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Landstar System Reports All-Time Quarterly Record Diluted Earnings Per Share Of $2.58 in the 2021 Third Quarter
JACKSONVILLE, Fla., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Landstar System, Inc. (NASDAQ:LSTR) reported record quarterly revenue of $1.734 billion in the 2021
About this update from Landstar System, Inc.
[{"type":"text","content":"JACKSONVILLE, Fla., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Landstar System, Inc. (NASDAQ:LSTR) reported record quarterly revenue of $1.734 billion in the 2021 third quarter, a 60 percent increase over revenue of $1.086 billion in the 2020 third quarter. Net income was a quarterly record of $98.7 million, or diluted earnings per share of $2.58, in the 2021 third quarter compared to net income of $61.9 million, or diluted earnings per share of $1.61, in the 2020 third quarter. Operating income grew to an all-time quarterly record of $131.4 million in the 2021 third quarter, 60 percent above operating income of $82.4 million in the 2020 third quarter. To put the strength of our 2021 third quarter performance in perspective, revenue, operating income, net income and diluted earnings per share increased 60 percent, 60 percent, 59 percent and 60 percent, respectively, over the 2020 third quarter, which at the time included the second highest amounts achieved of each of these financial metrics in any third quarter in the Company’s history. Please note that commencing with the release of our financial results for the 2021 third quarter, the Company revised its definition of the term “gross profit”. Gross profit is now defined as revenue less costs of revenue. In conjunction with this change, the Company has initiated the use of the term “variable contribution”, a non-GAAP financial measure, to refer to the amount represented by revenue less the costs of purchased transportation and commissions to agents that we formerly referred to as gross profit. In addition, the Company now defines “gross profit margin” to refer to gross profit divided by revenue and “variable contribution margin”, a non-GAAP financial measure, to refer to variable contribution divided by revenue. Gross profit in the 2021 third quarter was $189.2 million, an all-time quarterly record, compared to $119.8 million in the 2020 third quarter. Variable contribution also reached an all-time quarterly record of $242.3 million in the 2021 third quarter compared to $160.9 million in the 2020 third quarter. A tabulation of the expenses identified as costs of revenue as well as a reconciliation of gross profit to variable contribution and gross profit margin to variable contribution margin for the 2021 and 2020 third quarters and year-to-date periods is provided in the Company’s acco...