Landstar Q4 2020 Earnings Report
Key Takeaways
Landstar System reported record-breaking Q4 2020 results, with revenue reaching $1.296 billion and diluted earnings per share at $1.70. Gross profit also reached an all-time quarterly high. The company experienced strong demand, especially in truckload van equipment, and successfully navigated challenges posed by the COVID-19 pandemic.
Landstar's Q4 2020 revenue reached a record $1.296 billion.
Diluted earnings per share were reported at a record $1.70, including a one-time cost of $0.31 related to agent buyouts.
Gross profit for the quarter hit a record $182.4 million, a 23% increase from Q4 2019.
Truckload van equipment revenue increased significantly, driven by consumer demand and e-commerce.
Landstar
Landstar
Landstar Revenue by Segment
Forward Guidance
Landstar anticipates that the macroeconomic environment experienced in the latter half of 2020 will continue, with strong consumer demand and tight truck capacity. As a result, the company expects Q1 2021 revenue to be in the range of $1.10 billion to $1.15 billion and diluted earnings per share to be in the range of $1.55 to $1.65.
Positive Outlook
- Demand for substitute line haul services expected to remain strong.
- Revenue and diluted earnings per share in Q1 2021 expected to be well above that of Q1 2020.
- Number of loads hauled via truck in Q1 2021 expected to exceed Q1 2020 in a high single-digit percentage range.
- Revenue per load on loads hauled via truck in Q1 2021 expected to exceed Q1 2020 in a mid-teen percentage range.
- The estimated range of diluted earnings per share includes insurance and claims expense estimated at 4.6 percent of BCO revenue.
Revenue & Expenses
Visualization of income flow from segment revenue to net income