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Jun 25, 2022
Landstar Q2 2022 Earnings Report
Landstar's Q2 2022 earnings were released, revealing a record-breaking revenue of $1.975 billion and diluted earnings per share of $3.05.
Key Takeaways
Landstar System reported a record second quarter with revenue reaching $1.975 billion, a 26% increase year-over-year. Net income increased by 22% to $112.6 million, and diluted earnings per share rose by 27% to $3.05, both establishing new all-time second quarter records.
Second quarter revenue reached a record $1.975 billion, up 26% year-over-year.
Net income for the quarter increased 22% to $112.6 million.
Diluted earnings per share were $3.05, a 27% increase compared to the previous year.
Gross profit reached a second quarter record of $208.1 million, 19% above the prior year.
Landstar
Landstar
Landstar Revenue by Segment
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.com Forward Guidance
Landstar anticipates revenue for the third quarter of 2022 to be in the range of $1.80 billion to $1.85 billion and DEPS to be in the range of $2.75 to $2.85.
Positive Outlook
- Truck revenue per load in July has been fairly consistent with May and June 2022.
- Expects the number of loads hauled via truck to increase over the 2021 third quarter in a range of 3 percent to 5 percent.
- Landstar’s relatively stable revenue per load since May is viewed as a positive.
- Quarterly dividend of $0.30 per share payable on August 26, 2022.
- Board intends to pay dividends on a quarterly basis going forward.
Challenges Ahead
- Unease regarding U.S. economic conditions heading into the third quarter.
- Record low level of consumer confidence and high level of inflation.
- Possible further action by the Federal Reserve could cause further recessionary pressure.
- Comparisons to prior year results become more challenging.
- 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