AG真人官方

Landstar System Reports First Quarter Revenue of $1.153B and Earnings per Share of $0.85 and Announces 11% Increase to Quarterly Dividend

JACKSONVILLE, Fla., May 13, 2025 (GLOBE NEWSWIRE) -- Landstar System, Inc. (NASDAQ: LSTR) (鈥淟andstar鈥� or the 鈥淐ompany鈥�) today reported basic and diluted earnings per share (鈥淓PS鈥�) of $0.85 in the 2025 first quarter on revenue of $1.153 billion. 鈥淭he Landstar team of independent business owners and employees continued to perform admirably, despite a highly unpredictable macro-economic backdrop,鈥� said Landstar President and Chief Executive Officer Frank Lonegro. 鈥淚 was encouraged by the number of loads hauled via truck in the quarter. Importantly, this was the first time in fifteen years that the number of loads hauled via truck during the first quarter exceeded the immediately preceding fourth quarter. Our network of Landstar BCOs, agents and employees are laser-focused on safety, security and delivering great service to our customers in an extremely fluid freight transportation environment.鈥�

^{(1)听听 Dollars above in thousands, except per share amounts.
(2)听听 Please refer to the Consolidated Statements of Income and Reconciliation of Gross Profit to Variable Contribution included below.}

As previously disclosed in Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission on April 2, 2025 (the 鈥淎pril 2^nd 8-K鈥�), and subsequently on April 25, 2025 (the 鈥淎pril 25^th 8-K鈥�), during the last week of the Company鈥檚 2025 first quarter, Landstar identified a supply chain fraud relating to the Company鈥檚 international freight forwarding operations that does not involve its core North American truckload services. While investigation, remediation and collection efforts continue, the 2025 first quarter results include a $4.8 million pre-tax charge, or $0.10 per share, relating to this matter. This charge currently reflects the total anticipated adverse financial impact to Landstar relating to the fraud, net of certain actual and anticipated recoveries and before taking into account the cost of legal and other professional fees as well as additional potential recoveries in the future. This charge is reflected in selling, general & administrative costs.

Landstar听continues to return capital to stockholders through the Company鈥檚 stock purchase program and dividends. During the 2025 first quarter,听Landstar听purchased approximately 386,000 shares of its common stock at an aggregate cost of听$60.9 million and paid $83.3 million to stockholders in the form of cash dividends. The Company is currently authorized to purchase up to an additional 2,161,663 shares of the Company鈥檚 common stock under its longstanding share purchase program.听 Landstar also announced today that its Board of Directors declared a quarterly dividend of $0.40 per share payable on June 24, 2025, to stockholders of record as of the close of business on June 5, 2025. This quarterly dividend includes a $0.04 per share increase, or 11% over the amount of the Company鈥檚 regular quarterly dividend declared following each of the prior three quarters.

Total revenue was $1,153 million in the 2025 first quarter, compared to $1,171 million in the 2024 first quarter. Truck transportation revenue hauled by independent business capacity owners (鈥淏COs鈥�) and truck brokerage carriers in the 2025 first quarter was $1,050 million, or 91% of revenue, compared to $1,069 million, or 91% of revenue, in the 2024 first quarter. Truckload transportation revenue hauled via van equipment in the 2025 first quarter was $595 million, compared to $628 million in the 2024 first quarter. Truckload transportation revenue hauled via unsided/platform equipment in the 2025 first quarter was $340 million, compared to $343 million in the 2024 first quarter. Revenue from other truck transportation, which is largely related to power-only services, in the 2025 first quarter was $92 million, compared to听$72 million in the 2024 first quarter. Revenue hauled by rail, air and ocean cargo carriers was $83 million, or 7% of revenue, in the 2025 first quarter, compared to $77 million, or 7% of revenue, in the 2024 first quarter.

The number of loads hauled via truck declined 1.2% in the 2025 first quarter as compared to the 2024 first quarter. This performance was slightly better than the high-end of the Company鈥檚 guidance range of 7% below to 2% below prior year included in its 2024 fourth quarter earnings release slide presentation, dated January 29, 2025 (the 鈥�2025 First Quarter Guidance鈥�). Truck revenue per load decreased 0.6% in the 2025 first quarter as compared to the 2024 first quarter, below the mid-point of the guidance range of 2% below to 3% above prior year provided in the 2025 First Quarter Guidance. As a result, first quarter revenue exceeded the mid-point of the range included in the Company鈥檚 2025 First Quarter Guidance.

The April 25^th 8-K announced that 2025 first quarter EPS was $0.95, prior to giving effect to any potential adverse impact from the supply chain fraud matter referenced above. As also noted in the April 25^th 8-K, the adverse financial impact to Landstar, before taking into account the cost of legal and other professional fees or any potential insurance and other recoveries, was not expected to exceed $0.43 per share on an after-tax basis. As previously stated, 2025 first quarter EPS was $0.85, inclusive of $0.10 per share relating to the supply chain fraud matter. As previewed by the April 2^nd 8-K, 2025 first quarter EPS also reflected highly elevated insurance and claim costs of 9.3% of BCO revenue, well above the Company鈥檚 average historical experience from the 2019 fiscal year through the 2024 fiscal year of 4.9%, primarily due to cargo theft and truck accident adverse prior year claim development.

Gross profit in the 2025 first quarter was $98 million and variable contribution (defined as revenue less the cost of purchased transportation and commissions to agents) in the 2025 first quarter was $161 million. Gross profit in the 2024 first quarter was $114 million and variable contribution in the 2024 first quarter was $168 million. Reconciliations of gross profit to variable contribution and gross profit margin to variable contribution margin for the 2025 and 2024 first quarters are provided in the Company鈥檚 accompanying financial disclosures.

The Company鈥檚 balance sheet continues to be very strong, with cash and short-term investments of approximately $473 million as of March 29, 2025. Trailing听twelve-month听return听on average shareholders鈥� equity was听18%,听and return on invested capital, representing net income divided by the sum of average equity plus average debt, was听17%.听

Landstar will provide a live webcast of its quarterly earnings conference call this morning at 8:30 a.m. ET. To access the webcast, visit ; click on 鈥淲ebcasts,鈥� then click on 鈥淟andstar鈥檚 First Quarter 2025 Earnings Release Conference Call.鈥� A slide presentation to accompany the webcast presentation is also available on Landstar鈥檚 investor relations website at https://investor.landstar.com/.

About Landstar:
Landstar System, Inc., is a technology-enabled, asset-light provider of integrated transportation management solutions delivering safe, specialized transportation services to a broad range of customers utilizing a network of agents, third-party capacity providers and employees. Landstar transportation services companies are certified to ISO 9001:2015 quality management system standards and RC14001:2015 environmental, health, safety and security management system standards. Landstar System, Inc. is headquartered in Jacksonville, Florida. Its common stock trades on The NASDAQ Stock Market庐 under the symbol LSTR.

Non-GAAP Financial Measures:
In this earnings release and accompanying financial disclosures, the Company provides the following information that may be deemed non-GAAP financial measures: variable contribution and variable contribution margin. The Company believes variable contribution and variable contribution margin are useful measures of the variable costs that we incur at a shipment-by-shipment level attributable to our transportation network of third-party capacity providers and independent agents in order to provide services to our customers. The Company also believes that it is appropriate to present each of the financial measures that may be deemed a non-GAAP financial measure, as referred to above, for the following reasons: (1) disclosure of these matters will allow investors to better understand the underlying trends in the Company鈥檚 financial condition and results of operations; (2) this information will facilitate comparisons by investors of the Company鈥檚 results as compared to the results of peer companies; and (3) management considers this financial information in its decision making.

Forward Looking Statements Disclaimer:
The following is a 鈥渟afe harbor鈥� statement under the Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not based on historical facts are 鈥渇orward-looking statements.鈥� This press release contains forward-looking statements, such as statements which relate to Landstar鈥檚 business objectives, plans, strategies and expectations. Terms such as 鈥渁nticipates,鈥� 鈥渂elieves,鈥� 鈥渆stimates,鈥� 鈥渋ntention,鈥� 鈥渆xpects,鈥� 鈥減lans,鈥� 鈥減redicts,鈥� 鈥渕ay,鈥� 鈥渟hould,鈥� 鈥渃ould,鈥� 鈥渨ill,鈥� the negative thereof and similar expressions are intended to identify forward-looking statements. Such statements are by nature subject to uncertainties and risks, including but not limited to: U.S. trade relationships; an increase in the frequency or severity of accidents or other claims; unfavorable development of existing accident claims; dependence on third party insurance companies; dependence on independent commission sales agents; dependence on third party capacity providers; the impact of the Russian conflict with Ukraine on the operations of certain independent commission sales agents, including the Company鈥檚 largest such agent by revenue in the 2024 fiscal year; decreased demand for transportation services; substantial industry competition; disruptions or failures in the Company鈥檚 computer systems; cyber and other information security incidents; dependence on key vendors; potential changes in taxes; status of independent contractors; regulatory and legislative changes; regulations focused on diesel emissions and other air quality matters; regulations requiring the purchase and use of zero-emission vehicles; intellectual property; and other operational, financial or legal risks or uncertainties detailed in Landstar鈥檚 Form 10-K for the 2024 fiscal year, described in Item 1A Risk Factors, and in other SEC filings from time to time. These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated. Investors should not place undue reliance on such forward-looking statements, and the Company undertakes no obligation to publicly update or revise any forward-looking statements.

Contact:
Jim Todd
Chief Financial Officer
904-398-9400