Landstar's Second Quarter Climbs on Strong Volumes, Pricing

July 14, 2010

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Landstar System's second quarter revenue and net income climbed from the second quarter of 2009 on stronger volumes and pricing
, the non-asset based supply chain provider said.

The company reported a 31 percent boost in revenue to $641.7 million in the 2010 quarter, up from $491.2 million in the 2009 second quarter. Net income was $24.4 million, or 49 cents a share, compared to $17.9 million, or 35 cents a share for the 2009 second quarter. Operating income was up 34 percent to $40 million, compared to $29.8 million in 2009.

"The overall freight environment continues to be strong," said Henry Gerkens, chairman, president and CEO. "Recent trends in June, and thus far in July, indicate that both the revenue per load and the number of loads hauled remain strong compared to the corresponding prior year periods. I expect these trends to continue throughout the 2010 third quarter."

Truck transportation revenue hauled by business capacity owners and truck brokerage carriers in the 2010 quarter was $592 million, up from $453.8 million a year ago.

Gerkens said he expects the company's third quarter revenue to increase by 25 to 33 percent over the 2009 quarter, with earnings per share in the range of 47 to 52 cents.

"I would anticipate 2010 third quarter results to be similar to those experienced in the 2010 second quarter," he said.

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