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Landstar System(LSTR) - 2024 Q4 - Annual Results
LSTRLandstar System(LSTR)2025-01-29 21:38

Financial Performance - Landstar reported Q4 2024 revenue of 1.209billion,aslightincreasefrom1.209 billion, a slight increase from 1.204 billion in Q4 2023, marking year-over-year growth for the first time since Q3 2022[2][4]. - Basic and diluted earnings per share (EPS) for Q4 2024 were 1.31,downfrom1.31, down from 1.62 in Q4 2023[3][4]. - Total revenue for the fiscal year ended December 28, 2024, was 4,819,245,adecreaseof9.14,819,245, a decrease of 9.1% from 5,303,322 in the previous year[22]. - Gross profit margin decreased to 9.5% for the fiscal year ended December 28, 2024, compared to 10.3% in the previous year[22]. - Revenue from truck transportation totaled 4,346,554,down9.94,346,554, down 9.9% from 4,829,530 in the previous year[22]. - Total costs of revenue for the fiscal year were 4,363,231,adecreaseof8.34,363,231, a decrease of 8.3% from 4,757,995 in the previous year[22]. Truck Transportation - Truck transportation revenue accounted for 89% of total revenue in Q4 2024, totaling 1.081billion,comparedto901.081 billion, compared to 90% in Q4 2023[4]. - The number of loads hauled via truck decreased by 3.4% year-over-year in Q4 2024, while truck revenue per load increased by 3.1%[5]. - The number of loads for truck transportation decreased to 1,960,960, a decline of 8.4% from 2,141,400 in the previous year[22]. - Revenue per load for van equipment was 2,091, a decrease of 4.0% from 2,177inthepreviousyear[22].−Thenumberofapprovedandactivetruckbrokeragecarriersdecreasedto43,718from49,111inthepreviousyear[20].−ThenumberoftrucksprovidedbyBCOIndependentContractorsdecreasedto8,843from9,809inthepreviousyear[20].ProfitabilityandCosts−GrossprofitforQ42024was2,177 in the previous year[22]. - The number of approved and active truck brokerage carriers decreased to 43,718 from 49,111 in the previous year[20]. - The number of trucks provided by BCO Independent Contractors decreased to 8,843 from 9,809 in the previous year[20]. Profitability and Costs - Gross profit for Q4 2024 was 109 million, down from 125millioninQ42023,andvariablecontributionwas125 million in Q4 2023, and variable contribution was 167 million compared to 178millionintheprioryear[6].−Insuranceandclaimscostswere6.7178 million in the prior year[6]. - Insurance and claims costs were 6.7% of BCO revenue in Q4 2024, significantly higher than the historical average of 4.7% from 2019 to 2023[5]. - Variable contribution margin for the fiscal year was 14.1%, slightly down from 14.6% in the previous year[22]. Shareholder Returns - Landstar returned 120.5 million to stockholders through dividends in the 2024 fiscal year and repurchased approximately 452,000 shares at a cost of 82.1million[2].−Thecompanydeclaredaquarterlydividendof82.1 million[2]. - The company declared a quarterly dividend of 0.36 per share, payable on March 11, 2025[2]. Assets and Equity - As of December 28, 2024, Landstar had cash and short-term investments totaling approximately 567million,withatrailingtwelve−monthreturnonaverageshareholders′equityof20567 million, with a trailing twelve-month return on average shareholders' equity of 20%[7]. - Total assets as of December 28, 2024, were 1.813 billion, with total liabilities of 840millionandshareholders′equityof840 million and shareholders' equity of 972 million[16].