Landstar Second Quarter Profits and Revenue (LSTR) Beat and Increase YoY – July 22, 2021
Landstar System‘s (LSTR – Free Report) second quarter 2021 earnings of $ 2.40 per share topped Zacks’ consensus estimate of $ 2.34. The bottom line has jumped more than 100% year over year thanks to higher incomes. The period last year was characterized by a significant slowdown in operations due to weak freight market conditions, thanks to the effects of the coronavirus.
Revenue of $ 1,570.7 million also exceeded Zacks’ consensus estimate of $ 1,497.4 million. Revenue increased 90.7% year over year due to strong performance in the truck, intermodal rail, ocean and air freight carriers segments.
Gross profit (revenue excluding the cost of purchased transportation and agent commissions) was $ 220.8 million in the current quarter, up 95.2% year-over-year.
Operating profit climbed more than 200% from the previous year’s quarter figure to $ 122.25 million. Total costs and expenses (on a reported basis) increased 82.9% to $ 1.45 billion.
Total revenue for the trucking segment – contributing 91.9% of revenue – was $ 1.44 billion, up 91.7% from the year-quarter figure former. In the trucking segment, revenue from van transported increased by more than 100% to reach $ 970.9 million. Revenue from non-lateral / flatbed truck transportation increased 79.6% to $ 444.3 million.
Partial charge revenue increased 26.8% to $ 29.06 million. Global truck transportation revenue in the second quarter increased 38.4% year-on-year.
Rail intermodal revenues of $ 44.36 million increased 91.3% from second quarter 2020 revenue. Marine and air freight segment revenues jumped 96.4% year over year to the next to reach $ 60.24 million. Other income increased 34.3% to $ 21.93 million.
At the end of the second quarter, Landstar, carrying a Zacks Rank # 2 (Buy), had cash and cash equivalents of $ 186.40 million, compared to $ 249.35 million at the end of 2020. Additionally, long-term debt (excluding current maturities) stood at $ 51.18 million at the end of the second quarter compared to $ 65.36 million at the end of 2020. You can see The full list of Zacks # 1 Rank (Strong Buy) stocks today here.
Landstar’s board of directors has approved a dividend increase from 19% to 25 cents per share (annually: $ 1). The amount is payable to shareholders on August 27, dated August 9.
During the second quarter, the company repurchased 150,000 shares for approximately $ 23.8 million.
Landstar forecasts third quarter 2021 revenue to be between $ 1.55 billion and $ 1.60 billion. Earnings per share are estimated to be in the range of $ 2.20 to $ 2.30. Zacks’ consensus estimate for third quarter earnings is set at $ 2.27 per share on revenue of $ 1.44 billion.
In the broader transport sector, Delta Airlines (DAL – Free report), JB Hunt Transport Services (JBHT – Free report) and Kansas City South (KSU – Free Report) recently released second quarter 2021 results.
Delta, carrying a Zacks Rank # 3 (Hold), suffered a loss (excluding $ 2.09 of one-time items) of $ 1.07 per share, lower than Zacks’ consensus estimate. ‘a loss of $ 1.41. Total revenue of $ 7,126 million also exceeded Zacks’ consensus estimate of $ 6,340.9 million.
JB Hunt, ranked Zacks Rank # 2, reported earnings of $ 1.61 per share, beating Zacks’ consensus estimate of $ 1.55. Total operating revenue of $ 2,908.4 million exceeded Zacks’ consensus estimate of $ 2,722 million.
Kansas City Southern, carrying a Zacks Rank # 4 (Sell), reported earnings (excluding $ 6.23 one-time items) of $ 2.06 per share, missing Zacks’ consensus estimate of $ 2.16. However, quarterly revenue of $ 749.5 million exceeded Zacks’ consensus estimate of $ 733.1 million.