Earnings Watch: Landstar, Celadon, C.H. Robinson, Roadrunner
Earnings season continued this week with one carrier reporting record numbers, another’s were lower, while a third-party logistics provider saw a slightly higher profit for all of last year while a fourth fleet said it will be delayed in announcing its numbers due to an investigation into its accounting practices.
Landstar Reports Record Revenue, Earnings Per Share
Landstar System Inc. reported net income of $39.6 million, or 94 cents per share, in its fiscal 2016 14-week fourth quarter period on revenue of $893 million. This compares to net income of $37.9 million, or 88 cents per share, on revenue of $849 million in the 2015 13-week fiscal fourth quarter.
Revenue and earnings per share for the 2016 fourth quarter are the highest in Landstar history, according to the asset-light company, while earnings per share beat a consensus estimate from analysts by 7 cents.
Gross profit, which the company defines as revenue less the cost of purchased transportation and commissions to agents, was $132.8 million in the 2016 fourth quarter compared to $126.4 million a year earlier. The company says that’s the highest of any quarter in the last 10 years.
Operating income was $63.8 million in the 2016 fourth quarter compared to $62.6 million in the 2015 fourth quarter
“I am very pleased with Landstar’s performance in the 2016 fourth quarter given the challenges of a low growth macro environment and more readily available capacity,” said President and CEO Jim Gattoni. The number of loads hauled via truck in the 2016 fourth quarter increased 11% over the 2015 fourth quarter, while the number of loads hauled via railroads, ocean cargo carriers and air cargo carriers increased 6% over the 2015 fourth quarter, he said.
Truck transportation revenue hauled by independent contractor drivers and truck brokerage carriers in the 2016 fourth quarter was $832.2 million, or 93% of …Read the rest of this story
