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Mar 27, 2021
Landstar Q1 2021 Earnings Report
Landstar reported record quarterly earnings, driven by strong performance in truckload and unsided/platform equipment revenue.
Key Takeaways
Landstar System reported record first-quarter results, with revenue reaching $1.288 billion and diluted earnings per share at $2.01. This represents a 39% increase in revenue, an 89% increase in net income, and a 93% increase in diluted earnings per share compared to the first quarter of 2020. The company's performance was driven by strong demand in the truckload sector, particularly in van and unsided/platform equipment.
Landstar's Q1 2021 revenue increased by 39% compared to Q1 2020, reaching $1.288 billion.
Net income for Q1 2021 rose by 89% to $77.2 million, or $2.01 per diluted share.
Gross profit for Q1 2021 was $189.2 million, a 32% increase over Q1 2020.
The company anticipates revenue for the second quarter of 2021 to be in the range of $1.40 billion to $1.45 billion.
Revenue by Segment
Forward Guidance
Landstar anticipates continued strong performance in Q2 2021, with revenue expected to range from $1.40 billion to $1.45 billion and diluted earnings per share projected between $2.20 and $2.30.
Positive Outlook
- Revenue per load and the number of loads hauled via truck are expected to be in a mid-single digit percentage range above the 2021 first quarter.
- The strong finish to the 2021 first quarter is expected to continue through the 2021 second quarter.
- Consumer demand for durables, building products and e-commerce drove record quarterly van revenue.
- Growth in the U.S. metals and machinery sectors continued to drive improvement in unsided/platform equipment performance.
- The company's operating margin reached an all-time quarterly record of 54.6 percent.
Challenges Ahead
- Second quarter year-over-prior-year revenue and diluted earnings per share comparisons are not meaningful due to the adverse impact the COVID-19 pandemic had on the Company’s 2020 second quarter financial results.
- Insurance and claims expense is estimated at 4.3 percent of BCO revenue.
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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