Landstar System, Inc. (LSTR - Free Report) third-quarter 2023 earnings per share (EPS) of $1.71 beat the Zacks Consensus Estimate by a penny but fell 38% year over year. Revenues of $1,289.34 million lagged the Zacks Consensus Estimate of $1,296.5 million but declined 29% year over year.
Operating income fell 39.8% from the prior-year quarter’s figure to $80.34 million. Total costs and expenses (on a reported basis) decreased 27.9% to $1,212.01 million.
Total revenues in the truck transportation segment, contributing to 91% of the top line, amounted to $1.17 billion, down 26.5% from the year-ago quarter’s figure. Rail intermodal revenues of $23.06 million decreased 16.5% from the figure recorded in third-quarter 2022.
Revenues in the ocean and air-cargo carrier segments declined 59.9% year over year to $65.82 million. Other revenues increased 4.8% to $26.69 million.
Liquidity, Dividends & Buyback
At the end of third-quarter 2023, Landstar had cash and cash equivalents of $439.66million compared with $360.52million recorded at the prior-quarter end. Additionally, long-term debt (excluding current maturities) totaled $46.17 million at the end of the third quarter compared with $53.14 million at the second-quarter end.
LSTR is currently authorized to purchase up to 2,910,339 shares under its previously announced share purchase programs. LSTR’s board of directors has declared a quarterly dividend of 33 cents per share, payable on Dec 1, 2023, to stockholders of record as of the close of business on Nov 7.
Q4 Outlook
Landstar anticipates fourth-quarter 2023 revenues in the range of $1.225 billion-$1.275 billion. EPS for the fourth quarter is estimated to be between $1.60 and $1.70. LSTR expects fourth-quarter effective income tax rate of 24.5%.
Currently, Landstar carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Transportation Companies
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) third-quarter 2023 EPS of $1.80 missed the Zacks Consensus Estimate of $1.85 and declined 30% year over year.
JBHT’s total operating revenues of $3,163.8 million also lagged the Zacks Consensus Estimate of $3,224 million and fell 18% year over year. Total operating revenues, excluding fuel surcharges, decreased 15% year over year.
Delta Air Lines, Inc. (DAL - Free Report) reported third-quarter 2023 EPS (excluding 31 cents from non-recurring items) of $2.03, which comfortably beat the Zacks Consensus Estimate of $1.92 and improved 35% on a year-over-year basis.
DAL’s revenues of $15,488 million beat the Zacks Consensus Estimate of $15,290.4 million and increased 11% on a year-over-year basis, driven by higher air travel demand.
Alaska Air Group, Inc. (ALK - Free Report) reported third-quarter 2023 EPS of $1.83, which missed the Zacks Consensus Estimate of $1.88 and declined 28% year over year.
Operating revenues of $2,839 million missed the Zacks Consensus Estimate of $2,876.1 million. The top line jumped 0.4% year over year, with passenger revenues accounting for 92.2% of the top line and increasing 0.1% owing to continued recovery in air-travel demand.
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Landstar System, Inc. (LSTR - Free Report) third-quarter 2023 earnings per share (EPS) of $1.71 beat the Zacks Consensus Estimate by a penny but fell 38% year over year. Revenues of $1,289.34 million lagged the Zacks Consensus Estimate of $1,296.5 million but declined 29% year over year.
Operating income fell 39.8% from the prior-year quarter’s figure to $80.34 million. Total costs and expenses (on a reported basis) decreased 27.9% to $1,212.01 million.
Total revenues in the truck transportation segment, contributing to 91% of the top line, amounted to $1.17 billion, down 26.5% from the year-ago quarter’s figure. Rail intermodal revenues of $23.06 million decreased 16.5% from the figure recorded in third-quarter 2022.
Revenues in the ocean and air-cargo carrier segments declined 59.9% year over year to $65.82 million. Other revenues increased 4.8% to $26.69 million.
Liquidity, Dividends & Buyback
At the end of third-quarter 2023, Landstar had cash and cash equivalents of $439.66million compared with $360.52million recorded at the prior-quarter end. Additionally, long-term debt (excluding current maturities) totaled $46.17 million at the end of the third quarter compared with $53.14 million at the second-quarter end.
LSTR is currently authorized to purchase up to 2,910,339 shares under its previously announced share purchase programs. LSTR’s board of directors has declared a quarterly dividend of 33 cents per share, payable on Dec 1, 2023, to stockholders of record as of the close of business on Nov 7.
Q4 Outlook
Landstar anticipates fourth-quarter 2023 revenues in the range of $1.225 billion-$1.275 billion. EPS for the fourth quarter is estimated to be between $1.60 and $1.70. LSTR expects fourth-quarter effective income tax rate of 24.5%.
Currently, Landstar carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Transportation Companies
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) third-quarter 2023 EPS of $1.80 missed the Zacks Consensus Estimate of $1.85 and declined 30% year over year.
JBHT’s total operating revenues of $3,163.8 million also lagged the Zacks Consensus Estimate of $3,224 million and fell 18% year over year. Total operating revenues, excluding fuel surcharges, decreased 15% year over year.
Delta Air Lines, Inc. (DAL - Free Report) reported third-quarter 2023 EPS (excluding 31 cents from non-recurring items) of $2.03, which comfortably beat the Zacks Consensus Estimate of $1.92 and improved 35% on a year-over-year basis.
DAL’s revenues of $15,488 million beat the Zacks Consensus Estimate of $15,290.4 million and increased 11% on a year-over-year basis, driven by higher air travel demand.
Alaska Air Group, Inc. (ALK - Free Report) reported third-quarter 2023 EPS of $1.83, which missed the Zacks Consensus Estimate of $1.88 and declined 28% year over year.
Operating revenues of $2,839 million missed the Zacks Consensus Estimate of $2,876.1 million. The top line jumped 0.4% year over year, with passenger revenues accounting for 92.2% of the top line and increasing 0.1% owing to continued recovery in air-travel demand.
4 Oil Stocks with Massive Upsides
Global demand for oil is through the roof... and oil producers are struggling to keep up. So even though oil prices are well off their recent highs, you can expect big profits from the companies that supply the world with "black gold."
Zacks Investment Research has just released an urgent special report to help you bank on this trend.
In Oil Market on Fire, you'll discover 4 unexpected oil and gas stocks positioned for big gains in the coming weeks and months. You don't want to miss these recommendations.
Download your free report now to see them.
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