Landstar System reports record revenue of $870m for Q2 2017

Landstar System reported diluted earnings per share of $0.89 on record Q2 revenue of $870m in Q2 2017 compared to $775m in Q2 2016. Gross profit, defined as revenue less the cost of purchased transportation and commissions to agents, reached $132.6m in Q2 2017 compared to $121.0m in Q2 2016.  Operating margin was 46.0%.

Truck transportation revenue hauled by independent business capacity owners and truck brokerage carriers was $815.6m, or 94% of revenue, compared to $718.5m, or 93% of revenue in Q2 2016. Truckload transportation revenue hauled via van equipment was $509.1m compared to $458.0m in the previous year. Truckload transportation revenue hauled via unsided/platform equipment was $283.5m compared to $242.0m in Q2 2016. Revenue hauled by rail, air and ocean cargo carriers was $43.1m compared to $45.1m in the same period the previous year.

Commenting on Landstar’s 2017 second quarter, Landstar’s President and CEO Jim Gattoni said: “As expected, the pricing environment for our truckload services continued to show slow improvement in the 2017 second quarter, as industry-wide truck capacity is firming in certain regions, especially with respect to flatbed loads. As a result, revenue per load on loads hauled via truck was 3% higher in the 2017 second quarter compared to the 2016 second quarter.”

Source: Landstar System