Landstar Profit and Revenue Falls
July 25, 2013
Asset-light trucking company Landstar System has reported a second quarter downturn in profit and business but expects a pickup in the current quarter.
The Florida-based operation reported 2013 second quarter diluted earnings per share of $0.66, the second best second quarter diluted earnings per share in the company's history.
Revenue for the 2013 second quarter was $679.3 million, down from $736 million the same time a year ago while net income fell to $30.4 million from $35.9 million during the same time period
Truck transportation revenue hauled by independent business capacity owners and truck brokerage carriers in the 2013 second quarter was $622.7 million, or 92% of revenue, and revenue hauled by rail, air and ocean cargo carriers was $42.6 million, or 6% of revenue.
"Consistent with the 2013 first quarter, the company experienced softness in both the number of loads and revenue per load on loads hauled via truck throughout the second quarter with much of the softness coming from revenue hauled on unsided/platform equipment,” said Landstar Chairman, president and CEO, Henry Gerkens.
He said during the first several weeks of the 2013 third quarter, revenue trends remained “somewhat choppy”, but improved from the trends experienced in the 2013 second quarter compared to the 2012 second quarter.
“Although the revenue generated in the first several weeks of July of 2013 remained below the revenue generated in the comparable 2012 period, I am encouraged by the improved trend, said Gerkens. “Based upon current revenue trends and considering the soft U.S. industrial production forecasts for the balance of the year, I would anticipate revenue for the 2013 third quarter to be in a range of $670 million to $715 million."
More details are available on the Landstar webiste.