We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Landstar (LSTR) Q3 Earnings Beat Estimates, Revenues Lag
Read MoreHide Full Article
Landstar System, Inc. (LSTR - Free Report) third-quarter 2023 earnings per share (EPS) of $1.71 beat the Zacks Consensus Estimate by a penny but fell 38% year over year. Revenues of $1,289.34 million lagged the Zacks Consensus Estimate of $1,296.5 million but declined 29% year over year.
Operating income fell 39.8% from the prior-year quarter’s figure to $80.34 million. Total costs and expenses (on a reported basis) decreased 27.9% to $1,212.01 million.
Total revenues in the truck transportation segment, contributing to 91% of the top line, amounted to $1.17 billion, down 26.5% from the year-ago quarter’s figure. Rail intermodal revenues of $23.06 million decreased 16.5% from the figure recorded in third-quarter 2022.
Revenues in the ocean and air-cargo carrier segments declined 59.9% year over year to $65.82 million. Other revenues increased 4.8% to $26.69 million.
Landstar System, Inc. Price, Consensus and EPS Surprise
At the end of third-quarter 2023, Landstar had cash and cash equivalents of $439.66million compared with $360.52million recorded at the prior-quarter end. Additionally, long-term debt (excluding current maturities) totaled $46.17 million at the end of the third quarter compared with $53.14 million at the second-quarter end.
LSTR is currently authorized to purchase up to 2,910,339 shares under its previously announced share purchase programs. LSTR’s board of directors has declared a quarterly dividend of 33 cents per share, payable on Dec 1, 2023, to stockholders of record as of the close of business on Nov 7.
Q4 Outlook
Landstar anticipates fourth-quarter 2023 revenues in the range of $1.225 billion-$1.275 billion. EPS for the fourth quarter is estimated to be between $1.60 and $1.70. LSTR expects fourth-quarter effective income tax rate of 24.5%.
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) third-quarter 2023 EPS of $1.80 missed the Zacks Consensus Estimate of $1.85 and declined 30% year over year.
JBHT’s total operating revenues of $3,163.8 million also lagged the Zacks Consensus Estimate of $3,224 million and fell 18% year over year. Total operating revenues, excluding fuel surcharges, decreased 15% year over year.
Delta Air Lines, Inc. (DAL - Free Report) reported third-quarter 2023 EPS (excluding 31 cents from non-recurring items) of $2.03, which comfortably beat the Zacks Consensus Estimate of $1.92 and improved 35% on a year-over-year basis.
DAL’s revenues of $15,488 million beat the Zacks Consensus Estimate of $15,290.4 million and increased 11% on a year-over-year basis, driven by higher air travel demand.
Alaska Air Group, Inc. (ALK - Free Report) reported third-quarter 2023EPS of $1.83, which missed the Zacks Consensus Estimate of $1.88 and declined 28% year over year.
Operating revenues of $2,839 million missed the Zacks Consensus Estimate of $2,876.1 million. The top line jumped 0.4% year over year, with passenger revenues accounting for 92.2% of the top line and increasing 0.1% owing to continued recovery in air-travel demand.
See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Landstar (LSTR) Q3 Earnings Beat Estimates, Revenues Lag
Landstar System, Inc. (LSTR - Free Report) third-quarter 2023 earnings per share (EPS) of $1.71 beat the Zacks Consensus Estimate by a penny but fell 38% year over year. Revenues of $1,289.34 million lagged the Zacks Consensus Estimate of $1,296.5 million but declined 29% year over year.
Operating income fell 39.8% from the prior-year quarter’s figure to $80.34 million. Total costs and expenses (on a reported basis) decreased 27.9% to $1,212.01 million.
Total revenues in the truck transportation segment, contributing to 91% of the top line, amounted to $1.17 billion, down 26.5% from the year-ago quarter’s figure. Rail intermodal revenues of $23.06 million decreased 16.5% from the figure recorded in third-quarter 2022.
Revenues in the ocean and air-cargo carrier segments declined 59.9% year over year to $65.82 million. Other revenues increased 4.8% to $26.69 million.
Landstar System, Inc. Price, Consensus and EPS Surprise
Landstar System, Inc. price-consensus-eps-surprise-chart | Landstar System, Inc. Quote
Liquidity, Dividends & Buyback
At the end of third-quarter 2023, Landstar had cash and cash equivalents of $439.66million compared with $360.52million recorded at the prior-quarter end. Additionally, long-term debt (excluding current maturities) totaled $46.17 million at the end of the third quarter compared with $53.14 million at the second-quarter end.
LSTR is currently authorized to purchase up to 2,910,339 shares under its previously announced share purchase programs. LSTR’s board of directors has declared a quarterly dividend of 33 cents per share, payable on Dec 1, 2023, to stockholders of record as of the close of business on Nov 7.
Q4 Outlook
Landstar anticipates fourth-quarter 2023 revenues in the range of $1.225 billion-$1.275 billion. EPS for the fourth quarter is estimated to be between $1.60 and $1.70. LSTR expects fourth-quarter effective income tax rate of 24.5%.
Currently, Landstar carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Transportation Companies
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) third-quarter 2023 EPS of $1.80 missed the Zacks Consensus Estimate of $1.85 and declined 30% year over year.
JBHT’s total operating revenues of $3,163.8 million also lagged the Zacks Consensus Estimate of $3,224 million and fell 18% year over year. Total operating revenues, excluding fuel surcharges, decreased 15% year over year.
Delta Air Lines, Inc. (DAL - Free Report) reported third-quarter 2023 EPS (excluding 31 cents from non-recurring items) of $2.03, which comfortably beat the Zacks Consensus Estimate of $1.92 and improved 35% on a year-over-year basis.
DAL’s revenues of $15,488 million beat the Zacks Consensus Estimate of $15,290.4 million and increased 11% on a year-over-year basis, driven by higher air travel demand.
Alaska Air Group, Inc. (ALK - Free Report) reported third-quarter 2023 EPS of $1.83, which missed the Zacks Consensus Estimate of $1.88 and declined 28% year over year.
Operating revenues of $2,839 million missed the Zacks Consensus Estimate of $2,876.1 million. The top line jumped 0.4% year over year, with passenger revenues accounting for 92.2% of the top line and increasing 0.1% owing to continued recovery in air-travel demand.