Landstar System Inc. Announces Executive Appointments
May 22 15
Landstar System Inc. announced that effective May 19, Diana M. Murphy was named its non-executive Chairman of the Board following the company's 2015 Annual Meeting of Stockholders. The Company also announced that Anthony J. Orlando has joined its Board of Directors. Mr. Orlando, 55, most recently served as President and Chief Executive Officer for Covanta Holding Corporation.
Landstar System Inc. Declares Quarterly Dividend, Payable on May 29, 2015; Reports Unaudited Consolidated Earnings and Operating Results for the Thirteen Weeks Ended March 28, 2015; Provides Earnings Guidance for the Second Quarter of 2015
Apr 23 15
Landstar System Inc. announced that its Board of Directors has declared a quarterly dividend of $0.07 per share payable on May 29, 2015, to stockholders of record as of the close of business on May 7, 2015. It is currently the intention of the Board to pay dividends on a quarterly basis going forward.
The company reported unaudited consolidated earnings and operating results for the thirteen weeks ended March 28, 2015. For the period, the company reported revenue of $762,380,000 against $688,197,000 a year ago. Operating income was $49,045,000 against $45,014,000 a year ago. Income before income taxes was $48,264,000 against $44,246,000 a year ago. Net income was $30,015,000 or $0.67 per basic and diluted share against $27,638,000 or $0.61 per basic and diluted share a year ago. Cash flow from operations for the first quarter of 2015 was $49 million and cash capital expenditures were $2 million.
For the period, the company reported the number of loads hauled via truck exceeded the 2014 first quarter by 6% and the number of loads hauled via railroads, ocean cargo carriers and air cargo carriers increased 32% over the 2014 first quarter. The growth in the number of loads hauled via truck was driven by a 32% increase in less-than-truckload volume and a 7% increase in the number of loads hauled via van equipment. The number of loads hauled via unsided/platform equipment was relatively flat to the 2014 first quarter, impacted by an 11% decrease in the number of heavy/specialized loads, which comprised approximately 28% of Landstar's unsided/platform revenue in the 2015 first quarter. Revenue per load on loads hauled via truck was at all-time seasonal highs in the 2015 first quarter. After a 7% increase in revenue per load on loads hauled via truck in the first eight weeks of 2015 compared to the first eight weeks of 2014, though, period-over-prior-year period truck revenue per load slowed into March, as expected. Truck revenue per load in the final five weeks of the 2015 first quarter was 1% lower as compared to the final five weeks of the 2014 first quarter mostly due to the exceptionally strong truck revenue per load experienced in March 2014 and the impact of lower diesel fuel costs on loads hauled via truck brokerage carriers. Despite higher insurance and claims expense caused mostly by an unfavorable jury verdict in the 2015 first quarter related to an accident from a prior year, operating margin was 42.5%.
For the second quarter of 2015, the company expects the number of loads hauled via truck in the 2015 second quarter to increase in a mid-single digit range over the 2014 second quarter. The company anticipates truck revenue per load in the 2015 second quarter to be relatively flat to the 2014 second quarter. The company’s expectation is that pricing conditions for truck services in the 2015 second quarter will remain similar to those experienced in March, with a stable, yet relatively tight truck capacity market and a low per gallon cost of diesel fuel. Assuming the current environment continues throughout the 2015 second quarter, the company anticipates revenue for the 2015 second quarter to be in a range of $830 million to $880 million and, assuming that range of estimated revenue would anticipate 2015 second quarter diluted earnings per share to be in a range of $0.87 to $0.92 per share compared to $0.80 per diluted share in the 2014 second quarter.
Landstar System Inc., Annual General Meeting, May 19, 2015
Apr 7 15
Landstar System Inc., Annual General Meeting, May 19, 2015., at 09:00 US Eastern Standard Time. Location: conference room of the principal offices of company. Agenda: To elect one Class I Director whose term will expire at the 2018 Annual Meeting of Stockholders; to ratify the appointment of KPMG LLP as the company's independent registered public accounting firm for fiscal year 2015; to hold an advisory vote on executive compensation; and to transact such other business as may properly come before the meeting or any adjournment thereof.
Landstar System Inc. Reports Revenue Results for the First Eight Weeks of 2015; Reaffirms Earnings Guidance for the First Quarter of 2015
Mar 10 15
Landstar System Inc. reported revenue results for the first eight weeks of 2015. The company announced that overall, revenue through the first 8 weeks of 2015 increased approximately 15% over the first 8 weeks of 2014. The increase in revenue was mostly attributable to a 7% increase in revenue per load and a 7% increase in the number of loads hauled via truck. Revenue per load on loads hauled through truck during the first 8 weeks were at seasonal all-time highs. Additionally, the number of loads hauled via truck in the first 8 weeks of 2015 were the highest number of loads hauled via truck during the first 8 weeks of any year in Landstar history.
Based on the results so far and the estimate for the fiscal March period, the company announced that it continue to be comfortable with its previously issued guidance of first quarter revenue to be in the range of $750 million to $800 million. Based on that forecasted range of revenue, anticipates first quarter diluted earnings per share to be in the range of $0.71 to $0.76.