Business
Landstar System Reports First Quarter Revenue of $1.153B and Earnings per Share of $0.85 and Announces 11% Increase to Quarterly Dividend
JACKSONVILLE, Fla., May 13, 2025 (GLOBE NEWSWIRE) -- Landstar System, Inc. (NASDAQ: LSTR) (“Landstar” or the “Company”) today reported basic and diluted
About this update from Landstar System, Inc.
[{"type":"text","content":"JACKSONVILLE, Fla., May 13, 2025 (GLOBE NEWSWIRE) -- Landstar System, Inc. (NASDAQ: LSTR) (“Landstar” or the “Company”) today reported basic and diluted earnings per share (“EPS”) of $0.85 in the 2025 first quarter on revenue of $1.153 billion. “The Landstar team of independent business owners and employees continued to perform admirably, despite a highly unpredictable macro-economic backdrop,” said Landstar President and Chief Executive Officer Frank Lonegro. “I was encouraged by the number of loads hauled via truck in the quarter. Importantly, this was the first time in fifteen years that the number of loads hauled via truck during the first quarter exceeded the immediately preceding fourth quarter. Our network of Landstar BCOs, agents and employees are laser-focused on safety, security and delivering great service to our customers in an extremely fluid freight transportation environment.” 1Q 2025 1Q 2024Revenue$1,152,502$1,171,043 Gross profit$98,305$113,902 Variable contribution$161,310$168,240 Operating income$39,419$59,961 Basic and diluted earnings per share$0.85$1.32 (1) Dollars above in thousands, except per share amounts.(2) Please refer to the Consolidated Statements of Income and Reconciliation of Gross Profit to Variable Contribution included below. As previously disclosed in Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission on April 2, 2025 (the “April 2nd 8-K”), and subsequently on April 25, 2025 (the “April 25th 8-K”), during the last week of the Company’s 2025 first quarter, Landstar identified a supply chain fraud relating to the Company’s international freight forwarding operations that does not involve its core North American truckload services. While investigation, remediation and collection efforts continue, the 2025 first quarter results include a $4.8 million pre-tax charge, or $0.10 per share, relating to this matter. This charge currently reflects the total anticipated adverse financial impact to Landstar relating to the fraud, net of certain actual and anticipated recoveries and before taking into account the cost of legal and other professional fees as well as additional potential recoveries in the future. This charge is reflected in selling, general & administrative costs. Landstar continues to return capital to stockholders through the Company’s stock purchase progra...