Landstar System Inc. Declares Quarterly Cash Dividend, Payable on August 28, 2015
Jul 23 15
Landstar System Inc.'s board of directors has declared a quarterly dividend of $0.08 per share payable on August 28, 2015, to stockholders of record as of the close of business on August 10, 2015.
Landstar System Inc. Reports Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 27, 2015; Provides Earnings Guidance for the Third Quarter of 2015
Jul 23 15
Landstar System Inc. reported unaudited consolidated earnings and operating results for the second quarter and six months ended June 27, 2015. For the quarter, the company reported net income of $70,486,000 or $1.59 per diluted share on revenue of $ 1,630,763,000 against net income of $63,563,000 or $1.40 per diluted share on revenue of $1,502,640,000 a year ago. Operating income was $115,078,000 compared to $103,586,000 a year ago. Income before income taxes was $113,584,000 compared to $102,100,000 a year ago.
For the six months, the company reported net income of $40,471,000 or $0.92 per diluted share on revenue of $868,383,000 against net income of $35,925,000 or $0.80 per diluted share on revenue of $814,443,000 a year ago. Operating income was $58,572,000 compared to $48,427,000 a year ago. Income before income taxes was $65,320,000 compared to $57,854,000 a year ago. Cash flow from operations for the 2015 year-to-date period was $82 million, and cash capital expenditures were $3 million.
For the quarter, the company reported total number of loads of 858,370 against 790,830 a year ago. Total truck transportation was 829,070 against 768,540 a year ago.
For the six months, the company reported total number of loads of 457,650 against 416,210 a year ago. Total truck transportation was 441,960 against 404,220 a year ago.
During the first few weeks of fiscal July, revenue per load on loads hauled via truck is consistent with that experienced in fiscal June; yet lower than fiscal July 2014. The company does not expect a significant change in these recent trends over the balance of the 2015 third quarter. As such, the company expected revenue per load on loads hauled via truck in the 2015 third quarter to be below the 2014 third quarter in a low-to-mid-single digit percentage range, as experienced in the first few weeks of July. Assuming the current environment continues throughout the 2015 third quarter, the company anticipated revenue for the 2015 third quarter to be in a range of $830 million to $880 million and, assuming that range of estimated revenue, the company would anticipated 2015 third quarter diluted earnings per share to be in a range of $0.87 to $0.92 per share compared to $0.82 per diluted share in the 2014 third quarter.
Landstar System Mulls Acquisitions
May 28 15
Jim Gattoni, President & Chief Exexcutive Officer of Landstar System Inc. (NasdaqGS:LSTR) said, "We look at potential acquisitions, but we really prefer -- we're kind of at baby steps to organically recruit more agents into the model and keep our eye on what the competition is doing."