Landstar posts 1% increase in 4Q income

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Landstar System Inc. said its fourth-quarter profit rose 1 percent despite a decline in revenue from a Federal Aviation Administration contract. Fourth-quarter earnings rose to $29 million from $28.7 million in the prior-year period. Quarterly revenue grew 5 percent to $642.9 million from $611.3 million.

Landstar noted that its year-over-year comparison was affected by the FAA contract, which contributed more revenue during the fourth quarter of 2006. “Overall, although van pricing remained challenging, market share gains resulted in stronger volumes across both of the company’s operating segments,” said Henry Gerkens, president and chief executive officer of the Jacksonville, Fla.-based company. “In short, Landstar had a very good quarter in a difficult freight market.”

For the full fiscal year, Landstar earnings fell 3 percent to $109.7 million from $113.1 million the year before. Full-year revenue dipped 1 percent to $2.49 billion from $2.51 billion in 2006.