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Landstar System (LSTR) Stock Up 2.6% Since Q3 Earnings Release
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Landstar System, Inc. (LSTR - Free Report) stock has gained 2.6% since its third-quarter 2022 earnings release on Oct 19. The uptick can be attributed to a better-than-expected top-line performance.
Quarterly earnings of $2.76 per share met the Zacks Consensus Estimate. The bottom line rose 7% year over year. The reported figure was within the guided range of $2.75-$2.85.
Revenues of $1,816.8 million surpassed the Zacks Consensus Estimate of $1,790.4 million. The top line increased 5% year over year. The reported figure was within the guided range of $1.80-$1.85 billion.
Gross profit came in at $185.72 million in the reported quarter, down 1.8% year over year. Operating income rose 1.6% from the prior-year quarter’s figure to $133.49 million. Total costs and expenses (on a reported basis) increased 4.9% to $1.68 billion.
Landstar System, Inc. Price, Consensus and EPS Surprise
Total revenues in the truck transportation segment — contributing to 88% of the top line — amounted to $1.59 billion, up 1.1% from the year-ago quarter’s figure. Rail intermodal revenues of $27.65 million decreased 37.8% from the figure recorded in third-quarter 2021.
Revenues in the ocean and air-cargo carrier segments skyrocketed 95.3% year over year to $164.25 million. Other revenues increased 1.9% to $25.46 million.
Liquidity, Dividends & Buyback
At the end of the third quarter of 2022, Landstar had cash and cash equivalents of $177.79 million compared with $78.22 million recorded at the end of June 2022. Additionally, long-term debt (excluding current maturities) totaled $72.09 million at the end of the September quarter compared with $73.99 million at the end of June 2022.
During the reported quarter, Landstar purchased almost 504,000 shares for $73.3 million.
Q4 View
Landstar anticipates fourth-quarter 2022 revenues in the range of $1.775-$1.825 billion. The Zacks Consensus Estimate of $1.72 billion lies below the guidance.
Earnings per share for the December quarter are estimated to be in the band of $2.60-$2.70. The Zacks Consensus Estimate for the same is currently pegged at $2.51 per share, which lies below the guidance.
Delta AirLines’(DAL - Free Report) third-quarter 2022 earnings (excluding 42 cents from non-recurring items) of $1.51 per share fell short of the Zacks Consensus Estimate of $1.56. Escalated operating expenses induced the earnings miss. Multiple flight cancelations and booking weaknesses due to Hurricane Ian also hurt results. DAL reported earnings of 30 cents per share a year ago, dull in comparison to the current scenario, as air-travel demand was not so buoyant then.
DAL reported revenues of $13,975 million, which lagged the Zacks Consensus Estimate of $14,157.2 million. Driven by the high air-travel demand, total revenues increased more than 52% on a year-over-year basis.
United Airlines’ (UAL - Free Report) third-quarter 2022 earnings (excluding 5 cents from non-recurring items) of $2.81 per share beat the Zacks Consensus Estimate of $2.21 and our estimate of $2.17. An upbeat in air-travel demand aided results.
In the year-ago quarter, UAL incurred a loss of $1.02 per share when air-travel demand was not as buoyant as in the current scenario. The third quarter of 2022 was the second consecutive profitable quarter at UAL since the onset of the pandemic.
Operating revenues of $12,877 million beat the Zacks Consensus Estimate of $12,709.5 million and our estimate of $12, 631.6 million. UAL’s revenues increased more than 66% year over year owing to an upbeat in air-travel demand. The optimistic air-travel demand scenario is also evident from the fact that total operating revenues increased 13.2% from third-quarter 2019 (pre-coronavirus) levels.
J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported better-than-expected third-quarter 2022 results, wherein both earnings and revenues outperformed the Zacks Consensus Estimate.JBHT’s quarterly earnings of $2.57 per share surpassed the Zacks Consensus Estimate of $2.45 and improved 36.7% year over year.
JBHT’s operating revenues of $3,838.3 million also outperformed the Zacks Consensus Estimate of $3803.4 million. The top line jumped 22.1% year over year on the back of strength across — Dedicated Contract Services, Intermodal, Truckload and Final Mile Services segments. Total operating revenues, excluding fuel surcharges, rose 12.4% year over year.
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Landstar System (LSTR) Stock Up 2.6% Since Q3 Earnings Release
Landstar System, Inc. (LSTR - Free Report) stock has gained 2.6% since its third-quarter 2022 earnings release on Oct 19. The uptick can be attributed to a better-than-expected top-line performance.
Quarterly earnings of $2.76 per share met the Zacks Consensus Estimate. The bottom line rose 7% year over year. The reported figure was within the guided range of $2.75-$2.85.
Revenues of $1,816.8 million surpassed the Zacks Consensus Estimate of $1,790.4 million. The top line increased 5% year over year. The reported figure was within the guided range of $1.80-$1.85 billion.
Gross profit came in at $185.72 million in the reported quarter, down 1.8% year over year. Operating income rose 1.6% from the prior-year quarter’s figure to $133.49 million. Total costs and expenses (on a reported basis) increased 4.9% to $1.68 billion.
Landstar System, Inc. Price, Consensus and EPS Surprise
Landstar System, Inc. price-consensus-eps-surprise-chart | Landstar System, Inc. Quote
Total revenues in the truck transportation segment — contributing to 88% of the top line — amounted to $1.59 billion, up 1.1% from the year-ago quarter’s figure. Rail intermodal revenues of $27.65 million decreased 37.8% from the figure recorded in third-quarter 2021.
Revenues in the ocean and air-cargo carrier segments skyrocketed 95.3% year over year to $164.25 million. Other revenues increased 1.9% to $25.46 million.
Liquidity, Dividends & Buyback
At the end of the third quarter of 2022, Landstar had cash and cash equivalents of $177.79 million compared with $78.22 million recorded at the end of June 2022. Additionally, long-term debt (excluding current maturities) totaled $72.09 million at the end of the September quarter compared with $73.99 million at the end of June 2022.
During the reported quarter, Landstar purchased almost 504,000 shares for $73.3 million.
Q4 View
Landstar anticipates fourth-quarter 2022 revenues in the range of $1.775-$1.825 billion. The Zacks Consensus Estimate of $1.72 billion lies below the guidance.
Earnings per share for the December quarter are estimated to be in the band of $2.60-$2.70. The Zacks Consensus Estimate for the same is currently pegged at $2.51 per share, which lies below the guidance.
Currently, Landstar carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Transportation Companies
Delta AirLines’(DAL - Free Report) third-quarter 2022 earnings (excluding 42 cents from non-recurring items) of $1.51 per share fell short of the Zacks Consensus Estimate of $1.56. Escalated operating expenses induced the earnings miss. Multiple flight cancelations and booking weaknesses due to Hurricane Ian also hurt results. DAL reported earnings of 30 cents per share a year ago, dull in comparison to the current scenario, as air-travel demand was not so buoyant then.
DAL reported revenues of $13,975 million, which lagged the Zacks Consensus Estimate of $14,157.2 million. Driven by the high air-travel demand, total revenues increased more than 52% on a year-over-year basis.
United Airlines’ (UAL - Free Report) third-quarter 2022 earnings (excluding 5 cents from non-recurring items) of $2.81 per share beat the Zacks Consensus Estimate of $2.21 and our estimate of $2.17. An upbeat in air-travel demand aided results.
In the year-ago quarter, UAL incurred a loss of $1.02 per share when air-travel demand was not as buoyant as in the current scenario. The third quarter of 2022 was the second consecutive profitable quarter at UAL since the onset of the pandemic.
Operating revenues of $12,877 million beat the Zacks Consensus Estimate of $12,709.5 million and our estimate of $12, 631.6 million. UAL’s revenues increased more than 66% year over year owing to an upbeat in air-travel demand. The optimistic air-travel demand scenario is also evident from the fact that total operating revenues increased 13.2% from third-quarter 2019 (pre-coronavirus) levels.
J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported better-than-expected third-quarter 2022 results, wherein both earnings and revenues outperformed the Zacks Consensus Estimate.JBHT’s quarterly earnings of $2.57 per share surpassed the Zacks Consensus Estimate of $2.45 and improved 36.7% year over year.
JBHT’s operating revenues of $3,838.3 million also outperformed the Zacks Consensus Estimate of $3803.4 million. The top line jumped 22.1% year over year on the back of strength across — Dedicated Contract Services, Intermodal, Truckload and Final Mile Services segments. Total operating revenues, excluding fuel surcharges, rose 12.4% year over year.