Landstar System on Thursday, July 26, reported 2012 second-quarter net income of $35.9 million compared to net income of $29.6 million for the 2011 second quarter. Operating margin was 50.4 percent compared to 43.6 percent, and revenue was a second-quarter record of $736.0 million compared to $675.6 million.
Truck transportation revenue hauled by the company’s owner-operators and truck brokerage carriers was $680.0 million, or 92 percent of revenue, compared to $621.5 million, or 92 percent of revenue.
“Landstar’s 2012 second-quarter performance was the best second-quarter operating performance in Landstar history,” said Henry Gerkens, chairman, president and chief executive officer of the Jacksonville, Fla.-based company. “The record second-quarter performance was led by continued strength in demand for Landstar’s truck transportation services as Landstar continues to execute on its solutions-oriented approach to customers.”
Gerkens said the increase in pricing on truck transportation on a quarter-over-prior-year-quarter basis has moderated to some degree as anticipated, but still remained high in relation to historical amounts. “Available truck capacity in the flatbed/unsided trailing equipment market continued to lag demand, and available truck capacity in the van arena was in line with demand,” he said. “Historically, revenue in the company’s core business during the fiscal third quarter has been relatively consistent with revenue generated in the company’s core business during the fiscal second quarter.”