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Landstar System’s (LSTR - Free Report) first-quarter 2021 earnings of $2.01 per share surpassed the Zacks Consensus estimate of $1.61. The bottom line also surged 93.3% year over year on higher revenues.
Revenues of $1,287.5 million outperformed the Zacks Consensus Estimate of $1,142.5 million and also jumped 38.8% year over year. The top line benefited from strong performances of the truck transportation, rail intermodal, and ocean and air cargo carriers segments.
Detailed Statistics
Gross profit (revenues excluding the cost of purchased transportation and commissions to agents) came in at $189.2 million in the reported quarter, up 32% year over year.
Landstar System, Inc. Price, Consensus and EPS Surprise
Further, operating income soared 91.2% from the prior-year quarter’s figure to $103.3 million. Total costs and expenses (on a reported basis) increased 35.5% to $1.2 billion.
Total revenues in the truck transportation segment — contributing 92.7% to the top line — amounted to $1.20 billion, up 39.7% from the year-ago quarter’s figure. Within the truck transportation segment, truckload transportation revenues hauled via van equipment rose 51.7% to $827.2 million. Additionally, truckload transportation revenues hauled via unsided/platform equipment climbed 18.9% to $340.6 million.
Less-than-truckload revenues increased 12.2% to $25.7 million. Overall first-quarter truck transportation revenue per load rose 23.6% year over year.
Rail intermodal revenues of $31.7 million increased 12.8% from the figure recorded in first-quarter 2020. Moreover, revenues in the ocean and air cargo carriers segment surged 78.9% year over year to $47.6 million. Other revenues, however, declined 19.4% to $14.7 million.
Liquidity
At the end of the first quarter, Landstar, carrying a Zacks Rank #2 (Hold), had cash and cash equivalents of $219.4 million compared with $249.35 million recorded at the end of 2020. Additionally, long-term debt (excluding current maturities) totaled $58.2 million at the end of the first quarter compared with $65.36 million at the end of 2020. You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Dividend
Landstar’s board declared a quarterly cash dividend of 21 cents per share, payable to shareholders on May 28, 2021, of record as of May 6, 2021.
Q2 Outlook
The company forecasts earnings per share (EPS) in the band of $2.20-$2.30 for the second quarter of 2021. The Zacks Consensus Estimate for the same is pegged at $1.67.
Anticipating favorable market conditions to continue in the second quarter as well, Landstar expects revenues in the range of $1.40-$1.45 billion. The Zacks Consensus Estimate for the same is pegged at $1.15 billion.
Further, Landstar predicts both revenue per load and the number of loads hauled via truck in a mid-single digit percentage range above the 2021 first quarter.
Sectorial Snapshot
Within the broader Transportation sector, Delta Air Lines (DAL - Free Report) , J.B. Hunt Transport Services (JBHT - Free Report) and Kansas City Southern recently reported first-quarter 2021 results.
Delta, carrying a Zacks Rank #3, incurred a loss (excluding $1.70 from non-recurring items) of $3.55 per share. The figure was wider than the Zacks Consensus Estimate of a loss of $3.08. Meanwhile, total revenues of $4,150 million topped the Zacks Consensus Estimate of $3,821.3 million.
J.B. Hunt, a Zacks #3 ranked player, reported earnings of $1.37 per share. The figure beat the Zacks Consensus Estimate of $1.18. Total operating revenues of $2,618.1 million also surpassed the Zacks Consensus Estimate of $2,486.9 million.
Kansas City Southern, carrying a Zacks Rank of 3, reported earnings (excluding 23 cents from non-recurring items) of $1.91 per share. The figure missed the Zacks Consensus Estimate of $2. Moreover, quarterly revenues of $706 million lagged the Zacks Consensus Estimate of $714.3 million.
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Landstar (LSTR) Q1 Earnings Surpass Estimates, Rise Y/Y
Landstar System’s (LSTR - Free Report) first-quarter 2021 earnings of $2.01 per share surpassed the Zacks Consensus estimate of $1.61. The bottom line also surged 93.3% year over year on higher revenues.
Revenues of $1,287.5 million outperformed the Zacks Consensus Estimate of $1,142.5 million and also jumped 38.8% year over year. The top line benefited from strong performances of the truck transportation, rail intermodal, and ocean and air cargo carriers segments.
Detailed Statistics
Gross profit (revenues excluding the cost of purchased transportation and commissions to agents) came in at $189.2 million in the reported quarter, up 32% year over year.
Landstar System, Inc. Price, Consensus and EPS Surprise
Landstar System, Inc. price-consensus-eps-surprise-chart | Landstar System, Inc. Quote
Further, operating income soared 91.2% from the prior-year quarter’s figure to $103.3 million. Total costs and expenses (on a reported basis) increased 35.5% to $1.2 billion.
Total revenues in the truck transportation segment — contributing 92.7% to the top line — amounted to $1.20 billion, up 39.7% from the year-ago quarter’s figure. Within the truck transportation segment, truckload transportation revenues hauled via van equipment rose 51.7% to $827.2 million. Additionally, truckload transportation revenues hauled via unsided/platform equipment climbed 18.9% to $340.6 million.
Less-than-truckload revenues increased 12.2% to $25.7 million. Overall first-quarter truck transportation revenue per load rose 23.6% year over year.
Rail intermodal revenues of $31.7 million increased 12.8% from the figure recorded in first-quarter 2020. Moreover, revenues in the ocean and air cargo carriers segment surged 78.9% year over year to $47.6 million. Other revenues, however, declined 19.4% to $14.7 million.
Liquidity
At the end of the first quarter, Landstar, carrying a Zacks Rank #2 (Hold), had cash and cash equivalents of $219.4 million compared with $249.35 million recorded at the end of 2020. Additionally, long-term debt (excluding current maturities) totaled $58.2 million at the end of the first quarter 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.
Dividend
Landstar’s board declared a quarterly cash dividend of 21 cents per share, payable to shareholders on May 28, 2021, of record as of May 6, 2021.
Q2 Outlook
The company forecasts earnings per share (EPS) in the band of $2.20-$2.30 for the second quarter of 2021. The Zacks Consensus Estimate for the same is pegged at $1.67.
Anticipating favorable market conditions to continue in the second quarter as well, Landstar expects revenues in the range of $1.40-$1.45 billion. The Zacks Consensus Estimate for the same is pegged at $1.15 billion.
Further, Landstar predicts both revenue per load and the number of loads hauled via truck in a mid-single digit percentage range above the 2021 first quarter.
Sectorial Snapshot
Within the broader Transportation sector, Delta Air Lines (DAL - Free Report) , J.B. Hunt Transport Services (JBHT - Free Report) and Kansas City Southern recently reported first-quarter 2021 results.
Delta, carrying a Zacks Rank #3, incurred a loss (excluding $1.70 from non-recurring items) of $3.55 per share. The figure was wider than the Zacks Consensus Estimate of a loss of $3.08. Meanwhile, total revenues of $4,150 million topped the Zacks Consensus Estimate of $3,821.3 million.
J.B. Hunt, a Zacks #3 ranked player, reported earnings of $1.37 per share. The figure beat the Zacks Consensus Estimate of $1.18. Total operating revenues of $2,618.1 million also surpassed the Zacks Consensus Estimate of $2,486.9 million.
Kansas City Southern, carrying a Zacks Rank of 3, reported earnings (excluding 23 cents from non-recurring items) of $1.91 per share. The figure missed the Zacks Consensus Estimate of $2. Moreover, quarterly revenues of $706 million lagged the Zacks Consensus Estimate of $714.3 million.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
Access Zacks Top 10 Stocks for 2021 today >>