JACKSONVILLE, Fla., April 24, 2024 (GLOBE NEWSWIRE) -- Landstar System, Inc. (NASDAQ:LSTR) ("Landstar" or the "Company") today reported basic and diluted earnings per share ("EPS") of $1.32 in the 2024 first quarter on revenue of $1.171 billion. Landstar also announced today that its Board of Directors declared a quarterly dividend of $0.33 per share payable on May 24, 2024, to stockholders of record as of the close of business on May 8, 2024. "It's been a privilege to join Landstar and work alongside our c ...

Landstar System Inc (LSTR) is scheduled to report first-quarter 2024 results on Apr 24 after market close.The company has an encouraging earnings history, having surpassed the Zacks Consensus Estimate thrice in the preceding four quarters and missing once. The average beat is 1.90%. The Zacks Consensus Estimate for LSTR’s first-quarter 2024 earnings has been revised downward to 5.88% in the past 60 days.Given this backdrop, let’s see how things have shaped up for LSTR this earnings season.The Zacks Consensu ...

Landstar System (LSTR) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on April 24, 2024, might help the stock move higher if these key numbers are better than e ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 30, 2023 Or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-21238 Landstar System, Inc. (Exact name of registrant as specified in its charter) Delaware 06-1313069 (State or other jurisdiction of ...

Landstar System, Inc. (NASDAQ:LSTR) Q4 2023 Earnings Conference Call February 1, 2024 8:00 AM ET Company Participants Jim Gattoni - President and Chief Executive Officer Jim Todd - Chief Financial Officer Joe Beacom - Vice President, Chief Safety & Operations Officer Frank Lonegro - Conference Call Participants Brian Ossenbeck - JP Morgan Bruce Chan - Stifel Scott Group - Wolfe Research Jack Atkins - Stephens Ravi Shankar - Morgan Stanley Bascome Majors - Susquehanna Elliot Alper - TD Cowen Operator Good m ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-21238 LANDSTAR SYSTEM, INC. (Exact name of registrant as specified in its charter) Delaware 06-1313069 (Sta ...

Landstar System, Inc. (NASDAQ:LSTR) Q3 2023 Earnings Conference Call October 26, 2023 8:00 AM ET Company Participants Jim Gattoni - President and CEO Jim Todd - CFO Joe Beacom - VP, Chief Safety & Operations Officer Conference Call Participants Scott Group - Wolfe Research Jason Seidl - TD Cowen Jack Atkins - Stephens Inc. Stephanie Moore - Jefferies Andrew Cox - Stifel Operator Good morning, and welcome to Landstar System Incorporated's Third Quarter Earnings Release Conference Call. All lines will be in a ...

DESIGNED TO RESPOND BUILT TO DELIVER 2 Non-GAAP Financial Measures: Management believes variable contribution and variable contribution margin are useful measures of the variable costs that we incur at a shipment-by-shipment level attributable to our transportation network of third-party capacity providers and independent agents in order to provide services to our customers. Management believes that operating income as a percentage of variable contribution is a useful measure as: (i) variable costs of reven ...

1.15 million loadings (1) Percentage change in rate is calculated on a revenue per load basis. (2) Percentage change in volume is calculated on the number of loads hauled. $1,600 $1,800 $2,000 $2,200 $2,400 $2,600 $2,800 $3,000 2Q193Q194Q191Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q23 LANDSTAR SYSTEM/2 "Landstar's business model performed well in the 2023 second quarter considering the challenging freight environment," said Landstar President and Chief Executive Officer Jim Gattoni. "After a reco ...

Financial Data and Key Metrics Changes - In the 2023 second quarter, total truck revenue was $1.247 billion, a 29% decrease from the 2022 second quarter, driven by a 16% decrease in load volume and a 15% decrease in revenue per load [94] - Gross profit was $139.7 million in the 2023 second quarter compared to $208.1 million in the 2022 second quarter, with a gross profit margin of 10.2% in 2023 versus 10.5% in 2022 [29][30] - Variable contribution was $198.2 million in the 2023 second quarter, down from $267.5 million in the same period last year, with a variable contribution margin of 14.4% compared to 13.5% in 2022 [30][31] Business Line Data and Key Metrics Changes - Insurance and claims costs were $29.8 million in the 2023 second quarter, down from $34.1 million in 2022, but represented 5.8% of BCO revenue in 2023 compared to 4.9% in 2022 [4] - Other operating costs increased to $13.5 million in the 2023 second quarter from $10.4 million in 2022, primarily due to increased provisions for contractor bad debt and general equipment maintenance costs [32] - Selling, general and administrative costs decreased to $54.5 million in the 2023 second quarter from $59 million in 2022, mainly due to a decreased provision for compensation under variable programs [34] Market Data and Key Metrics Changes - The BCO truck count decreased by 261 trucks in the quarter, an improvement compared to a 472 truck decrease in the first quarter of 2023, with an overall decrease of approximately 11% since the end of the second quarter of 2022 [1] - The 12-month rolling average turnover for BCOs is currently about 37%, similar to the 36% term rate experienced in 2019 during a comparable soft rate environment [2] - The company does not anticipate significant volume from any potential bankruptcies in the industry, indicating a stable outlook despite market disruptions [28] Company Strategy and Development Direction - The company aims to leverage growth in variable contribution to improve operating income, targeting a 70% pass-through of incremental growth in variable contribution to operating income by 2025 [20][51] - The management is focused on building efficiencies within the agent's office to handle more volume without significantly increasing headcount, indicating a strategy of operational efficiency [49] - The company is investing in technology and digital tools to enhance communication and efficiency, with a consistent annual spend of $25 million to $30 million on AI and digital technologies [80] Management's Comments on Operating Environment and Future Outlook - Management expects continued seasonal softness in both van and flatbed segments, with no clear indicators of a turnaround in the near term [8] - The company acknowledges the unpredictability of future economic conditions, making it challenging to forecast truckload volume levels beyond a few months [119] - Management believes that the current down cycle may see an inflection point in late 2023 or early 2024, with readiness to capitalize on the recovery [83] Other Important Information - The effective income tax rate remained stable at 24.6% for both the 2023 and 2022 second quarters [110] - Cash and short-term investments at the end of the quarter were $419 million, with cash flow from operations for the first half of 2023 at $192 million [111] - The company generated free cash flow of $179 million through the first half of 2023, demonstrating resilience despite challenging market conditions [119] Q&A Session Summary Question: Are volumes underperforming seasonality? - Management confirmed that volumes starting in July are underperforming seasonality and expect this trend to continue into August and September [10][12] Question: What is the outlook for truckload pricing and volumes? - Management anticipates truckload pricing to be 10% to 12% below the 2022 third quarter, with loads expected to be approximately 6% below the 2023 second quarter [118] Question: How is the company preparing for potential market disruptions? - Management indicated that they are well-prepared with new pricing tools and efficiencies to better handle volume when demand picks up [49] Question: What are the trends in industrial end markets? - Management noted that machinery and building products are performing better than consumer categories, but overall demand remains soft [64] Question: How is the company leveraging technology and AI? - The company is investing in AI and digital tools to improve operational efficiencies and communication, with a focus on enhancing service delivery [80][76]