icon News


Landstar Reports Record Earnings, Revenue for Q3


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.