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Jul 01, 2023
Landstar Q2 2023 Earnings Report
Landstar's revenue and diluted earnings per share decreased compared to Q2 2022, reflecting a challenging freight environment and tough year-over-year comparisons.
Key Takeaways
Landstar System reported a decrease in revenue to $1.374 billion and diluted earnings per share (DEPS) of $1.85 for the second quarter of 2023, compared to $1.975 billion in revenue and $3.05 DEPS in the same quarter of the previous year. The results reflect a softened domestic freight environment and difficult year-over-year comparisons following a record-setting 2022.
Revenue for Q2 2023 was $1.374 billion, a decrease from $1.975 billion in Q2 2022.
Diluted earnings per share (DEPS) for Q2 2023 were $1.85, down from $3.05 in Q2 2022.
The number of loads hauled via truck decreased by 16% compared to Q2 2022.
Revenue per load on loads hauled via truck decreased by 15% compared to Q2 2022.
Revenue by Segment
Forward Guidance
Landstar anticipates revenue for the third quarter of 2023 to be in the range of $1.275 billion to $1.325 billion, with DEPS expected to be in the range of $1.65 to $1.75. This includes estimated insurance and claims costs of approximately 5.4% of BCO revenue and an effective income tax rate of 24.5%.
Challenges Ahead
- Revenue per load on loads hauled via truck is expected to be 10% to 12% below Q3 2022.
- The number of loads hauled via truck is expected to be 16% to 18% below Q3 2022.
- Insurance and claims costs are estimated to be 5.4% of BCO revenue for Q3 2023.
- The anticipated range of DEPS for the 2023 third quarter also reflects an estimated effective income tax rate of 24.5%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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