Landstar System Issues Q1 Outlook - Quick Facts

(RTTNews) - Landstar System, Inc. (LSTR) said, assuming the current environment continues throughout the 2017 first quarter, the company anticipates revenue for the 2017 first quarter to be in a range of $725 million to $775 million. The company anticipates first quarter earnings per share to be in a range of $0.70 to $0.75.

Landstar's CEO Jim Gattoni said, "With respect to near term performance, during the first three weeks of the 2017 first quarter, we are experiencing growth in the number of loads hauled via truck, but at a somewhat lower rate as compared to the quarter-over-quarter volume growth rates experienced during the 2016 fourth quarter. I expect the number of loads hauled via truck in the 2017 first quarter to increase in a mid to high-single digit range over the 2016 first quarter. As it pertains to revenue per load on loads hauled via truck, rates appear to have stabilized over the last several months and I do not expect a significant change in the rate environment over the balance of the 2017 first quarter. As such, I expect revenue per load on loads hauled via truck in the 2017 first quarter to be equal to or slightly below the 2016 first quarter."

Landstar System, Inc. reported net income of $39.6 million, or $0.94 per share, in the 2016 fourteen-week fourth quarter on revenue of $893 million. The company reported net income of $37.9 million, or $0.88 per share, on revenue of $849 million in the prior year thirteen-week fourth quarter.

Landstar announced that its Board has declared a quarterly dividend of $0.09 per share payable on March 17, 2017 to stockholders of record at the close of business on February 20, 2017. It is currently the intention of the Board to pay dividends on a quarterly basis going forward.