Landstar posts higher 1Q revenue, net income

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Landstar System on Thursday, April 17, reported revenue in the 2008 first quarter increased about 6 percent to $609 million compared to $577 million for the 2007 first quarter. Net income for the 13-week period ended March 29 was $23.7 million compared to net income of $21.6 million for the 13-week period ended March 31, 2007.

“I am pleased with the company’s 2008 first-quarter performance,” said Henry Gerkens, president and chief executive officer of Jacksonville, Fla.-based Landstar. “Despite a continuing weak freight environment, Landstar continued to increase its revenue. … Landstar’s solid results are directly attributable to sound execution and its unique nonasset based business model.”

Gerkens said he anticipated the second quarter to be similar to that of the first. “I would anticipate revenue for the second quarter of 2008 as compared to the second quarter of 2007 to increase in the mid- to upper-single digits,” he said.