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Mar 28, 2020
Landstar Q1 2020 Earnings Report
Landstar's Q1 2020 results were released, showing a decrease in revenue and earnings per share compared to Q1 2019, influenced by the COVID-19 pandemic in the final week of the quarter.
Key Takeaways
Landstar System reported a decrease in revenue to $927.6 million and diluted earnings per share to $1.04 for Q1 2020, compared to $1.033 billion in revenue and $1.58 earnings per share in Q1 2019. The results were impacted by the COVID-19 pandemic in the final week of the quarter, which significantly reduced dispatched truck load volume.
Q1 2020 diluted earnings per share were $1.04, down from $1.58 in Q1 2019.
Q1 2020 revenue was $927.6 million, a decrease from $1.033 billion in Q1 2019.
Gross profit for Q1 2020 was $142.9 million, compared to $155.6 million in Q1 2019.
The COVID-19 pandemic significantly impacted truck load volume in the final week of Q1 2020.
Landstar
Landstar
Landstar Revenue by Segment
Revenue by Segment
Van equipment Revenue
CapyFin.comUnsided/platform equip. Revenue
CapyFin.comLess-than-truckload Revenue
CapyFin.comOther truck transport Revenue
CapyFin.comRail intermodal Revenue
CapyFin.comOcean & air cargo Revenue
CapyFin.com Forward Guidance
Due to the unpredictable economic environment, Landstar will not be providing revenue and earnings guidance for the 2020 second quarter; however, they expect near-term revenue and earnings to be significantly adversely impacted by the current economic environment.
Positive Outlook
- Landstar expects to generate sufficient operating cash flow to pay all members of its network in a timely manner.
- Landstar expects to be able to pay the regular quarterly dividend.
- Landstar expects to be able to fund its technology initiatives.
- Landstar expects to be able to pay finance lease obligations.
- Landstar's financial position is expected to remain strong throughout this unprecedented time.
Challenges Ahead
- Near-term revenue is expected to be significantly adversely impacted by the current economic environment.
- Near-term earnings are expected to be significantly adversely impacted by the current economic environment.
- The COVID-19 pandemic is expected to have a significant adverse impact on results of operations in the 2020 second quarter.
- The company will be prudent in its approach to share purchases over the next few months as the depth and duration of the crisis becomes clearer.
- The company is not providing revenue and earnings guidance for the 2020 second quarter due to the unpredictable economic environment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income