Landstar reports higher 4Q profit

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Landstar System Inc. on Tuesday, Feb. 1, reported 2010 fourth-quarter net income of $24.1 million compared to net income of $18.6 million for the 2009 fourth quarter. Revenue was $587.5 million compared to $547.7 million.

Truck transportation revenue hauled by independent business capacity owners and truck brokerage carriers was $537.6 million, or 91 percent of revenue, compared to $498.4 million, or 91 percent of revenue. Revenue hauled by rail, air and ocean cargo carriers was $36.7 million, or 6 percent of revenue, compared to $35.0 million, or 6 percent of revenue. Transportation management fee revenue generated by the supply chain solutions companies was $4.4 million, or 1 percent of revenue, in both the 2010 and 2009 fourth quarters.

“I am very pleased with the way the company finished the year,” said Henry Gerkens, chairman, president and chief executive officer of Jacksonville, Fla.-based Landstar. Gerkens said revenue in the 2010 fourth quarter compared to revenue in the 2009 fourth quarter was impacted negatively by a decrease in the number of loads hauled under the company’s less-than-truckload substitute linehaul service offering, while revenue under the company’s LTL substitute linehaul service offering decreased to 4 percent of revenue in the 2010 fourth quarter compared to 13 percent of revenue in the 2009 fourth quarter.

“Excluding the impact of the revenue decline in this service offering, the total number of truck transportation loads hauled in the 2010 fourth quarter increased 8 percent over the 2009 fourth quarter, and revenue per load for truck transportation for the fourth quarter of 2010 increased 12 percent over the 2009 fourth quarter.” Gerkens said. “In addition, the number of loads hauled by air and ocean carriers in the 2010 fourth quarter increased 50 percent and 31 percent, respectively, over the 2009 fourth quarter.”