Business
Landstar System Reports Second Quarter Revenue of $1.374B and Second Quarter Diluted Earnings Per Share of $1.85
JACKSONVILLE, Fla., July 26, 2023 (GLOBE NEWSWIRE) -- Landstar System, Inc. (NASDAQ: LSTR) (“Landstar” or the “Company”) reported diluted earnings per share
About this update from Landstar System, Inc.
[{"type":"text","content":"JACKSONVILLE, Fla., July 26, 2023 (GLOBE NEWSWIRE) -- Landstar System, Inc. (NASDAQ: LSTR) (“Landstar” or the “Company”) reported diluted earnings per share (“DEPS”) of $1.85 in the 2023 second quarter on revenue of $1.374 billion. Landstar reported DEPS of $3.05 on revenue of $1.975 billion in the 2022 second quarter. Gross profit in the 2023 second quarter was $139.7 million and variable contribution (defined as revenue less the cost of purchased transportation and commissions to agents) in the 2023 second quarter was $198.2 million. Gross profit in the 2022 second quarter was $208.1 million and variable contribution in the 2022 second quarter was $267.5 million. Reconciliations of gross profit to variable contribution and gross profit margin to variable contribution margin for the 2023 and 2022 second quarters and year-to-date periods are provided in the Company’s accompanying financial disclosures. Trailing twelve month return on average shareholders’ equity was 37% and return on invested capital, representing net income divided by the sum of average equity plus average debt, was 34%. The Company is currently authorized to purchase up to 2,910,339 shares of the Company’s common stock under its previously announced share purchase programs. Landstar announced today that its Board of Directors has declared a quarterly dividend of $0.33 per share payable on August 25, 2023, to stockholders of record as of the close of business on August 10, 2023. This quarterly dividend includes a $0.03 per share increase, or 10%, over the amount of the Company’s regular quarterly dividend declared following each of the prior four quarters. It is currently the intention of the Board to pay dividends on a quarterly basis going forward. Truck transportation revenue hauled by independent business capacity owners (“BCOs”) and truck brokerage carriers in the 2023 second quarter was $1,246.9 million, or 91% of revenue, compared to $1,747.2 million, or 88% of revenue, in the 2022 second quarter. Truckload transportation revenue hauled via van equipment in the 2023 second quarter was $703.0 million, compared to $1,026.9 million in the 2022 second quarter. Truckload transportation revenue hauled via unsided/platform equipment in the 2023 second quarter was $394.8 million, compared to $474.3 million in the 2022 second quarter. Revenue from other truck tra...