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Sep 25, 2021
Landstar Q3 2021 Earnings Report
Landstar's Q3 2021 earnings marked record quarterly revenue and diluted earnings per share.
Key Takeaways
Landstar System reported record quarterly revenue of $1.734 billion, a 60% increase compared to Q3 2020. Net income reached a record $98.7 million, with diluted earnings per share of $2.58. Operating income also hit a record of $131.4 million, up 60% from the previous year.
Revenue, operating income, net income, and diluted earnings per share increased significantly compared to Q3 2020.
Gross profit reached an all-time quarterly record of $189.2 million.
Variable contribution also reached an all-time quarterly record of $242.3 million.
The company anticipates establishing new all-time fiscal year records in 2021 with annual revenue expected to be in excess of $6 billion and diluted earnings per share expected to be in excess of $9.55.
Revenue by Segment
Forward Guidance
Landstar anticipates continued solid performance in Q4 2021, with revenue expected to be in the range of $1.70 billion to $1.75 billion and diluted earnings per share in the range of $2.55 to $2.65.
Positive Outlook
- Broad-based economic strength will support a strong freight environment.
- Likely to continue to be in a capacity-constrained environment, which should continue to support elevated truck revenue per load.
- Revenue per load on loads hauled via truck and the number of loads hauled via truck are trending fairly consistent with historical third to fourth quarter sequential patterns.
- Expect normal seasonal trends in revenue per load and load volume on loads hauled via truck as we move through the final months of 2021.
- Both revenue per load and load volume on loads hauled via truck would establish new fourth quarter records in the 2021 fourth quarter.
Challenges Ahead
- Insurance and claims costs of 4.3 percent of BCO revenue is assumed.
- Normal seasonal trends in revenue per load and load volume on loads hauled via truck as we move through the final months of 2021.
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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