Landstar posts higher 2Q revenue, net income

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Landstar

Landstar System Inc. on Wednesday, July 14, reported a 31 percent increase in revenue to $641.7 million in the 2010 second quarter, up from $491.2 million in the 2009 second quarter. Net income was $24.4 million compared to $17.9 million. Operating income increased 34 percent to $40.0 million compared to $29.8 million. Truck transportation revenue hauled by business capacity owners and truck brokerage carriers was $592.0 million, or 92 percent of revenue, compared to $453.8 million, or 92 percent of revenue.

“I am very pleased with the company’s performance in the 2010 second quarter,” said Henry Gerkens, chairman, president and chief executive officer of the Jacksonville, Fla.-based company. Revenue increased 31 percent due to stronger volumes and pricing, while operating income increased 34 percent despite higher purchased transportation costs and insurance and claims costs, he said.

“The total number of truck transportation loads hauled by business capacity owners and truck brokerage carriers in the 2010 second quarter was the highest reported number of truck transportation loads hauled by business capacity owners and truck brokerage carriers in any quarter of any year in Landstar’s history,” Gerkens said. “Additionally, from a pricing standpoint, revenue per load for truck transportation on freight hauled by business capacity owners and truck brokerage carriers continued to strengthen as we moved through the 2010 second quarter.”

Gerkens said the overall freight environment continues to be strong. “Recent trends in June, and thus far in July, indicate that both the revenue per load and the number of loads hauled remain strong compared to the corresponding prior-year periods,” he said. “I expect these trends to continue throughout the 2010 third quarter.”