Landstar System reports 10% revenue increase in third quarter
Landstar System, Inc has reported its third quarter operating margin was 44.7% in 2011, compared to 35.6% in the third quarter of 2010. The 2011 figure was a third quarter record for the company. Revenue for the quarter was $684.0m compared to $622.8m in the corresponding quarter of 2010.
Truck transportation revenue hauled by independent business capacity owners (BCOs) and truck brokerage carriers was $625.8m, or 91% of revenue in the third quarter of 2011, compared to $573.5m, or 92% of revenue, in the 2010 third quarter. Also included in revenue hauled by third-party truck capacity providers was revenue generated under the company’s less-than-truckload substitute line haul service offering of $17.1m and $48.4m in the 2011 and 2010 third quarters, respectively.
Revenue hauled by rail, air and ocean cargo carriers was $44.5m, or 7% of revenue, in the 2011 third quarter compared to $36.2m, or 6% of revenue, in the 2010 third quarter. Transportation management fee revenue generated by the supply chain solutions companies was $5.0m and $4.3m in the 2011 and 2010 third quarters, respectively.
"I am extremely pleased with the company’s 2011 third quarter operating performance," said Henry Gerkens, Landstar’s Chairman, President and CEO. "Revenue increased 10% 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%. 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. Consolidated operating income increased 38%, while earnings per diluted share increased 45% to $0.64 per diluted share, the best third quarter diluted earnings per share in Landstar history."
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