Landstar reports higher 3Q net income

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Landstar System Inc. on Monday, Oct. 24, reported 2011 third-quarter net income of $30.2 million compared to $21.8 million for the 2010 third quarter. Operating margin was 44.7 percent compared to 35.6 percent. Revenue was $684.0 million compared to $622.8 million, which included a one-time charge of $3.8 million related to the buyout by the company of its remaining contingent payment obligation from an acquisition completed in 2009.

“I am extremely pleased with the company’s 2011 third-quarter operating performance,” said Henry Gerkens, chairman, president and chief executive officer of the Jacksonville, Fla.-based company. “Revenue increased 10 percent over the 2010 third quarter, even after taking into account the anticipated revenue decline in our substitute line haul service offering. Excluding the substitute line haul revenue from both the 2011 and 2010 third quarters, revenue increased 16 percent. During the 2011 third quarter, the growth rate in the number of loads hauled increased each month compared to the corresponding prior-year month as we moved through the quarter. Revenue per load continued to be strong.”