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Landstar System Inc LSTR

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Landstar’s Q4 Truckload Volume and Rate Gains Surge; Operating Margins Excellent  

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA |

Wide-moat truck broker Landstar’s fourth-quarter gross revenue soared 30% year over year as the truckload backdrop has swung decidedly favorable since the summer months. Dry van demand is seeing tailwinds from staggeringly strong consumer goods spending and related retailer restocking. U.S. industrial end markets are still sluggish but sequential progress lifted flatbed demand. On top of that, truckload market capacity tightened and spot-rates have surged. The firm also saw a jump in substitute linehaul opportunities serving the parcel carriers. Overall, total-truckload volumes rose 13%, while average revenue per load jumped a notable 16%.

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Company Profile

Business Description

Landstar System is an asset-light third-party logistics provider focused on over-the-road truck transportation (92% of revenue). It also offers intermodal (3%) and global air and ocean forwarding (3%). The remainder of its revenue stems from warehousing services and premiums from insurance programs offered to captive owner-operators.

13410 Sutton Park Drive South
Jacksonville, FL, 32224
T +1 904 398-9400
Sector Industrials
Industry Integrated Freight & Logistics
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 28, 2020
Stock Type Cyclical
Employees 1,320