Landstar hauls in a record first quarter

Jacksonville FL-based Landstar System Inc reported record net income of $10.2 million, or 62 cents per diluted share, for first-quarter 2003, compared with net income of $8.5 million, or 51 cents per diluted share, in the 2002 first quarter.

Revenue was a record $366 million for the 13-week period ended March 29, 2003, versus revenue of $336 million in the comparable 2002 period. The operating margin was 4.7% in the 2003 first quarter compared with 4.5% in the 2002 first quarter.

Landstar's carrier group of companies generated $290 million of revenue in the 2003 first quarter compared with revenue of $270 million in the 2002 first quarter.