Landstar 3Q Profits Rise

Jacksonville, FL-based truckload carrier Landstar System reported strong third-quarter profits of $21.6 million on revenues of $527 million. This marks a year-over-year increase from earnings of $ 11.8 million on revenues of $407 million.

The company also gained $27.9 million in revenues – and $3.1 million worth of net income – for emergency transportation services provided to the Federal Aviation Administration in the wake of the hurricanes that hit the southeastern U.S. this year.

For the first nine months of 2004, Landstar said it earned $47.3 million on revenues of $1.43 billion, compared to net income of $35.6 million on revenues of $1.16 billion over the same period last year.

Landstar president & CEO Henry Gerkens added that the carrier should see strong revenues and earnings through the balance of the year.

“I anticipate revenue growth for the fourth quarter to be within a range of 16% to 21%, [which] includes additional emergency transportation services provided to the FAA [worth between] $9 million to $14 million,” he said, adding that earnings for the fourth quarter should range between 63 and 71 cents per share

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