Transportation conglomerate Landstar System said it posted record net income of $49.2 million on revenue of just over $1.5 billion in 2002, up from the previous year's net income of $42.8 million on revenue of $1.39 billion.
For the fourth quarter, Landstar said its net income rose to $14.5 million on record revenue of $394 million, up from net income of $11.6 million on revenues of $347.8 million during the same quarter in 2001.
Jacksonville, FL-based Landstar noted that the trucking portion of its business generated $1.17 billion in revenue last year, up from $1.09 billion, and its intermodal services group generated $301 million in revenue compared to $271 million the year before.
Chairman & CEO Jeff Crowe pointed out that the company's consolidated revenue increased by more than 13% in the fourth quarter despite a lackluster holiday selling season. The company's consolidated brokerage revenue increased 34%, rail intermodal revenue more than doubled, and revenue hauled by Landstar owner-operators increased over 3%.
Crowe added that he expects Landstar to meet earnings expectations of 57 cents to 65 cents per diluted share in the first quarter and $3.15 to $3.45 per diluted share for 2003.