Landstar Q3 Earnings & Revenues Miss Estimates, Decrease Y/Y

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Landstar System, Inc. (LSTR) reported disappointing third-quarter 2024 results wherein both earnings and revenues lagged the Zacks Consensus Estimate.

Quarterly earnings per share (EPS) of $1.41 missed the Zacks Consensus Estimate of $1.46 and fell 17.5% year over year. The reported figure quarter lies within the guided range of $1.35-$1.55.

Find the latest EPS estimates and surprises on ZacksEarnings Calendar.

Revenues of $1.21 billion lagged the Zacks Consensus Estimate of $1.22 billion and declined 5.8% year over year. The downside was owing to the weakness across the majority of its segments in the reported quarter. The reported figure quarter lies within the guided range of $1.175-$1.275 billion.

 

Landstar System, Inc. Price, Consensus and EPS Surprise

Landstar System, Inc. Price, Consensus and EPS Surprise
Landstar System, Inc. Price, Consensus and EPS Surprise

Landstar System, Inc. price-consensus-eps-surprise-chart | Landstar System, Inc. Quote

Landstar president and chief executive officer, Frank Lonegro, stated, “Consistent with the first half of 2024, the freight environment during the third quarter remained challenging. The Landstar team of independent business owners and employees continued to perform admirably given this backdrop.”

 

Operating income fell 21.4% from the prior-year quarter’s figure to $63.11 million. Total costs and expenses (on a reported basis) decreased 4.7% year over year to $1.15 billion.

LSTR’s Segmental Details

Total revenues in the truck transportation segment — contributing to 89.8% of the top line — amounted to $1.09 billion, down 7% from the year-ago quarter’s figure. The reported figure was below our expectations of $1.12 billion.

Rail intermodal revenues of $20.97 million decreased 9% from the figure recorded in second-quarter 2023. The reported figure was below our expectations of $21.7 million.

Revenues in the ocean and air-cargo carrier segments improved 15.9% year over year to $76.34 million.

Other revenues decreased 4.7% year over year to $25.41 million. The reported figure was below our expectations of $28.1 million.

Liquidity, Dividends & Buyback

At the end of third-quarter 2024, Landstar had cash and cash equivalents of $468.83 million compared with $438.06million recorded at the prior-quarter end. Additionally, long-term debt (excluding current maturities) totaled $44.83 million at the end of the third quarter compared with $45.39 million at the prior-quarter end.

During the third quarter of 2024, Landstar purchased almost 121,000 shares for $22.4 million. LSTR is currently authorized to purchase up to an additional 2,563,081 shares under its longstanding share purchase program.

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