Landstar System Inc. saw revenue and earnings reach records during the third quarter of 2021, the company reported Oct. 20.
The Jacksonville, Fla.-based truckload carrier posted a quarterly record for net income at $98.7 million, or diluted earnings per share of $2.58, for the three months ending Sept. 30. That compared with $61.9 million, $1.61, during the same time the previous year. Total Q3 revenue increased by 60% to a record $1.734 billion from $1.086 billion.
The results were above the expectations of investment analysts on Wall Street, who had been looking for EPS of $2.50 per share and quarterly revenue of $1.70 billion, according to Zacks Consensus Estimate.
“Following a record-breaking 2021 second quarter, the 2021 third quarter reset the standard as the best quarterly financial performance in Landstar history,” Landstar CEO Jim Gattoni said in a statement. “Our load volume hauled by truck in the third quarter grew 22% compared to the 2020 third quarter, which at the time was the second-highest third quarter load volume hauled by truck in Landstar history.”
Gattoni continued, “Our 2021 third-quarter performance was particularly impressive considering we were following an already record-setting second quarter, and, in most years, load volume hauled by truck experiences a slight decrease sequentially from the second quarter to the third quarter. We attribute this unseasonal increase in volume to ongoing, broad-based demand for freight transportation services, with particular strength in sectors benefiting from consumer spending that has continued to be a big driver of freight activity.”
Truck transportation revenue hauled by independent business capacity owners and truck brokerage carriers in Q3 increased 57.2% to $1.581 billion from $1.006 billion during the same time last year. This represents 91% of Landstar’s total revenue.
Van equipment contributed $918.1 million to truck transportation revenue compared with $578.2 million last year. Revenue hauled by unsided/platform equipment increased 44% to $423 million from $294.3 million. Other truck transportation revenue, including power only, expedited, straight truck, cargo van and miscellaneous, increased 92% to $208.8 million from $108.6 million.
Revenue hauled by rail, air and ocean cargo carriers increased 107.4% to $128.6 million from $62 million last year.