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Landstar
🇺🇸 NASDAQ:LSTR
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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.

Total Revenue
$1.29B
Previous year: $928M
+38.9%
EPS
$2.01
Previous year: $1.04
+93.3%
BCO Contractors
10.5K
Previous year: 9.44K
+11.2%
Truck Brokerage Carriers
49.54K
Previous year: 38.88K
+27.4%
BCO Trucks
11.27K
Gross Profit
$189M
Previous year: $143M
+32.4%
Cash and Equivalents
$219M
Previous year: $177M
+23.8%
Total Assets
$1.57B
Previous year: $1.24B
+27.3%

Landstar

Landstar

Landstar 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.
  • The impact of the coronavirus (COVID-19) pandemic.
  • Dependence on third party capacity providers.
  • Decreased demand for transportation services.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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