Trucking conglomerate Landstar System said its net income increased slightly in the first quarter of 2002, despite having higher expenses and a larger fleet when compared to the same period last year.
Jacksonville, FL-based Landstar said net income topped $8.5 million in this quarter, up from net income of $8.4 million in the first quarter of 2001. Revenue topped $336 million, compared to $331 million for the same quarter last year. Landstar's truckload carrier group generated $270 million in revenues this quarter, compared to $263 million last year, with its multimodal services group making $59 million compared to revenues of $62 million in the first quarter of 2001.
Chairman & CEO Jeff Crowe said freight demand was relatively soft in the first two months of the first quarter, but business levels strengthened in March. He said the company ended the first quarter of 2002 with 8,814 trucks – 35 more than at the end of 2001 and 234 more compared to the first quarter of 2001. Crowe added that he expects Landstar to have 200 to 300 trucks by the end of this year.