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Landstar
🇺🇸 NASDAQ:LSTR
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Dec 31, 2022

Landstar Q4 2022 Earnings Report

Landstar's Q4 2022 performance was impacted by a weaker than typical peak season amid a challenging macroeconomic environment, resulting in decreased revenue and diluted earnings per share compared to the record Q4 2021.

Key Takeaways

Landstar System reported a decrease in revenue to $1.675 billion and diluted earnings per share (DEPS) of $2.60 for Q4 2022, compared to $1.945 billion in revenue and $2.99 DEPS in Q4 2021. The results reflect softer demand and readily available truck capacity, leading to lower truck rates and volumes. However, the company's fiscal year financial performance in 2022 was the best in its history.

Q4 2022 revenue was $1.675 billion, with diluted earnings per share of $2.60.

The number of loads hauled via truck decreased by 5.5% compared to Q4 2021.

Revenue per load on loads hauled via truck decreased by 7% compared to Q4 2021.

Fiscal year 2022 revenue reached a record of approximately $7.4 billion, with diluted earnings per share of $11.76.

Total Revenue
$1.68B
Previous year: $1.95B
-13.9%
EPS
$2.6
Previous year: $2.99
-13.0%
BCO Contractors
10.39K
Truck Brokerage Carriers
66.75K
BCO Trucks
11.28K
Gross Profit
$180M
Previous year: $210M
-14.2%
Cash and Equivalents
$340M
Previous year: $216M
+57.6%
Free Cash Flow
$181M
Previous year: $55.1M
+229.5%
Total Assets
$1.93B
Previous year: $2.05B
-5.6%

Landstar

Landstar

Landstar Revenue by Segment

Forward Guidance

Landstar anticipates revenue for the 2023 first quarter to be in a range of $1.40 billion to $1.45 billion and DEPS to be in a range of $2.05 to $2.15.

Positive Outlook

  • Truck revenue per load has trended reasonably in-line with pre-pandemic historical fourth quarter to first quarter sequential patterns.
  • Landstar's financial performance in 2022 was the best in the Company’s history.
  • Landstar's achievements speak to the strength and resiliency of the Landstar network.
  • Landstar has the power of our unique agent and capacity network to execute.
  • Landstar has continuing ability to attract productive agents and capacity to the network.

Challenges Ahead

  • We begin the year with a much softer freight environment as compared to the beginning of 2022.
  • We enter 2023 with very difficult quarter over prior year quarter comparisons.
  • Lower truck revenue per load will certainly carry forward into the 2023 first quarter.
  • We expect that revenue hauled via these non-trucking modes in the 2023 first quarter to be $100 million to $120 million below the 2022 first quarter.
  • The number of loads hauled via truck has been 10 to 12 percent below the corresponding period of 2022 and overall truck revenue per load has been 15 to 17 percent below the corresponding period of 2022.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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