Landstar Posts $29 Million Profit, Down from $33 Million a Year Ago
October 24, 2013
Florida-based trucking company Landstar System has reported 2013 third quarter net income of $29.2 million, down from $33.1 million the same time a year ago, while revenue was $680.5 million, down from $717.2 million, during the same time.
Photo: Evan Lockridge
Truck transportation revenue hauled by independent business capacity owners and truck brokerage carriers was $627.5 million, or 92% of revenue. Truck transportation revenue hauled via van trailing equipment and unsided/platform equipment represented 59% and 38%, respectively, of truck transportation revenue in the 2013 third quarter compared to 56% and 41%, respectively, in the 2012 third quarter. Less-than-truckload revenue was 3% of truck transportation revenue in both the 2013 and 2012 third quarters. Revenue hauled by rail, air and ocean cargo carriers was $38.8 million in the 2013 third quarter.
"During the 2013 third quarter, and consistent with the first half of 2013 compared to the first half of 2012, the company experienced softness in both the number of loads and revenue per load from revenue hauled on unsided/platform equipment compared to the 2012 third quarter,” said Henry Gerkens, Landstar chairman, president and CEO. "The U.S. economy continues to experience very slow growth. During the first several weeks of October, revenue per load on the company's truck transportation revenue continues to be lower than prior year, generally due to softness in the unsided/platform service offering.”
More details about Landstar’s third quarter performance can be found on its website.