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Mar 29
Landstar Q1 2025 Earnings Report
Landstar reported Q1 2025 results with a decline in EPS and revenue amid a supply chain fraud charge.
Key Takeaways
Landstar System posted weaker Q1 2025 results due to an unexpected $4.8 million pre-tax charge related to supply chain fraud, though truckload volume outpaced Q4 for the first time in 15 years.
EPS was $0.85, including a $0.10 per share impact from supply chain fraud.
Revenue totaled $1.153 billion, down from $1.171 billion YoY.
Net income declined to $29.8 million from $47.1 million YoY.
Truckloads hauled via van and platform equipment declined YoY, but other truck transport rose.
Landstar
Landstar
Landstar Revenue by Segment
Landstar Revenue by Geographic Location
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.comRevenue by Geographic Location
Total Revenue
CapyFin.com Forward Guidance
Landstar anticipates continuing headwinds in freight volumes and rates, with cautious optimism around truckload activity and load counts.
Positive Outlook
- Truckload volume in Q1 exceeded Q4 for the first time in 15 years.
- Active cost recovery efforts underway for fraud-related losses.
- Dividend increased 11% QoQ.
- Strong cash position with $473 million in liquidity.
- Share repurchase program ongoing with authorization for 2.16M shares.
Challenges Ahead
- EPS impacted by $0.10 charge due to supply chain fraud.
- Insurance and claims costs unusually high at 9.3% of BCO revenue.
- Operating income declined to $39.4M from $60M YoY.
- Revenue per load fell 0.6% YoY.
- BCO contractor count decreased YoY, signaling capacity attrition.
Revenue & Expenses
Visualization of income flow from segment revenue to net income