Landstar System reports Q3 EPS $1.71, consensus $1.71

Reports Q3 revenue $1.29B, consensus $1.31B. “The soft freight market fundamentals experienced during the 2023 second quarter continued throughout the 2023 third quarter and made for challenging comparisons against our record 2022 third quarter performance,” said Landstar President and Chief Executive Officer Jim Gattoni. “Lackluster demand, driven by continued weakness in the U.S. manufacturing sector and the ongoing impact of an inflation-challenged consumer goods sector, plus the continuation of a loose truck capacity market drove Landstar’s truck revenue per load and volumes in the 2023 third quarter below prior year levels. The number of loads hauled via truck declined 16% as compared to the 2022 third quarter, at the high end of the Company’s guidance included as part of the Company’s 2023 second quarter earnings release on July 26, 2023, while truck revenue per load declined 12% as compared to the 2022 third quarter, at the low end of the Company’s previously issued guidance.” Gattoni continued, “The Company’s balance sheet continues to be very strong, with cash and short term investments of approximately $497 million as of September 30, 2023. Cash flow from operations was $304 million through the first three quarters of fiscal year 2023.”