Landstar System, Inc. (NASDAQ: LSTR) reported all-time quarterly
records with revenue of $1.296 billion and diluted earnings per
share of $1.70 in the 2020 fourth quarter. Diluted earnings per
share in the quarter included a previously announced one-time cost
of $15.5 million, or $0.31 per diluted share, related to buyouts of
certain incentive commission arrangements with several of its
independent sales agents due to the Company’s discontinuation of a
truck owner-operator recruitment and retention program formerly
involving those agents. Landstar reported revenue of $994.9 million
and diluted earnings per share of $1.27 in the 2019 fourth quarter.
Gross profit in the 2020 fourth quarter of $182.4 million, 23
percent above 2019 fourth quarter gross profit of $148.7 million,
was also an all-time Landstar quarterly record.
Truck transportation revenue hauled by
independent business capacity owners (“BCOs”) and truck brokerage
carriers in the 2020 fourth quarter was $1,201.7 million, or 93
percent of revenue, compared to $911.8 million, or 92 percent of
revenue, in the 2019 fourth quarter. Truckload transportation
revenue hauled via van equipment in the 2020 fourth quarter was
$821.0 million compared to $571.8 million in the 2019 fourth
quarter. Truckload transportation revenue hauled via
unsided/platform equipment in the 2020 fourth quarter was $354.1
million compared to $315.2 million in the 2019 fourth quarter.
Revenue hauled by rail, air and ocean cargo carriers was $75.7
million, or 6 percent of revenue, in the 2020 fourth quarter
compared to $63.0 million, or 6 percent of revenue, in the 2019
fourth quarter.
Return on average shareholders’ equity was 28
percent and return on invested capital, representing net income
divided by the sum of average equity plus average debt, was 25
percent in fiscal year 2020. Landstar purchased approximately
1,179,000 shares of its common stock during fiscal year 2020 at an
aggregate cost of approximately $116.0 million. The Company
currently is authorized to purchase up to 1,821,030 shares of the
Company’s common stock under its previously announced share
purchase program. As previously disclosed by the Company in a Form
8-K filed with the Securities and Exchange Commission on December
9, 2020, its Board of Directors declared a special one-time cash
dividend in the amount of $2.00 per share that was paid on January
22, 2021, to stockholders of record as of the close of business on
January 8, 2021. In addition, Landstar announced today that its
Board of Directors has declared a quarterly dividend of $0.21 per
share payable on March 12, 2021, to stockholders of record as of
the close of business on February 15, 2021. It is currently the
intention of the Board to pay dividends on a quarterly basis going
forward. As of December 26, 2020, the Company had $291 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 borrowings to $366 million using the facility’s
accordion feature.
“Landstar’s 2020 fourth quarter performance was
outstanding,” said Landstar President and CEO Jim Gattoni.
“Revenue, gross profit, and diluted earnings per share were each
all-time quarterly records. Additionally, excluding the $15.5
million one-time cost to buyout certain incentive commission
arrangements with several agents, operating income and operating
margin in the 2020 fourth quarter would have achieved all-time
quarterly records. Revenue from truck loads hauled via van
equipment exceeded the 2019 fourth quarter by 44 percent and
revenue from truck loads hauled via unsided/platform equipment
exceeded the 2019 fourth quarter by 12 percent. Consumer demand for
durables, building products and e-commerce drove record van
quarterly revenue. For loads hauled via van equipment in the 2020
fourth quarter compared to the 2019 fourth quarter, the number of
loads increased 16 percent and revenue per load increased 24
percent. Moreover, the fourth quarter was the only quarter of
fiscal year 2020 in which revenue from truck loads hauled via
unsided/platform equipment exceeded that of the corresponding prior
year quarter. The number of loads and revenue per load on loads
hauled via unsided/platform equipment in the 2020 fourth quarter
exceeded the 2019 fourth quarter by 7 percent and 5 percent,
respectively.”
Gattoni continued, “In our third quarter
earnings release on October 21, 2020, we provided fourth quarter
revenue guidance of $1.15 billion to $1.20 billion and fourth
quarter diluted earnings per share guidance of $1.32 to $1.42. On
November 17, 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 fourth
quarter revenue and diluted earnings per share for the 2020 fourth
quarter to be slightly above the high end of the previously issued
guidance. The updated guidance provided on November 17, 2020
reflected truck load volume that at the time was trending near the
high end of the previous guidance of high single digit percentage
growth and revenue per load on loads hauled via truck trending
above the 2019 fourth quarter in a mid-teen percentage range, as
compared to the low double-digit percentage range reflected in our
previously issued guidance. The year-over-year growth in the number
of loads and revenue per load on loads hauled via truck in November
and December continued to improve from October, with exceptional
strength in substitute line haul services provided in support of
e-commerce related demand during the holiday peak season. The
number of loads hauled via truck in October, November and December
exceeded the corresponding months of 2019 by 10 percent, 13 percent
and 15 percent, respectively, while revenue per load on loads
hauled via truck increased in October, November and December over
the corresponding months of 2019 by 15 percent, 17 percent and 18
percent, respectively. Overall, truck load volume increased in the
2020 fourth quarter by 13% as compared to the 2019 fourth quarter,
and truck revenue per load increased by 17% as compared to the 2019
fourth quarter. Ultimately, revenue in the 2020 fourth quarter was
$1.296 billion and diluted earnings per share for the 2020 fourth
quarter was $1.70.
Gattoni commented, “The achievement of revenue
in excess of our guidance updated on November 17, 2020, primarily
resulted from the continuing sequential increases Landstar
experienced in the number of loads and revenue per load on loads
hauled via truck from mid-November through the end of the fiscal
year. Diluted earnings per share of $1.70 in the 2020 fourth
quarter significantly exceeded the high end of our inital guidance
of $1.42 due to the increase in revenue, actual insurance and
claims costs that came in below the 4.8 percent of BCO revenue used
in our previous guidance, and a lower effective income tax rate in
the fourth quarter than initially anticipated.”
Gattoni further stated, “Landstar’s financial
performance in 2020 was exceptional given the unprecedented impact
of the COVID-19 pandemic on the U.S. economy and supply chains
throughout the world, the softness in the U.S. manufacturing sector
throughout the year, the transition of over 80 percent of the
Company’s employees to work remotely beginning in March and the
many other challenges experienced by Landstar customers, employees,
agents, BCOs and other third party capacity providers in managing
through the business and personal disruptions caused by the
pandemic. The sudden closing of manufacturing facilities in the
U.S. adversely impacted the financial results of Landstar’s 2020
second quarter with a decrease in diluted earnings per share of
almost 60 percent compared to the 2019 second quarter. In light of
the softness in U.S. manufacturing that continued beyond the 2020
second quarter, the Company’s financial performance in the back
half of 2020 was remarkable. Revenue, gross profit, operating
income and diluted earnings per share exceeded the back half of
2019 by 19 percent, 14 percent, 22 percent and 27 percent,
respectively. Additionally, the Company ended the year with a
record number of trucks provided by BCOs and a record number of
approved third-party truck brokerage carriers. The resiliency of
Landstar’s variable cost, light asset-based business model
continues to shine.”
Gattoni continued, “January of any given year is
typically the slowest month of the year. Through the first several
weeks of January, the macroeconomic environment experienced
throughout the back half of 2020 continued, characterized by strong
consumer demand, relative softness in the U.S.
industrial/manufacturing sector relative to sectors servicing
consumers, and tight available truck capacity. I anticipate demand
for substitute line haul services in the 2021 first quarter will
return to the still very strong levels we experienced throughout
September and October, before the steep spike in demand that took
place during the holiday peak season. I expect these market
conditions throughout the remainder of the 2021 first quarter and,
as a result, revenue and diluted earnings per share in the 2021
first quarter to be well above that of the 2020 first
quarter. From a revenue standpoint, I expect the number
of loads hauled via truck in the 2021 first quarter to exceed the
2020 first quarter in a high single-digit percentage range. I
expect revenue per load on loads hauled via truck in the 2021 first
quarter to exceed the 2020 first quarter in a mid-teen percentage
range. As such, I anticipate revenue for the 2021 first quarter to
be in a range of $1.10 billion to $1.15 billion.”
Gattoni concluded, “Based on the range of
revenue estimated for the 2021 first quarter, I would anticipate
diluted earnings per share to be in a range of $1.55 to $1.65. This
range of diluted earnings per share includes insurance and claims
expense estimated at 4.6 percent of BCO revenue.”
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 Fourth 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.
(Tables follow)
|
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|
|
|
|
|
|
Landstar
System, Inc. and Subsidiary |
|
Consolidated
Statements of Income |
|
(Dollars in
thousands, except per share amounts) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Years Ended |
|
Fiscal Quarters Ended |
|
|
December 26, |
|
December 28, |
|
December 26, |
|
December 28, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
4,132,981 |
|
$ |
4,084,577 |
|
|
$ |
1,296,355 |
|
$ |
994,879 |
|
Investment
income |
|
3,399 |
|
|
5,041 |
|
|
|
683 |
|
|
1,305 |
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
Purchased transportation |
|
3,192,850 |
|
|
3,127,474 |
|
|
|
1,009,707 |
|
|
761,828 |
|
Commissions to agents |
|
340,780 |
|
|
342,226 |
|
|
|
104,290 |
|
|
84,364 |
|
Other operating costs, net of gains/losses on asset
sales/dispositions |
|
30,463 |
|
|
37,274 |
|
|
|
7,428 |
|
|
8,743 |
|
Insurance and claims |
|
87,773 |
|
|
80,319 |
|
|
|
21,210 |
|
|
25,071 |
|
Selling, general and administrative |
|
167,633 |
|
|
158,953 |
|
|
|
42,854 |
|
|
38,236 |
|
Depreciation and amortization |
|
45,855 |
|
|
44,468 |
|
|
|
11,643 |
|
|
11,423 |
|
Impairment of intangible and other assets |
|
2,582 |
|
|
- |
|
|
|
- |
|
|
- |
|
Commission program termination costs |
|
15,494 |
|
|
- |
|
|
|
15,494 |
|
|
- |
|
|
|
|
|
|
|
|
|
|
Total costs and expenses |
|
3,883,430 |
|
|
3,790,714 |
|
|
|
1,212,626 |
|
|
929,665 |
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
252,950 |
|
|
298,904 |
|
|
|
84,412 |
|
|
66,519 |
|
Interest and
debt expense |
|
3,953 |
|
|
3,141 |
|
|
|
1,017 |
|
|
863 |
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
248,997 |
|
|
295,763 |
|
|
|
83,395 |
|
|
65,656 |
|
Income
taxes |
|
56,891 |
|
|
68,060 |
|
|
|
18,324 |
|
|
15,608 |
|
|
|
|
|
|
|
|
|
|
Net
income |
|
192,106 |
|
|
227,703 |
|
|
|
65,071 |
|
|
50,048 |
|
Less: Net
loss attributable to noncontrolling interest |
|
- |
|
|
(17 |
) |
|
|
- |
|
|
- |
|
Net income
attributable to Landstar System, |
|
|
|
|
|
|
|
|
Inc. and subsidiary |
$ |
192,106 |
|
$ |
227,720 |
|
|
$ |
65,071 |
|
$ |
50,048 |
|
|
|
|
|
|
|
|
|
|
Earnings per
common share attributable to |
|
|
|
|
|
|
|
|
Landstar System, Inc. and subsidiary |
$ |
4.98 |
|
$ |
5.72 |
|
|
$ |
1.70 |
|
$ |
1.27 |
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share attributable to |
|
|
|
|
|
|
|
|
Landstar System, Inc. and subsidiary |
$ |
4.98 |
|
$ |
5.72 |
|
|
$ |
1.70 |
|
$ |
1.27 |
|
|
|
|
|
|
|
|
|
|
Average
number of shares outstanding: |
|
|
|
|
|
|
|
|
Earnings per common share |
|
38,602,000 |
|
|
39,786,000 |
|
|
|
38,389,000 |
|
|
39,472,000 |
|
Diluted earnings per share |
|
38,602,000 |
|
|
39,786,000 |
|
|
|
38,389,000 |
|
|
39,472,000 |
|
|
|
|
|
|
|
|
|
|
Dividends
per common share |
$ |
2.790 |
|
$ |
2.700 |
|
|
$ |
2.210 |
|
$ |
2.185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Landstar
System, Inc. and Subsidiary |
Consolidated
Balance Sheets |
(Dollars in
thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
December 26, |
|
December 28, |
|
2020 |
|
2019 |
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
249,354 |
|
|
$ |
319,515 |
|
Short-term investments |
|
41,375 |
|
|
|
32,901 |
|
Trade accounts receivable, less allowance |
|
|
|
of $8,670 and $7,284 |
|
764,169 |
|
|
|
588,549 |
|
Other receivables, including advances to independent |
|
|
|
contractors, less allowance of $7,239 and $7,667 |
|
134,757 |
|
|
|
35,553 |
|
Other current assets |
|
18,520 |
|
|
|
21,370 |
|
Total current assets |
|
1,208,175 |
|
|
|
997,888 |
|
|
|
|
|
Operating
property, less accumulated depreciation |
|
|
|
and amortization of $299,407 and $280,849 |
|
296,996 |
|
|
|
285,855 |
|
Goodwill |
|
40,949 |
|
|
|
38,508 |
|
Other
assets |
|
107,679 |
|
|
|
105,460 |
|
Total
assets |
$ |
1,653,799 |
|
|
$ |
1,427,711 |
|
|
|
|
|
LIABILITIES
AND EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Cash overdraft |
$ |
74,748 |
|
|
$ |
53,878 |
|
Accounts payable |
|
380,505 |
|
|
|
271,996 |
|
Current maturities of long-term debt |
|
35,415 |
|
|
|
42,632 |
|
Insurance claims |
|
149,774 |
|
|
|
44,532 |
|
Dividends payable |
|
76,770 |
|
|
|
78,947 |
|
Other current liabilities |
|
88,925 |
|
|
|
60,919 |
|
Total current liabilities |
|
806,137 |
|
|
|
552,904 |
|
|
|
|
|
Long-term
debt, excluding current maturities |
|
65,359 |
|
|
|
70,212 |
|
Insurance
claims |
|
38,867 |
|
|
|
33,575 |
|
Deferred
income taxes and other non-current liabilities |
|
51,601 |
|
|
|
49,551 |
|
|
|
|
|
Shareholders' equity: |
|
|
|
Common stock, $0.01 par value, authorized 160,000,000 |
|
|
|
shares, issued 68,183,702 and 68,083,419 shares |
|
682 |
|
|
|
681 |
|
Additional paid-in capital |
|
228,875 |
|
|
|
226,123 |
|
Retained earnings |
|
2,046,238 |
|
|
|
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 |
|
(1,999 |
) |
|
|
(2,212 |
) |
Total shareholders' equity |
|
691,835 |
|
|
|
721,469 |
|
Total
liabilities and shareholders' equity |
$ |
1,653,799 |
|
|
$ |
1,427,711 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Landstar
System, Inc. and Subsidiary |
Supplemental
Information |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Years Ended |
|
Fiscal Quarters Ended |
|
December 26, |
|
December 28, |
|
December 26, |
|
December 28, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenue
generated through (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
Van equipment |
$ |
2,515,940 |
|
|
$ |
2,371,188 |
|
|
$ |
821,024 |
|
|
$ |
571,767 |
|
Unsided/platform equipment |
|
1,202,295 |
|
|
|
1,295,817 |
|
|
|
354,108 |
|
|
|
315,202 |
|
Less-than-truckload |
|
97,546 |
|
|
|
98,324 |
|
|
|
26,562 |
|
|
|
24,849 |
|
Total truck transportation |
|
3,815,781 |
|
|
|
3,765,329 |
|
|
|
1,201,694 |
|
|
|
911,818 |
|
Rail intermodal |
|
114,313 |
|
|
|
118,305 |
|
|
|
32,566 |
|
|
|
30,750 |
|
Ocean and air cargo carriers |
|
132,180 |
|
|
|
121,485 |
|
|
|
43,178 |
|
|
|
32,227 |
|
Other (1) |
|
70,707 |
|
|
|
79,458 |
|
|
|
18,917 |
|
|
|
20,084 |
|
|
$ |
4,132,981 |
|
|
$ |
4,084,577 |
|
|
$ |
1,296,355 |
|
|
$ |
994,879 |
|
|
|
|
|
|
|
|
|
Revenue on loads hauled via BCO Independent Contractors (2) |
|
|
|
|
|
|
|
included in total truck transportation |
$ |
1,866,526 |
|
|
$ |
1,831,752 |
|
|
$ |
554,523 |
|
|
$ |
441,617 |
|
|
|
|
|
|
|
|
|
Number of
loads: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
Van equipment |
|
1,318,768 |
|
|
|
1,337,089 |
|
|
|
372,651 |
|
|
|
322,517 |
|
Unsided/platform equipment |
|
487,348 |
|
|
|
513,579 |
|
|
|
130,678 |
|
|
|
122,467 |
|
Less-than-truckload |
|
163,024 |
|
|
|
155,592 |
|
|
|
43,491 |
|
|
|
39,976 |
|
Total truck transportation |
|
1,969,140 |
|
|
|
2,006,260 |
|
|
|
546,820 |
|
|
|
484,960 |
|
Rail intermodal |
|
46,280 |
|
|
|
47,590 |
|
|
|
12,870 |
|
|
|
12,220 |
|
Ocean and air cargo carriers |
|
31,900 |
|
|
|
30,110 |
|
|
|
9,180 |
|
|
|
7,960 |
|
|
|
2,047,320 |
|
|
|
2,083,960 |
|
|
|
568,870 |
|
|
|
505,140 |
|
|
|
|
|
|
|
|
|
Loads hauled via BCO Independent Contractors (2) |
|
|
|
|
|
|
|
included in total truck transportation |
|
945,210 |
|
|
|
954,990 |
|
|
|
251,350 |
|
|
|
232,120 |
|
|
|
|
|
|
|
|
|
Revenue per
load: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
Van equipment |
$ |
1,908 |
|
|
$ |
1,773 |
|
|
$ |
2,203 |
|
|
$ |
1,773 |
|
Unsided/platform equipment |
|
2,467 |
|
|
|
2,523 |
|
|
|
2,710 |
|
|
|
2,574 |
|
Less-than-truckload |
|
598 |
|
|
|
632 |
|
|
|
611 |
|
|
|
622 |
|
Total truck transportation |
|
1,938 |
|
|
|
1,877 |
|
|
|
2,198 |
|
|
|
1,880 |
|
Rail intermodal |
|
2,470 |
|
|
|
2,486 |
|
|
|
2,530 |
|
|
|
2,516 |
|
Ocean and air cargo carriers |
|
4,144 |
|
|
|
4,035 |
|
|
|
4,703 |
|
|
|
4,049 |
|
|
|
|
|
|
|
|
|
Revenue per load on loads hauled via BCO Independent Contractors
(2) |
$ |
1,975 |
|
|
$ |
1,918 |
|
|
$ |
2,206 |
|
|
$ |
1,903 |
|
|
|
|
|
|
|
|
|
Revenue by
capacity type (as a % of total revenue); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck capacity providers: |
|
|
|
|
|
|
|
BCO Independent Contractors (2) |
|
45 |
% |
|
|
45 |
% |
|
|
43 |
% |
|
|
44 |
% |
Truck Brokerage Carriers |
|
47 |
% |
|
|
47 |
% |
|
|
50 |
% |
|
|
47 |
% |
Rail intermodal |
|
3 |
% |
|
|
3 |
% |
|
|
3 |
% |
|
|
3 |
% |
Ocean and air cargo carriers |
|
3 |
% |
|
|
3 |
% |
|
|
3 |
% |
|
|
3 |
% |
Other |
|
2 |
% |
|
|
2 |
% |
|
|
1 |
% |
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 26, |
|
December 28, |
|
|
|
|
|
2020 |
|
2019 |
Truck
Capacity Providers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BCO Independent Contractors (2) |
|
|
|
|
|
10,242 |
|
|
|
9,554 |
|
Truck Brokerage Carriers: |
|
|
|
|
|
|
|
Approved and active (3) |
|
|
|
|
|
46,053 |
|
|
|
39,497 |
|
Other approved |
|
|
|
|
|
22,972 |
|
|
|
16,820 |
|
|
|
|
|
|
|
69,025 |
|
|
|
56,317 |
|
Total available truck capacity providers |
|
|
|
|
|
79,267 |
|
|
|
65,871 |
|
|
|
|
|
|
|
|
|
Trucks provided by BCO Independent Contractors (2) |
|
|
|
|
|
10,991 |
|
|
|
10,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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: Jim Gattoni
Landstar System, Inc.
www.landstar.com
904-398-9400
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