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Landstar's (LSTR) Earnings Miss Estimates in Q1, Down Y/Y
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Landstar System’s (LSTR - Free Report) first-quarter 2020 earnings of $1.04 per share missed the Zacks Consensus Estimate by 8 cents. Moreover, the bottom line declined 34.2% on a year-over-year basis. Revenues amounted to $927.6 million, which missed the Zacks Consensus Estimate of $936.7 million. The top line dropped 10.2% on a year-over-year basis. Notably, lower truck volumes amid coronavirus pandemic, dented truck revenues and impacted quarterly results.
Detailed Statistics
Gross profit (revenues excluding the cost of purchased transportation and commissions to agents) came in at $142.9 million in the reported quarter, down 8.2% year over year.
Further, operating income declined 33.2% from the prior-year quarter’s figure to $54 million. Total costs and expenses (on a reported basis) declined to $874.7 million from the $953.2 billion incurred in the prior-year quarter.
Total revenues in the truck transportation segment — contributing 92% to the top line — amounted to $854.6 million, down 10.3% from the year-ago quarter’s figure. Within the truck transportation segment, truckload transportation revenues hauled via van equipment in the reported quarter fell 12% to $545.3 million. Also, truckload transportation revenues hauled via unsided/platform equipment declined 7.9% to $286.3 million.
Landstar System, Inc. Price, Consensus and EPS Surprise
Less-than-truckload revenues dropped 2% to $22.94 million. The overall first-quarter truck revenue per load dropped 5.6% year over year to $474.3 million.
Rail intermodal revenues of $28.13 million fell 8.3% from the figure recorded in the first quarter of 2019. Revenues in the ocean and air cargo carriers segment fell 13.3% from the year-ago quarter to $26.6 million. Moreover, other revenues declined to $18.3 million.
Liquidity
Landstar’s cash and cash equivalents were $177.22 million compared with the $319.51 million recorded at the end of 2019. Additionally, long-term debt (excluding current maturities) totaled $61.97 million compared with $70.21 million at the end of 2019.
The company’s Board of Directors declared a quarterly dividend of 18.5 cents (annualized 74 cents) per share payable on May 29, 2020 to shareholders as on May 7. In first-quarter 2020, Landstar rewarded its shareholders with $86.3 million through dividend payouts.
Investors interested in the broader Transportation sector await first-quarter 2020 earnings reports from companies like Triton International Limited , Canadian National Railway Company (CNI - Free Report) and Air Lease Corp. (AL - Free Report) .
Triton and Canadian National will release their first-quarter earnings on Apr 24 and Apr 27, respectively. Air Lease will release first-quarter results on May 7.
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A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Landstar's (LSTR) Earnings Miss Estimates in Q1, Down Y/Y
Landstar System’s (LSTR - Free Report) first-quarter 2020 earnings of $1.04 per share missed the Zacks Consensus Estimate by 8 cents. Moreover, the bottom line declined 34.2% on a year-over-year basis. Revenues amounted to $927.6 million, which missed the Zacks Consensus Estimate of $936.7 million. The top line dropped 10.2% on a year-over-year basis. Notably, lower truck volumes amid coronavirus pandemic, dented truck revenues and impacted quarterly results.
Detailed Statistics
Gross profit (revenues excluding the cost of purchased transportation and commissions to agents) came in at $142.9 million in the reported quarter, down 8.2% year over year.
Further, operating income declined 33.2% from the prior-year quarter’s figure to $54 million. Total costs and expenses (on a reported basis) declined to $874.7 million from the $953.2 billion incurred in the prior-year quarter.
Total revenues in the truck transportation segment — contributing 92% to the top line — amounted to $854.6 million, down 10.3% from the year-ago quarter’s figure. Within the truck transportation segment, truckload transportation revenues hauled via van equipment in the reported quarter fell 12% to $545.3 million. Also, truckload transportation revenues hauled via unsided/platform equipment declined 7.9% to $286.3 million.
Landstar System, Inc. Price, Consensus and EPS Surprise
Landstar System, Inc. price-consensus-eps-surprise-chart | Landstar System, Inc. Quote
Less-than-truckload revenues dropped 2% to $22.94 million. The overall first-quarter truck revenue per load dropped 5.6% year over year to $474.3 million.
Rail intermodal revenues of $28.13 million fell 8.3% from the figure recorded in the first quarter of 2019. Revenues in the ocean and air cargo carriers segment fell 13.3% from the year-ago quarter to $26.6 million. Moreover, other revenues declined to $18.3 million.
Liquidity
Landstar’s cash and cash equivalents were $177.22 million compared with the $319.51 million recorded at the end of 2019. Additionally, long-term debt (excluding current maturities) totaled $61.97 million compared with $70.21 million at the end of 2019.
The company’s Board of Directors declared a quarterly dividend of 18.5 cents (annualized 74 cents) per share payable on May 29, 2020 to shareholders as on May 7. In first-quarter 2020, Landstar rewarded its shareholders with $86.3 million through dividend payouts.
Zacks Rank & Upcoming Releases
Landstar carries a Zacks Rank #4 (Sell), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Investors interested in the broader Transportation sector await first-quarter 2020 earnings reports from companies like Triton International Limited , Canadian National Railway Company (CNI - Free Report) and Air Lease Corp. (AL - Free Report) .
Triton and Canadian National will release their first-quarter earnings on Apr 24 and Apr 27, respectively. Air Lease will release first-quarter results on May 7.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>