Landstar System, Inc. (NASDAQ: LSTR) reported all-time quarterly
record net income of $92.3 million, or $2.40 per diluted share, in
the 2021 second quarter, on record quarterly revenue of $1.571
billion. Landstar reported net income of $24.3 million, or $0.63
per diluted share, on $824 million of revenue in the 2020 second
quarter. Gross profit (defined as revenue less the cost of
purchased transportation and commissions to agents) also reached an
all-time quarterly record of $220.8 million in the 2021 second
quarter compared to $113.1 million in the 2020 second quarter.
Given the significant adverse impact of the COVID-19 pandemic on
the U.S. economy and the Company’s financial results during the
2020 second quarter, quarter-over-prior-year-quarter comparisons
are not meaningful. Comparing the 2021 second quarter to the 2021
first quarter, however, puts into context the strength of our 2021
second quarter financial performance. 2021 first quarter revenue
was the second highest quarterly revenue in Landstar history and
2021 first quarter gross profit established a new all-time
quarterly record. In the 2021 second quarter compared to the 2021
first quarter, revenue increased $283 million and gross profit
increased approximately $32 million. These amounts of growth in
revenue and gross profit from the 2021 first quarter to the 2021
second quarter were each all-time first to second quarter records.
Truck transportation revenue hauled by
independent business capacity owners (“BCOs”) and truck brokerage
carriers in the 2021 second quarter was $1.444 billion, or 92
percent of revenue, compared to $753 million, or 91 percent of
revenue, in the 2020 second quarter. Truckload transportation
revenue hauled via van equipment in the 2021 second quarter was
$970.9 million compared to $483.0 million in the 2020 second
quarter. Truckload transportation revenue hauled via
unsided/platform equipment in the 2021 second quarter was $444.3
million compared to $247.4 million in the 2020 second quarter.
Revenue hauled by rail, air and ocean cargo carriers was $104.6
million, or 7 percent of revenue, in the 2021 second quarter
compared to $53.8 million, or 7 percent of revenue, in the 2020
second quarter.
Trailing twelve-month return on average
shareholders’ equity was 41 percent and return on invested capital,
representing net income divided by the sum of average equity plus
average debt, was 36 percent. During the 2021 second quarter,
Landstar purchased 150,000 shares of its common stock at an
aggregate cost of approximately $23.8 million. The Company is
currently authorized to purchase up to 1,671,030 additional shares
of the Company’s common stock under its previously announced share
purchase program. Landstar announced today that its Board of
Directors has declared a quarterly dividend of $0.25 per share
payable on August 27, 2021, to stockholders of record as of the
close of business on August 9, 2021. This quarterly dividend
includes a $0.04 per share increase, or 19 percent, over the amount
of the Company’s regular quarterly dividend declared following each
of the prior four quarters. The $0.04 per share increase is the
largest increase in the Company’s regularly scheduled quarterly
dividend in the Company’s history. It is currently the intention of
the Board to pay dividends on a quarterly basis going forward.
“Following a record-breaking 2021 first quarter,
Landstar’s 2021 second quarter set a new standard as the best
quarterly financial performance in our history. 2021 second quarter
revenue, gross profit, net income and diluted earnings per share
each set all-time quarterly records. 2021 second quarter operating
margin, representing operating income divided by gross profit, was
55.4 percent, also an all-time quarterly record,” said Landstar
President and CEO Jim Gattoni. “Our truckload volume in the second
quarter exceeded the 2021 first quarter by over 12 percent, the
second largest first quarter to second quarter increase in over 10
years. This outperformance was particularly impressive considering
we were following an already record-setting first quarter. We
attribute this strong demand to an ongoing, broad-based economic
recovery, with particular strength in consumer spending, that has
been a big driver of freight activity.”
Gattoni continued, “Revenue from truck loads
hauled via van equipment exceeded the 2020 second quarter by 101
percent and was also 60 percent above the corresponding period from
2019. Revenue from truck loads hauled via unsided/platform
equipment exceeded the 2020 second quarter by 80 percent and was 31
percent above the same period in 2019. Consumer demand for durable
goods, building products, and e-commerce, which were strong in the
first quarter of 2021, continued to drive record quarterly van
revenue, while revenue generated via unsided/platform equipment
benefitted from growth in the U.S. metals and machinery sectors.
For revenue generated via van equipment in the 2021 second quarter
compared to the 2020 second quarter, the number of loads (volume)
and revenue per load (rate) increased 43 percent and 40 percent,
respectively, while the growth in volume and rate compared to the
same period in 2019 was 19 percent and 35 percent, respectively.
Revenue from truck loads hauled via unsided/platform equipment
continued to improve in comparison to the softer conditions that
existed throughout most of 2020. The number of loads (volume) and
revenue per load (rate) on loads hauled via unsided/platform
equipment in the 2021 second quarter exceeded the 2020 second
quarter by 35 percent and 33 percent, respectively, and were higher
than the corresponding period in 2019 by 10 percent and 19 percent,
respectively.”
Gattoni further stated, “In our 2021 first
quarter earnings release on April 21, 2021, we provided second
quarter revenue guidance of $1.40 billion to $1.45 billion and
second quarter diluted earnings per share guidance of $2.20 to
$2.30. On May 28, 2021, we revised our initial guidance based on
trends in volume and rates through the first seven weeks of the
second quarter. Our updated 2021 second quarter guidance issued on
May 28th reflected our expectation that revenue per load on loads
hauled via truck would exceed the 2021 first quarter in a high
single-digit percentage range and the number of loads hauled via
truck in the 2021 second quarter would exceed the 2021 first
quarter in a low double-digit percentage range. Actual revenue per
load on loads hauled via truck in the 2021 second quarter compared
to the 2021 first quarter increased 7.5 percent and the number of
loads hauled via truck in the 2021 second quarter compared to the
2021 first quarter increased 12.5 percent, each in-line with our
May 28th revised guidance and as summarized in the following
chart:
|
|
% growth vs. first quarter 2021 |
Second Quarter 2021 |
|
Original Guidance |
|
Revised Guidance |
|
Actual |
Truck revenue per load |
|
4%-6% |
|
High
single digit |
|
7.5% |
Number of truck loads |
|
4%-6% |
|
Low double
digit |
|
12.5% |
Based on our expectations as to truck load
volume and pricing, our May 28th updated guidance anticipated that
revenue and diluted earnings per share would each be slightly above
the high end of our previously issued 2021 second quarter guidance.
Actual 2021 second quarter revenue was $1.571 billion and diluted
earnings per share was $2.40, both generally in-line with our May
28th updated guidance.”
Gattoni continued, “As we’ve discussed, our
second quarter year-over-prior-year revenue and diluted earnings
per share comparisons were not meaningful due to the adverse impact
the COVID-19 pandemic had on the Company’s 2020 second quarter
financial results. As we look to the 2021 third quarter,
comparisons to prior year should begin to normalize as the adverse
impact of the COVID-19 pandemic on the Company’s financial results
significantly receded during the 2020 third quarter. While our
year-over-year comparisons will be more challenging, our outlook
for the 2021 third quarter is for continued solid performance on
the expectation that broad-based economic strength will support a
strong freight environment for the near future. In addition, we
will likely continue to be in a capacity-constrained environment,
which should continue to support elevated revenue per truck load in
the third quarter.”
“Historically, revenue in the Company’s third
fiscal quarter has been relatively consistent with revenue
generated in the Company’s second fiscal quarter. We also
typically see our revenue per load on loads hauled via truck in the
third quarter to be slightly higher than the second quarter, and
the number of loads hauled via truck in the third quarter to be
slightly below the second quarter. Through the first few weeks of
July, revenue per load on loads hauled via truck and the number of
loads hauled via truck are trending fairly consistent with
historical second quarter to third quarter sequential patterns. I
expect these trends to continue and as such, I anticipate revenue
for the 2021 third quarter to be in a range of $1.55 billion to
$1.60 billion.”
“Based on the range of revenue estimated and
assuming insurance and claims costs of 4.6 percent of BCO revenue,
I would anticipate diluted earnings per share to be in a range of
$2.20 to $2.30 in the 2021 third quarter. As it relates to our
third quarter estimate of insurance and claims costs, these costs
were 3.8 percent of BCO revenue over the first half of 2021. Our
third quarter estimate reflects an increased estimate of insurance
and claims costs due to the potential reversion of claim costs to
be more in line with historical trends over a longer period of
time, increased premiums relating to auto liability coverage that
we are paying to third party insurance companies and increased
severity we have already experienced during the first several weeks
of July as compared to the 2021 first half, mostly due to a small
number of specific incidents.”
Gattoni concluded, “Landstar’s first half
performance has been outstanding. The Company’s agent family is
executing on all cylinders and we continue to add qualified truck
capacity to the network. Given the exceptional performance by
Landstar through the first half, 2021 is well on its way to be a
record setting year.”
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 2021 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; 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 2020
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.
|
|
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|
|
|
|
|
Landstar
System, Inc. and Subsidiary |
Consolidated
Statements of Income |
(Dollars in
thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Twenty Six Weeks Ended |
|
Thirteen Weeks Ended |
|
June 26, |
|
June 27, |
|
June 26, |
|
June 27, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
Revenue |
$ |
2,858,252 |
|
$ |
1,751,080 |
|
$ |
1,570,718 |
|
$ |
823,514 |
Investment
income |
|
1,432 |
|
|
2,002 |
|
|
748 |
|
|
835 |
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
Purchased transportation |
|
2,226,526 |
|
|
1,344,390 |
|
|
1,228,241 |
|
|
635,133 |
Commissions to agents |
|
221,702 |
|
|
150,642 |
|
|
121,693 |
|
|
75,266 |
Other operating costs, net of gains on asset
sales/dispositions |
|
16,545 |
|
|
15,674 |
|
|
8,903 |
|
|
7,368 |
Insurance and claims |
|
45,629 |
|
|
44,708 |
|
|
24,124 |
|
|
19,751 |
Selling, general and administrative |
|
99,522 |
|
|
85,928 |
|
|
54,114 |
|
|
40,601 |
Depreciation and amortization |
|
24,244 |
|
|
22,972 |
|
|
12,143 |
|
|
11,467 |
Impairment of intangible and other assets |
|
- |
|
|
2,582 |
|
|
- |
|
|
2,582 |
|
|
|
|
|
|
|
|
Total costs and expenses |
|
2,634,168 |
|
|
1,666,896 |
|
|
1,449,218 |
|
|
792,168 |
|
|
|
|
|
|
|
|
Operating
income |
|
225,516 |
|
|
86,186 |
|
|
122,248 |
|
|
32,181 |
Interest and
debt expense |
|
2,009 |
|
|
1,928 |
|
|
967 |
|
|
976 |
|
|
|
|
|
|
|
|
Income
before income taxes |
|
223,507 |
|
|
84,258 |
|
|
121,281 |
|
|
31,205 |
Income
taxes |
|
53,973 |
|
|
19,109 |
|
|
28,987 |
|
|
6,951 |
|
|
|
|
|
|
|
|
Net
income |
$ |
169,534 |
|
$ |
65,149 |
|
$ |
92,294 |
|
$ |
24,254 |
|
|
|
|
|
|
|
|
Diluted
earnings per share |
$ |
4.41 |
|
$ |
1.68 |
|
$ |
2.40 |
|
$ |
0.63 |
|
|
|
|
|
|
|
|
Average
diluted shares outstanding |
|
38,403,000 |
|
|
38,816,000 |
|
|
38,402,000 |
|
|
38,379,000 |
|
|
|
|
|
|
|
|
Dividends
per common share |
$ |
0.420 |
|
$ |
0.370 |
|
$ |
0.210 |
|
$ |
0.185 |
|
|
|
|
|
|
|
|
Landstar
System, Inc. and Subsidiary |
Consolidated
Balance Sheets |
(Dollars in
thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
June 26, |
|
December 26, |
|
|
|
|
2021 |
|
|
|
2020 |
|
ASSETS |
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
186,404 |
|
|
$ |
249,354 |
|
|
Short-term investments |
|
52,560 |
|
|
|
41,375 |
|
|
Trade accounts receivable, less allowance |
|
|
|
|
|
of $6,199
and $8,670 |
|
902,950 |
|
|
|
764,169 |
|
|
Other receivables, including advances to independent |
|
|
|
|
|
contractors,
less allowance of $6,843 and $7,239 |
|
49,819 |
|
|
|
134,757 |
|
|
Other current assets |
|
41,533 |
|
|
|
18,520 |
|
|
|
Total
current assets |
|
1,233,266 |
|
|
|
1,208,175 |
|
|
|
|
|
|
|
Operating property, less accumulated depreciation |
|
|
|
and amortization of $321,181 and
$299,407 |
|
281,016 |
|
|
|
296,996 |
|
Goodwill |
|
40,973 |
|
|
|
40,949 |
|
Other assets |
|
147,958 |
|
|
|
107,679 |
|
Total assets |
$ |
1,703,213 |
|
|
$ |
1,653,799 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
|
Cash overdraft |
$ |
70,554 |
|
|
$ |
74,748 |
|
|
Accounts payable |
|
481,711 |
|
|
|
380,505 |
|
|
Current maturities of long-term debt |
|
30,450 |
|
|
|
35,415 |
|
|
Insurance claims |
|
41,854 |
|
|
|
149,774 |
|
|
Dividends payable |
|
- |
|
|
|
76,770 |
|
|
Other current liabilities |
|
95,646 |
|
|
|
88,925 |
|
|
|
Total
current liabilities |
|
720,215 |
|
|
|
806,137 |
|
|
|
|
|
|
|
Long-term debt, excluding current maturities |
|
51,181 |
|
|
|
65,359 |
|
Insurance claims |
|
43,053 |
|
|
|
38,867 |
|
Deferred income taxes and other non-current liabilities |
|
58,591 |
|
|
|
51,601 |
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
Common stock, $0.01 par value, authorized 160,000,000 |
|
|
|
|
|
shares,
issued 68,229,880 and 68,183,702 |
|
682 |
|
|
|
682 |
|
|
Additional paid-in capital |
|
238,422 |
|
|
|
228,875 |
|
|
Retained earnings |
|
2,199,637 |
|
|
|
2,046,238 |
|
|
Cost of 29,954,081 and 29,797,639 shares of common |
|
|
|
|
|
stock in
treasury |
|
(1,606,716 |
) |
|
|
(1,581,961 |
) |
|
Accumulated other comprehensive loss |
|
(1,852 |
) |
|
|
(1,999 |
) |
|
|
Total
shareholders' equity |
|
830,173 |
|
|
|
691,835 |
|
Total liabilities and shareholders' equity |
$ |
1,703,213 |
|
|
$ |
1,653,799 |
|
|
Landstar
System, Inc. and Subsidiary |
|
Supplemental
Information |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twenty Six Weeks Ended |
|
|
Thirteen Weeks Ended |
|
|
|
|
|
June 26, |
|
June 27, |
|
|
June 26, |
|
June 27, |
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
2021 |
|
|
|
2020 |
|
Revenue generated through (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
|
|
|
|
|
Van
equipment |
|
$ |
1,798,061 |
|
|
$ |
1,028,334 |
|
|
|
$ |
970,874 |
|
|
$ |
483,027 |
|
|
|
|
Unsided/platform equipment |
|
|
784,883 |
|
|
|
533,716 |
|
|
|
|
444,251 |
|
|
|
247,388 |
|
|
|
Less-than-truckload |
|
|
54,732 |
|
|
|
45,859 |
|
|
|
|
29,062 |
|
|
|
22,918 |
|
|
|
|
Total truck
transportation |
|
|
2,637,676 |
|
|
|
1,607,909 |
|
|
|
|
1,444,187 |
|
|
|
753,333 |
|
|
Rail intermodal |
|
|
76,068 |
|
|
|
51,315 |
|
|
|
|
44,360 |
|
|
|
23,186 |
|
|
Ocean and air cargo carriers |
|
|
107,840 |
|
|
|
57,250 |
|
|
|
|
60,240 |
|
|
|
30,663 |
|
|
Other (1) |
|
|
36,668 |
|
|
|
34,606 |
|
|
|
|
21,931 |
|
|
|
16,332 |
|
|
|
|
|
|
$ |
2,858,252 |
|
|
$ |
1,751,080 |
|
|
|
$ |
1,570,718 |
|
|
$ |
823,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue on loads hauled via BCO Independent
Contractors (2) |
|
|
|
|
|
|
|
|
|
|
|
included in total truck transportation |
|
$ |
1,209,056 |
|
|
$ |
809,779 |
|
|
|
$ |
648,942 |
|
|
$ |
378,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of loads: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
|
|
|
|
|
Van
equipment |
|
|
777,921 |
|
|
|
600,519 |
|
|
|
|
409,048 |
|
|
|
285,174 |
|
|
|
|
Unsided/platform equipment |
|
|
275,754 |
|
|
|
231,122 |
|
|
|
|
149,489 |
|
|
|
110,533 |
|
|
|
Less-than-truckload |
|
|
85,095 |
|
|
|
78,079 |
|
|
|
|
44,403 |
|
|
|
39,723 |
|
|
|
|
Total truck
transportation |
|
|
1,138,770 |
|
|
|
909,720 |
|
|
|
|
602,940 |
|
|
|
435,430 |
|
|
Rail intermodal |
|
|
26,800 |
|
|
|
21,510 |
|
|
|
|
15,100 |
|
|
|
9,970 |
|
|
Ocean and air cargo carriers |
|
|
19,460 |
|
|
|
14,430 |
|
|
|
|
10,230 |
|
|
|
7,360 |
|
|
|
|
|
|
|
1,185,030 |
|
|
|
945,660 |
|
|
|
|
628,270 |
|
|
|
452,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loads hauled via BCO Independent Contractors
(2) |
|
|
|
|
|
|
|
|
|
|
|
included in total truck transportation |
|
|
510,150 |
|
|
|
443,830 |
|
|
|
|
264,200 |
|
|
|
210,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per load: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck transportation |
|
|
|
|
|
|
|
|
|
|
|
Truckload: |
|
|
|
|
|
|
|
|
|
|
|
|
Van
equipment |
|
$ |
2,311 |
|
|
$ |
1,712 |
|
|
|
$ |
2,373 |
|
|
$ |
1,694 |
|
|
|
|
Unsided/platform equipment |
|
|
2,846 |
|
|
|
2,309 |
|
|
|
|
2,972 |
|
|
|
2,238 |
|
|
|
Less-than-truckload |
|
|
643 |
|
|
|
587 |
|
|
|
|
655 |
|
|
|
577 |
|
|
|
|
Total truck
transportation |
|
|
2,316 |
|
|
|
1,767 |
|
|
|
|
2,395 |
|
|
|
1,730 |
|
|
Rail intermodal |
|
|
2,838 |
|
|
|
2,386 |
|
|
|
|
2,938 |
|
|
|
2,326 |
|
|
Ocean and air cargo carriers |
|
|
5,542 |
|
|
|
3,967 |
|
|
|
|
5,889 |
|
|
|
4,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue per load on loads hauled via BCO
Independent Contractors (2) |
|
$ |
2,370 |
|
|
$ |
1,825 |
|
|
|
$ |
2,456 |
|
|
$ |
1,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by capacity type (as a % of total revenue); |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truck capacity providers: |
|
|
|
|
|
|
|
|
|
|
|
BCO Independent Contractors (2) |
|
|
42 |
% |
|
|
46 |
% |
|
|
|
41 |
% |
|
|
46 |
% |
|
|
Truck Brokerage Carriers |
|
|
50 |
% |
|
|
46 |
% |
|
|
|
51 |
% |
|
|
46 |
% |
|
Rail intermodal |
|
|
3 |
% |
|
|
3 |
% |
|
|
|
3 |
% |
|
|
3 |
% |
|
Ocean and air cargo carriers |
|
|
4 |
% |
|
|
3 |
% |
|
|
|
4 |
% |
|
|
4 |
% |
|
Other |
|
|
|
1 |
% |
|
|
2 |
% |
|
|
|
1 |
% |
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 26, |
|
June 27, |
|
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
2020 |
|
Truck Capacity Providers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BCO Independent Contractors (2) |
|
|
|
|
|
|
|
10,778 |
|
|
|
9,632 |
|
|
Truck Brokerage Carriers: |
|
|
|
|
|
|
|
|
|
|
|
Approved and active (3) |
|
|
|
|
|
|
|
53,891 |
|
|
|
37,600 |
|
|
|
Other approved |
|
|
|
|
|
|
|
24,098 |
|
|
|
16,365 |
|
|
|
|
|
|
|
|
|
|
|
|
77,989 |
|
|
|
53,965 |
|
|
Total available truck capacity providers |
|
|
|
|
|
|
|
88,767 |
|
|
|
63,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trucks provided by BCO Independent Contractors
(2) |
|
|
|
|
|
|
|
11,557 |
|
|
|
10,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts:
Jim Gattoni (CEO)
Fred Pensotti (CFO)
Landstar System, Inc.
www.landstar.com
904-398-9400
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