Broker Landstar System reported second-quarter earnings per share of $1.48 Tuesday after the market closed. The result was 3 cents ahead of the consensus estimate but 37 cents lower year over year. The company previously guided to an EPS range of $1.35 to $1.55 for the quarter.
Revenue of $1.23 billion was 11% lower y/y and within management’s prior range ($1.2 billion to $1.3 billion). Total loads hauled by truck fell 9% y/y (guidance called for a 5% to 9% decline) with revenue per load down 3% y/y (versus guidance of flat to down 4%).
Revenue increased 5% from the first to the second quarter, the first sequential increase since the second quarter of 2022. Loads were up 4% sequentially and revenue per load was flat.
Landstar (NASDAQ: LSTR) will host a conference call at 5 p.m. EDT on Tuesday to discuss second-quarter results. Stay tuned to FreightWaves for continuing coverage of Landstar’s earnings report.
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