Landstar System’s (LSTR - Free Report) fourth-quarter 2021 earnings of $2.99 per share surpassed the Zacks Consensus Estimate of $2.85. The bottom line surged 48.8% year over year on higher revenues. Revenues of $1,945 million also outperformed the Zacks Consensus Estimate of $1,852.8 million. The top line soared 50% year over year owing to strong performances of the truck transportation, rail intermodal, and ocean and air-cargo carriers segments.
Gross profit came in at $209.8 million in the reported quarter, up 48.1% year over year. Operating income soared 76.2% from the prior-year quarter’s figure to $148.7 million. Total costs and expenses (on a reported basis) increased 48.2% to $1.79 billion.
Total revenues in the truck transportation segment — contributing to 89.7% of the top line — amounted to $1.74 billion, up 45.2% from the year-ago quarter’s figure. Within the truck transportation segment, revenues hauled via van equipment rose 45% to $1.02 billion. Truckload transportation revenues hauled via unsided/platform equipment climbed 40% to $436.7 million.
Less-than-truckload revenues increased 20.3% to $31.9 million. Overall, fourth-quarter truck transportation revenue per load rose 19.1% year over year.
Rail intermodal revenues of $39.4 million increased 21.1% from the figure recorded in fourth-quarter 2020. Revenues in the ocean and air cargo carriers segment surged in excess of 100% year over year to $135.2 million. Other revenues increased 35.1% to $25.56 million.
Liquidity
At the end of the fourth quarter of 2021, Landstar, currently carrying a Zacks Rank #3 (Hold), had cash and cash equivalents of $215.52 million compared with $249.35 million recorded at the end of 2020. Additionally, long-term debt (excluding current maturities) totaled $75.24 million at the end of the December quarter of 2021 compared with $65.36 million at the end of 2020. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q122 Outlook
Landstar anticipates first-quarter 2022 revenues in the range of $1.70-$1.75 billion. The Zacks Consensus Estimate for first-quarter revenues currently stands at $1.61 billion. Earnings per share are estimated in the band of $2.70-$2.80. The Zacks Consensus Estimate for the same is currently pegged at $2.43 per share.
Sectorial Snapshots
Within the broader Transportation sector, J.B. Hunt Transport Services (JBHT - Free Report) , United Airlines (UAL - Free Report) and Delta Air Lines (DAL - Free Report) recently reported fourth-quarter 2021 results.
J.B. Hunt Transport Services reported fourth-quarter 2021 earnings of $2.28 per share, surpassing the Zacks Consensus Estimate of $1.99. The bottom line surged 58.3% year over year on the back of higher revenues across all segments.
JBHT’s operating revenues of $3,497 million also outperformed the Zacks Consensus Estimate of $3,287.8 million. The top line jumped 27.7% year over year. Total operating revenues, excluding fuel surcharges, rose 21.7% year over year.
United Airlines incurred a loss (excluding 39 cents from non-recurring items) of $1.60 per share in the fourth quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of $2.23. The amount of loss narrowed 77.1% year over year.
UAL’s operating revenues of $8,192 million also outperformed the Zacks Consensus Estimate of $7,930.9 million. The top line surged more than 100% year over year, with passenger revenues, accounting for 84% of the top line, having soared 185.4% to $6,878 million.
Delta reported fourth-quarter 2021 earnings (excluding 86 cents from non-recurring items) of 22 cents per share, outpacing the Zacks Consensus Estimate of 15 cents. Earnings came against the year-ago quarter’s loss of $2.53 per share. Strong holiday travel demand and favorable pricing aided the December-quarter results.
DAL’s revenues came in at $9,470 million, beating the Zacks Consensus Estimate of $9,232.1 million and also skyrocketing more than 100% from the year-ago quarter’s figure as people resorted to air travel during the holidays.
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Landstar System’s (LSTR - Free Report) fourth-quarter 2021 earnings of $2.99 per share surpassed the Zacks Consensus Estimate of $2.85. The bottom line surged 48.8% year over year on higher revenues. Revenues of $1,945 million also outperformed the Zacks Consensus Estimate of $1,852.8 million. The top line soared 50% year over year owing to strong performances of the truck transportation, rail intermodal, and ocean and air-cargo carriers segments.
Gross profit came in at $209.8 million in the reported quarter, up 48.1% year over year. Operating income soared 76.2% from the prior-year quarter’s figure to $148.7 million. Total costs and expenses (on a reported basis) increased 48.2% to $1.79 billion.
Total revenues in the truck transportation segment — contributing to 89.7% of the top line — amounted to $1.74 billion, up 45.2% from the year-ago quarter’s figure. Within the truck transportation segment, revenues hauled via van equipment rose 45% to $1.02 billion. Truckload transportation revenues hauled via unsided/platform equipment climbed 40% to $436.7 million.
Less-than-truckload revenues increased 20.3% to $31.9 million. Overall, fourth-quarter truck transportation revenue per load rose 19.1% year over year.
Rail intermodal revenues of $39.4 million increased 21.1% from the figure recorded in fourth-quarter 2020. Revenues in the ocean and air cargo carriers segment surged in excess of 100% year over year to $135.2 million. Other revenues increased 35.1% to $25.56 million.
Liquidity
At the end of the fourth quarter of 2021, Landstar, currently carrying a Zacks Rank #3 (Hold), had cash and cash equivalents of $215.52 million compared with $249.35 million recorded at the end of 2020. Additionally, long-term debt (excluding current maturities) totaled $75.24 million at the end of the December quarter of 2021 compared with $65.36 million at the end of 2020. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q122 Outlook
Landstar anticipates first-quarter 2022 revenues in the range of $1.70-$1.75 billion. The Zacks Consensus Estimate for first-quarter revenues currently stands at $1.61 billion. Earnings per share are estimated in the band of $2.70-$2.80. The Zacks Consensus Estimate for the same is currently pegged at $2.43 per share.
Sectorial Snapshots
Within the broader Transportation sector, J.B. Hunt Transport Services (JBHT - Free Report) , United Airlines (UAL - Free Report) and Delta Air Lines (DAL - Free Report) recently reported fourth-quarter 2021 results.
J.B. Hunt Transport Services reported fourth-quarter 2021 earnings of $2.28 per share, surpassing the Zacks Consensus Estimate of $1.99. The bottom line surged 58.3% year over year on the back of higher revenues across all segments.
JBHT’s operating revenues of $3,497 million also outperformed the Zacks Consensus Estimate of $3,287.8 million. The top line jumped 27.7% year over year. Total operating revenues, excluding fuel surcharges, rose 21.7% year over year.
United Airlines incurred a loss (excluding 39 cents from non-recurring items) of $1.60 per share in the fourth quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of $2.23. The amount of loss narrowed 77.1% year over year.
UAL’s operating revenues of $8,192 million also outperformed the Zacks Consensus Estimate of $7,930.9 million. The top line surged more than 100% year over year, with passenger revenues, accounting for 84% of the top line, having soared 185.4% to $6,878 million.
Delta reported fourth-quarter 2021 earnings (excluding 86 cents from non-recurring items) of 22 cents per share, outpacing the Zacks Consensus Estimate of 15 cents. Earnings came against the year-ago quarter’s loss of $2.53 per share. Strong holiday travel demand and favorable pricing aided the December-quarter results.
DAL’s revenues came in at $9,470 million, beating the Zacks Consensus Estimate of $9,232.1 million and also skyrocketing more than 100% from the year-ago quarter’s figure as people resorted to air travel during the holidays.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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