News

Landstar posts record profits for the year

Feb. 10, 2003

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

Sean Kilcarr

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.

About the Author

Sean Kilcarr | Editor in Chief

Sean previously reported and commented on trends affecting the many different strata of the trucking industry. Also be sure to visit Sean's blog Trucks at Work where he offers analysis on a variety of different topics inside the trucking industry.