Jacksonville, Fla.-based Landstar System Inc. reported record first-quarter net income of $10.2 million, or $.62 per share,
compared with net income of $8.5 million, or $.51 per share, in the 2002 first quarter.
Revenue was a record $366 million for the 13-week period ended March 29, 2003, compared with revenue of $336 million in the comparable 2002 period.
Operating margin was 4.7% in the 2003 first quarter compared with 4.5% in the 2002 first quarter.
Landstar's carrier group of companies generated $290 million of revenue in the 2003 first quarter compared with revenue of $270 million in the 2002 first quarter.
In the 2003 and 2002 first quarters, the carrier group invoiced customers $8.6 million and $.8 million, respectively, of fuel surcharges that were passed on 100% to business capacity owners and excluded from revenue.
"I am very pleased with Landstar's 2003 first quarter performance," said Landstar Chairman and CEO Jeff Crowe. "Earnings per diluted share increased 22% quarter over quarter. Consolidated revenue increased by nearly 9% to the highest first-quarter revenue in Landstar history.
"In the 2003 first quarter, we continued to increase revenue by providing our customers with the most efficient form of safe capacity available while improving our operating margin," Crowe said.