We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Landstar Raises Q3 Guidance on Improving Market Conditions
Read MoreHide Full Article
As freight environment gradually recovers with the ramping up of economic activities, Landstar System Inc (LSTR - Free Report) provided a bullish update on its third-quarter 2020 outlook in a SEC filing.
The company has seen improvement in trucking volumes in the first two months of the third quarter and so far in September. Based on this, it now anticipates the number of loads hauled via truck to inch up in low-single-digit percentage range in the current quarter from the year-ago period. Additionally, truck revenue per load is expected to increase in low-single-digit percentage range year over year in the same period. During the second-quarter 2020 earnings release, the company stated that for the third quarter, it expects the number of loads hauled via trucks to decline in mid-single-digit percentage range compared to that in the year-ago period. Meanwhile, truck revenue per load was estimated to decrease in mid-single-digit percentage range from the third quarter of 2019.
For the third quarter, revenues are now predicted to be between $1.02 billion and $1.06 billion. The Zacks Consensus Estimate for the same stands at $915.97 million. The revenue guidance indicates a marked improvement from $885-$935 million anticipated previously. In the year-ago period, Landstar reported revenues of $1.05 billion.
Additionally, earnings are now forecast between $1.40 and $1.46 per share for the third quarter, whereas the consensus mark for the same stands at $1.14. Previously, the company estimated third-quarter earnings to be in the range of $1.11-$1.17 per share. In third-quarter 2019, Landstar reported earnings of $1.53 per share.
Shares of ArcBest, Knight-Swift and Werner have rallied more than 20%, 27% and 26% respectively so far this year.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Image: Bigstock
Landstar Raises Q3 Guidance on Improving Market Conditions
As freight environment gradually recovers with the ramping up of economic activities, Landstar System Inc (LSTR - Free Report) provided a bullish update on its third-quarter 2020 outlook in a SEC filing.
The company has seen improvement in trucking volumes in the first two months of the third quarter and so far in September. Based on this, it now anticipates the number of loads hauled via truck to inch up in low-single-digit percentage range in the current quarter from the year-ago period. Additionally, truck revenue per load is expected to increase in low-single-digit percentage range year over year in the same period. During the second-quarter 2020 earnings release, the company stated that for the third quarter, it expects the number of loads hauled via trucks to decline in mid-single-digit percentage range compared to that in the year-ago period. Meanwhile, truck revenue per load was estimated to decrease in mid-single-digit percentage range from the third quarter of 2019.
For the third quarter, revenues are now predicted to be between $1.02 billion and $1.06 billion. The Zacks Consensus Estimate for the same stands at $915.97 million. The revenue guidance indicates a marked improvement from $885-$935 million anticipated previously. In the year-ago period, Landstar reported revenues of $1.05 billion.
Landstar System, Inc. Price
Landstar System, Inc. price | Landstar System, Inc. Quote
Additionally, earnings are now forecast between $1.40 and $1.46 per share for the third quarter, whereas the consensus mark for the same stands at $1.14. Previously, the company estimated third-quarter earnings to be in the range of $1.11-$1.17 per share. In third-quarter 2019, Landstar reported earnings of $1.53 per share.
Zacks Rank & Other Key Picks
Landstar sports a Zacks Rank #1 (Strong Buy). Some other stocks in the same space, carrying the same Zacks Rank are ArcBest Corporation (ARCB - Free Report) , Knight-Swift Transportation Holdings Inc (KNX - Free Report) and Werner Enterprises Inc (WERN - Free Report) . You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of ArcBest, Knight-Swift and Werner have rallied more than 20%, 27% and 26% respectively so far this year.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>