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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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