Landstar Q1 2022 Earnings Report
Key Takeaways
Landstar System, Inc. reported record quarterly revenue of $1.971 billion, a 53% increase year-over-year, with net income of $124.8 million, up 62% year-over-year, and diluted earnings per share of $3.34, a 66% increase year-over-year. The company's revenue, net income, and DEPS were the highest amounts achieved in any quarter in Landstar history.
Landstar's Q1 2022 revenue reached a record $1.971 billion, a 53% increase compared to Q1 2021.
Net income for Q1 2022 was $124.8 million, a 62% increase compared to Q1 2021.
Diluted earnings per share (DEPS) for Q1 2022 reached $3.34, a 66% increase compared to Q1 2021.
Truck transportation revenue accounted for 89% of the total revenue, while rail, air, and ocean cargo contributed 10%.
Landstar
Landstar
Landstar Revenue by Segment
Forward Guidance
Landstar anticipates revenue for Q2 2022 to be in the range of $2.0 billion to $2.05 billion, with DEPS expected to be between $3.22 and $3.32. This guidance assumes continued strong demand and a relatively stable revenue per load environment.
Positive Outlook
- Overall truck revenue per load is trending at levels similar to March.
- A relatively stable revenue per load environment is expected to continue throughout the 2022 second quarter.
- Revenue per load on loads hauled via truck in the 2022 second quarter is expected to be in a mid-teen percentage range above the 2021 second quarter.
- Continued strong demand for Landstar's services is expected to persist through the 2022 second quarter.
- The number of loads hauled via truck is expected to increase over the 2021 second quarter in a range of 11 percent to 13 percent.
Challenges Ahead
- Prior year comparisons will become more challenging as we move further into 2022.
- Headwinds relating to inflation and a potential shift in consumer spending pose a risk.
- Potential impacts relating to the war in Ukraine could affect the freight transportation environment.
- It is difficult to predict the future direction of the U.S. freight transportation environment.
- The range of DEPS includes insurance and claims expense estimated at 4.2 percent of BCO revenue.
Revenue & Expenses
Visualization of income flow from segment revenue to net income