Landstar System Inc, based in Jacksonville FL, reported revenue rose 15% to a record $421 million in the 2004 first quarter from $366 million in the 2003 first quarter. First-quarter 2004 net income was $8.1 million, compared with net income of $10.2 million for the 2003 first quarter.
The carrier group of companies generated $322 million of revenue in the 2004 first quarter, versus revenue of $290 million in the 2003 first quarter. Landstar's multimodal services group of companies generated $92 million of revenue in the 2004 first quarter in contrast with $69 million of revenue in the 2003 first quarter.
"We are off to a great start," said Jeff Crowe, Landstar chairman and chief executive officer. "Consolidated revenue increased by 15% to the highest first quarter revenue in Landstar history. This increase reflected strong growth at the carrier segment and a 34% increase in revenue at the multimodal segment."