agents) was
$160.9 million in the 2020 third quarter, an increase of
approximately 5% compared to $152.6 million in the 2019 third
quarter. Operating margin, representing operating income divided by
gross profit, was 51.2 percent in the 2020 third quarter.
Truck transportation revenue hauled by
independent business capacity owners (“BCOs”) and truck brokerage
carriers in the 2020 third quarter was $1.006 billion, or 93
percent of revenue, compared to $932.2 million, or 92 percent of
revenue, in the 2019 third quarter. Truckload transportation
revenue hauled via van equipment in the 2020 third quarter was
$666.6 million compared to $575.0 million in the 2019 third
quarter. Truckload transportation revenue hauled via
unsided/platform equipment in the 2020 third quarter was $314.5
million compared to $331.8 million in the 2019 third quarter.
Revenue hauled by rail, air and ocean cargo carriers was $62.2
million, or 6 percent of revenue, in the 2020 third quarter
compared to $59.3 million, or 6 percent of revenue, in the 2019
third quarter.
Trailing twelve-month return on average
shareholders’ equity was 26 percent and trailing twelve-month
return on invested capital, representing net income divided by the
sum of average equity plus average debt, was 22 percent. Landstar
did not purchase any shares of its common stock during the 2020
third quarter and currently is authorized to purchase up to
1,821,030 shares of the Company’s common stock under Landstar’s
previously announced share purchase program. As of September 26,
2020, the Company had $258 million in cash and short term
investments and $216 million available for borrowings under the
Company’s senior credit facility, with the ability to increase that
amount of borrowings to $366 million using the facility’s accordion
feature. Landstar also announced today that its Board of Directors
has declared a quarterly dividend of $0.21 per share payable on
December 4, 2020, to stockholders of record as of the close of
business on November 10, 2020. It is currently the intention of the
Board to pay dividends on a quarterly basis going forward.
“Landstar entered the third quarter of 2020
facing one of the most unpredictable and challenging freight
environments in the Company’s history,” said Landstar President and
Chief Executive Officer Jim Gattoni. “In our second quarter
earnings release dated July 22, 2020, we provided third quarter
guidance anticipating a decrease in a mid single-digit range on a
year-over-year basis for both truck volume and price. Through the
first few weeks of fiscal July, the number of loads and revenue per
load on loads hauled via truck were each below the corresponding
period of 2019 in a mid single-digit percentage range. We closed
fiscal July with truckload volumes and revenue per load on loads
hauled via truck down only 1% and 2%, respectively, compared to
fiscal July 2019. In the first week of the Company’s fiscal August
period, the number of loads and revenue per load on loads hauled
via truck both turned positive on a weekly basis compared to the
corresponding week of 2019. Landstar continued to experience
gradual improvement in the number of loads and revenue per load on
loads hauled via truck on a sequential basis through August 2020.
Moreover, on a year-over-year basis, the number of loads and
revenue per load on loads hauled via truck in fiscal August 2020 in
comparison to fiscal August 2019 increased by 2% and 5%,
respectively.”
Gattoni continued, “In our second quarter
earnings release, we provided third quarter revenue guidance of
$885 million to $935 million and third quarter diluted earnings per
share guidance of $1.11 to $1.17. On September 9, 2020, we
disclosed in a Form 8-K filed with the SEC and further explained at
a webcast investor conference the next day that based on overall
market conditions, we expected 2020 third quarter revenue to be in
a range of $1.02 billion to $1.06 billion and diluted earnings per
share for the 2020 third quarter to be in a range of $1.40 to
$1.46. Our updated guidance provided on September 9, 2020,
reflected our expectation that the number of loads and revenue per
load on loads hauled via truck for the 2020 third quarter would be
above the 2019 third quarter in a low single-digit range. The
number of loads and revenue per load on loads hauled via truck for
fiscal September 2020 continued to improve from August 2020 on a
sequential basis beyond our expectations, particularly with respect
to the demand for services provided by van equipment, and exceeded
fiscal September 2019 amounts by 7% and 10%, respectively. Overall,
truck load volumes increased in the 2020 third quarter by 3% as
compared to the 2019 third quarter, and truck revenue per load
increased by 5% as compared to the 2019 third quarter. Ultimately,
revenue in the 2020 third quarter was $1.086 billion and diluted
earnings per share for the 2020 third quarter was $1.61. The
achievement of both revenue and diluted earnings per share in
excess of our updated guidance was primarily the result of the
further sequential increases in the number of loads and revenue per
load on loads hauled via truck from September 9th through the end
of the fiscal month.”
Gattoni continued, “The Company’s variable cost
business model, highly diversified customer base and geographically
dispersed network of independent agents and third-party truck
capacity provides resiliency and flexibility in any demand
environment. While U.S. manufacturing production continued to lag
prior year levels, the agent network capitalized on opportunities
with new customers and executed by sourcing truck capacity for
shippers experiencing rapid volume growth and/or supply chain
disruption. During the 2020 third quarter, approved and active
third-party truck carrier count increased approximately 10 percent
compared to the 2020 second quarter to over 41,000 carriers.
Additionally, the Company net added 272 trucks provided by BCOs in
the third quarter.”
Gattoni further stated, “Through the first few
weeks of October 2020, the number of loads hauled via truck was
above the corresponding period of 2019 in a high single-digit
percentage range. I expect that trend to continue during the
remainder of the 2020 fourth quarter. Accordingly, I expect the
number of loads hauled via truck in the 2020 fourth quarter to be
above the number of loads hauled by truck in the 2019 fourth
quarter in a high single-digit percentage range. Based on our
current macroeconomic outlook, I expect pricing to remain strong
and relatively stable through the 2020 fourth quarter given current
demand and assuming little change in the level of truck capacity
available in the marketplace. Assuming the current macroeconomic
environment continues throughout the remainder of the fourth
quarter, I expect 2020 fourth quarter truck revenue per load to be
higher than the 2019 fourth quarter in a low double-digit
percentage range. I anticipate revenue for the 2020 fourth quarter
to be in a range of $1.150 billion to $1.200 billion.”
Earlier this month, the Company announced a new
initiative relating to the reorganization of its regional field
operations centers throughout the United States in support of its
BCO network. It is the intent of the Company that this network of
field operations centers will further support the Company’s
continual efforts in recruiting and retaining the best truck
owner-operators in our industry. In connection with this
initiative, the Company expects to record a liability of
approximately $15.0 million in its 2020 fourth quarter relating to
anticipated buyouts of certain incentive commission arrangements
with several of its independent sales agents due to the Company’s
discontinuation of a BCO recruitment and retention program formerly
involving those agents. This charge is expected to decrease 2020
fourth quarter diluted earnings per share by approximately $0.29.
These incentive commission arrangements to agents to recruit and
retain BCOs reduced gross profit by almost $10 million a year in
recent years.
Gattoni concluded, “Assuming the estimated range
of revenue for the 2020 fourth quarter described above, the
anticipated charge for the expected buyouts of certain agent
commission arrangements, and insurance and claims expense at 4.8
percent of BCO revenue, representing average insurance and claims
costs as a percentage of BCO revenue over the past five years
(adjusted to reflect the recent significant increase in insurance
premiums covered in the Company’s second quarter earnings release),
I would anticipate 2020 fourth quarter diluted earnings per share
to be in a range of $1.32 to $1.42 per share. Excluding the
one-time cost of $0.29 per diluted share related to the anticipated
buyouts of the incentive commission arrangements, 2020 fourth
quarter diluted earnings per share guidance would be $1.61 to
$1.71.”
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 2020 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:
the impact of the coronavirus (COVID-19) pandemic; 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 2019 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.
Landstar
System, Inc. and Subsidiary |
Consolidated
Statements of Income |
(Dollars in
thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty Nine Weeks Ended |
|
Thirteen Weeks Ended |
|
|
|
|
|
|
September 26, |
|
September 28, |
|
September 26, |
|
September 28, |
|
|
|
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$ |
2,836,626 |
|
$ |
3,089,698 |
|
|
$ |
1,085,546 |
|
$ |
1,011,658 |
Investment income |
|
|
|
2,716 |
|
|
3,736 |
|
|
|
714 |
|
|
1,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
Purchased transportation |
|
|
2,183,143 |
|
|
2,365,646 |
|
|
|
838,753 |
|
|
774,520 |
|
Commissions to agents |
|
|
236,490 |
|
|
257,862 |
|
|
|
85,848 |
|
|
84,568 |
|
Other operating costs, net of gains/losses on asset
sales/dispositions |
|
|
23,035 |
|
|
28,531 |
|
|
|
7,361 |
|
|
10,431 |
|
Insurance and claims |
|
|
|
66,563 |
|
|
55,248 |
|
|
|
21,855 |
|
|
23,969 |
|
Selling, general and administrative |
|
|
124,779 |
|
|
120,717 |
|
|
|
38,851 |
|
|
38,152 |
|
Depreciation and amortization |
|
|
34,212 |
|
|
33,045 |
|
|
|
11,240 |
|
|
10,695 |
|
Impairment of intangible and other assets |
|
|
2,582 |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and expenses |
|
|
2,670,804 |
|
|
2,861,049 |
|
|
|
1,003,908 |
|
|
942,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
168,538 |
|
|
232,385 |
|
|
|
82,352 |
|
|
70,638 |
Interest and debt expense |
|
|
|
2,936 |
|
|
2,278 |
|
|
|
1,008 |
|
|
764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
165,602 |
|
|
230,107 |
|
|
|
81,344 |
|
|
69,874 |
Income taxes |
|
|
|
|
38,567 |
|
|
52,452 |
|
|
|
19,458 |
|
|
16,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
127,035 |
|
|
177,655 |
|
|
|
61,886 |
|
|
53,255 |
Less: Net loss attributable to noncontrolling interest |
|
|
- |
|
|
(17 |
) |
|
|
- |
|
|
- |
Net income attributable to Landstar System, |
|
|
|
|
|
|
|
|
|
Inc. and subsidiary |
|
|
$ |
127,035 |
|
$ |
177,672 |
|
|
$ |
61,886 |
|
$ |
53,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share attributable to |
|
|
|
|
|
|
|
|
|
Landstar System, Inc. and subsidiary |
|
$ |
3.28 |
|
$ |
4.45 |
|
|
$ |
1.61 |
|
$ |
1.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share attributable to |
|
|
|
|
|
|
|
|
|
Landstar System, Inc. and subsidiary |
|
$ |
3.28 |
|
$ |
4.45 |
|
|
$ |
1.61 |
|
$ |
1.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
Earnings per common share |
|
|
38,673,000 |
|
|
39,891,000 |
|
|
|
38,386,000 |
|
|
39,566,000 |
|
Diluted earnings per share |
|
|
38,673,000 |
|
|
39,891,000 |
|
|
|
38,386,000 |
|
|
39,566,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common share |
|
$ |
0.580 |
|
$ |
0.515 |
|
|
$ |
0.210 |
|
$ |
0.185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Landstar
System, Inc. and Subsidiary |
Consolidated
Balance Sheets |
(Dollars in
thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 26, |
|
December 28, |
|
|
|
|
|
|
|
2020 |
|
2019 |
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
$ |
218,554 |
|
|
$ |
319,515 |
|
|
Short-term investments |
|
|
|
39,068 |
|
|
|
32,901 |
|
|
Trade accounts receivable, less allowance |
|
|
|
|
|
|
of $8,120 and $7,284 |
|
|
|
637,908 |
|
|
|
588,549 |
|
|
Other receivables, including advances to independent |
|
|
|
|
|
contractors, less allowance of $8,827 and $7,667 |
|
40,550 |
|
|
|
35,553 |
|
|
Other current assets |
|
|
|
27,989 |
|
|
|
21,370 |
|
|
|
Total current assets |
|
|
|
964,069 |
|
|
|
997,888 |
|
|
|
|
|
|
|
|
|
|
|
Operating property, less accumulated depreciation |
|
|
|
|
|
|
and amortization of $291,159 and $280,849 |
|
279,495 |
|
|
|
285,855 |
|
Goodwill |
|
|
|
|
|
40,251 |
|
|
|
38,508 |
|
Other assets |
|
|
|
|
108,390 |
|
|
|
105,460 |
|
Total assets |
|
|
|
$ |
1,392,205 |
|
|
$ |
1,427,711 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Cash overdraft |
|
|
|
$ |
47,459 |
|
|
$ |
53,878 |
|
|
Accounts payable |
|
|
|
|
339,798 |
|
|
|
271,996 |
|
|
Current maturities of long-term debt |
|
|
|
34,723 |
|
|
|
42,632 |
|
|
Insurance claims |
|
|
|
|
46,019 |
|
|
|
44,532 |
|
|
Dividends payable |
|
|
|
|
- |
|
|
|
78,947 |
|
|
Contractor escrow |
|
|
|
28,345 |
|
|
|
24,902 |
|
|
Other current liabilities |
|
|
|
47,206 |
|
|
|
36,017 |
|
|
|
Total current liabilities |
|
|
|
543,550 |
|
|
|
552,904 |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, excluding current maturities |
|
|
|
52,570 |
|
|
|
70,212 |
|
Insurance claims |
|
|
|
|
36,344 |
|
|
|
33,575 |
|
Deferred income taxes and other non-current liabilities |
|
54,107 |
|
|
|
49,551 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
Common stock, $0.01 par value, authorized 160,000,000 |
|
|
|
|
|
shares, issued 68,181,418 and 68,083,419 shares |
|
682 |
|
|
|
681 |
|
|
Additional paid-in capital |
|
|
|
226,878 |
|
|
|
226,123 |
|
|
Retained earnings |
|
|
|
|
2,065,999 |
|
|
|
1,962,161 |
|
|
Cost of 29,797,639 and 28,609,926 shares of common |
|
|
|
|
|
stock in treasury |
|
|
|
(1,581,961 |
) |
|
|
(1,465,284 |
) |
|
Accumulated other comprehensive loss |
|
|
|
(5,964 |
) |
|
|
(2,212 |
) |
|
|
Total shareholders' equity |
|
|
|
705,634 |
|
|
|
721,469 |
|
Total liabilities and shareholders' equity |
|
|
$ |
1,392,205 |
|
|
$ |
1,427,711 |
|
|
|
|
|
|
|
|
|
|
|
|
Landstar
System, Inc. and Subsidiary |
|
Supplemental
Information |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty Nine Weeks Ended |
|
|
Thirteen Weeks Ended |
|
|
|
|
|
September 26, |
|
September 28, |
|
|
September 26, |
|
September 28, |
|
|
|
|
|
2020 |
|
2019 |
|
|
2020 |
|
2019 |
Revenue generated through (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
|
|
|
|
|
Van equipment |
|
$ |
1,694,916 |
|
|
$ |
1,799,421 |
|
|
|
$ |
666,582 |
|
|
$ |
575,042 |
|
|
|
|
Unsided/platform equipment |
|
|
848,187 |
|
|
|
980,615 |
|
|
|
|
314,471 |
|
|
|
331,787 |
|
|
|
Less-than-truckload |
|
|
70,984 |
|
|
|
73,475 |
|
|
|
|
25,125 |
|
|
|
25,367 |
|
|
|
|
Total truck
transportation |
|
|
2,614,087 |
|
|
|
2,853,511 |
|
|
|
|
1,006,178 |
|
|
|
932,196 |
|
|
Rail intermodal |
|
|
81,747 |
|
|
|
87,555 |
|
|
|
|
30,432 |
|
|
|
28,970 |
|
|
Ocean and air cargo carriers |
|
|
89,002 |
|
|
|
89,258 |
|
|
|
|
31,752 |
|
|
|
30,365 |
|
|
Other (1) |
|
|
51,790 |
|
|
|
59,374 |
|
|
|
|
17,184 |
|
|
|
20,127 |
|
|
|
|
|
|
$ |
2,836,626 |
|
|
$ |
3,089,698 |
|
|
|
$ |
1,085,546 |
|
|
$ |
1,011,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue on loads hauled via BCO Independent Contractors (2) |
|
|
|
|
|
|
|
|
|
|
|
included in total truck transportation |
|
$ |
1,312,003 |
|
|
$ |
1,390,135 |
|
|
|
$ |
502,224 |
|
|
$ |
466,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of loads: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
|
|
|
|
|
Van
equipment |
|
|
946,117 |
|
|
|
1,014,572 |
|
|
|
|
345,598 |
|
|
|
327,671 |
|
|
|
|
Unsided/platform equipment |
|
|
356,670 |
|
|
|
391,112 |
|
|
|
|
125,548 |
|
|
|
130,192 |
|
|
|
Less-than-truckload |
|
|
119,533 |
|
|
|
115,616 |
|
|
|
|
41,454 |
|
|
|
41,067 |
|
|
|
|
Total truck
transportation |
|
|
1,422,320 |
|
|
|
1,521,300 |
|
|
|
|
512,600 |
|
|
|
498,930 |
|
|
Rail intermodal |
|
|
33,410 |
|
|
|
35,370 |
|
|
|
|
11,900 |
|
|
|
11,490 |
|
|
Ocean and air cargo carriers |
|
|
22,720 |
|
|
|
22,150 |
|
|
|
|
8,290 |
|
|
|
7,340 |
|
|
|
|
|
|
|
1,478,450 |
|
|
|
1,578,820 |
|
|
|
|
532,790 |
|
|
|
517,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loads hauled via BCO Independent Contractors (2) |
|
|
|
|
|
|
|
|
|
|
|
included in total truck transportation |
|
|
693,860 |
|
|
|
722,870 |
|
|
|
|
250,030 |
|
|
|
239,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per load: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
|
|
|
|
|
Van
equipment |
|
$ |
1,791 |
|
|
$ |
1,774 |
|
|
|
$ |
1,929 |
|
|
$ |
1,755 |
|
|
|
|
Unsided/platform equipment |
|
|
2,378 |
|
|
|
2,507 |
|
|
|
|
2,505 |
|
|
|
2,548 |
|
|
|
Less-than-truckload |
|
|
594 |
|
|
|
636 |
|
|
|
|
606 |
|
|
|
618 |
|
|
|
|
Total truck
transportation |
|
|
1,838 |
|
|
|
1,876 |
|
|
|
|
1,963 |
|
|
|
1,868 |
|
|
Rail intermodal |
|
|
2,447 |
|
|
|
2,475 |
|
|
|
|
2,557 |
|
|
|
2,521 |
|
|
Ocean and air cargo carriers |
|
|
3,917 |
|
|
|
4,030 |
|
|
|
|
3,830 |
|
|
|
4,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per load on loads hauled via BCO Independent Contractors
(2) |
|
$ |
1,891 |
|
|
$ |
1,923 |
|
|
|
$ |
2,009 |
|
|
$ |
1,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by capacity type (as a % of total revenue); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck capacity providers: |
|
|
|
|
|
|
|
|
|
|
|
BCO Independent Contractors (2) |
|
|
46 |
% |
|
|
45 |
% |
|
|
|
46 |
% |
|
|
46 |
% |
|
|
Truck Brokerage Carriers |
|
|
46 |
% |
|
|
47 |
% |
|
|
|
46 |
% |
|
|
46 |
% |
|
Rail intermodal |
|
|
3 |
% |
|
|
3 |
% |
|
|
|
3 |
% |
|
|
3 |
% |
|
Ocean and air cargo carriers |
|
|
3 |
% |
|
|
3 |
% |
|
|
|
3 |
% |
|
|
3 |
% |
|
Other |
|
|
|
2 |
% |
|
|
2 |
% |
|
|
|
2 |
% |
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 26, |
|
September 28, |
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
Truck Capacity Providers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BCO Independent Contractors (2) |
|
|
|
|
|
|
|
9,866 |
|
|
|
9,738 |
|
|
Truck Brokerage Carriers: |
|
|
|
|
|
|
|
|
|
|
Approved and active (3) |
|
|
|
|
|
|
|
41,246 |
|
|
|
39,963 |
|
|
Other approved |
|
|
|
|
|
|
|
22,181 |
|
|
|
16,984 |
|
|
|
|
|
|
|
|
|
|
|
|
63,427 |
|
|
|
56,947 |
|
|
Total available truck capacity providers |
|
|
|
|
|
|
|
73,293 |
|
|
|
66,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trucks provided by BCO Independent Contractors (2) |
|
|
|
|
|
|
|
10,571 |
|
|
|
10,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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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