NASDAQ$LSTR
Landstar System Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Landstar's Q4 2023 earnings decreased compared to Q4 2022, influenced by a soft macro-freight environment and an extra operating week in the previous year. Revenue and EPS were both lower, but the company maintains a strong balance sheet and is positioned to capitalize on future market improvements.
Landstar System reported Q4 2023 revenue of $1.204 billion and EPS of $1.62, compared to revenue of $1.675 billion and EPS of $2.60 in Q4 2022. The results reflect a challenging freight environment and an additional operating week in the prior year.
- Q4 2023 revenue was $1.204 billion, a decrease from $1.675 billion in Q4 2022.
- EPS for Q4 2023 was $1.62, down from $2.60 in Q4 2022.
- The number of loads hauled via truck declined by 22% compared to Q4 2022.
- Cash and short-term investments totaled approximately $541 million as of December 30, 2023.
Headline financials
Revenue & EPS history
Landstar · Revenue · Quarterly
$1.2B
Revenue by segment
Landstar · $1.29B total across 7 segments · Q3 2023
- Truckload: Van equipment$666M-27.2%51.6%
- Truckload: Unsided/platform equipment$378M-16.7%29.3%
- Other truck transportation$102M-47.8%7.9%
- Ocean and air cargo carriers$65.8M-59.9%5.1%
- Less-than-truckload$28.1M-20.5%2.2%
- Other$26.7M+4.8%2.1%
- Rail intermodal$23.1M-16.6%1.8%
Forward guidance
Landstar anticipates Q1 2024 revenue to be in the range of $1.10 billion to $1.15 billion and EPS to be in the range of $1.25 to $1.35.
Tailwinds
- The number of loads hauled via truck and truck revenue per load have each trended reasonably in-line with historical, pre-pandemic end of fourth quarter to the beginning of first quarter sequential patterns.
- Company is well positioned to capitalize when freight market fundamentals improve.
- The Company’s balance sheet continues to be very strong, with cash and short term investments of approximately $541 million as of December 30, 2023.
- It is currently the intention of the Board to pay dividends on a quarterly basis going forward.
- Landstar's financial performance in 2023 was admirable, considering the very difficult freight transportation backdrop.
Headwinds
- Revenue per load on loads hauled via truck to be in a range of 8% to 10% below the 2023 first quarter.
- The number of loads hauled via truck to be in a range of 14% to 16% below the 2023 first quarter.
- Typically, revenue in the first quarter is expected to be lower than the revenue of the immediately preceding fourth quarter.
- Soft macro-freight environment experienced throughout 2023 continued through the 2023 fourth quarter.
- The soft macro-freight environment, along with the additional operating week in the 2022 fourth quarter, made for challenging 2023 fourth quarter to 2022 fourth quarter comparisons
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
-0.5%
Avg return
Earnings day
-0.1%
Avg return
5 days after
+1.3%
Avg return
30 days after
43%
29 / 68 earnings
Positive
+6.3%
Q3 2016
Best reaction
-8.8%
Q2 2017
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.8% | +0.8% | +12.9% | |
| Q4 2025 | -2.3% | -3.4% | -2.5% | |
| Q3 2025 | -3.7% | -2.8% | +1.1% | |
| Q1 2025 | -2.5% | +0.9% | -2.4% | |
| Q4 2024 | -3.5% | -5.9% | -8.2% | |
| Q3 2024 | -2.5% | -2.4% | +2.6% | |
| Q2 2024 | -0.5% | -3.4% | -5.5% | |
| Q1 2024 | +3.1% | +3.0% | +4.6% | |
| Q4 2023 | -2.0% | -1.2% | -4.2% | |
| Q3 2023 | -2.3% | -1.6% | +4.8% | |
| Q2 2023 | -1.6% | +0.3% | -7.9% | |
| Q1 2023 | -1.4% | +0.8% | -0.6% | |
| Q4 2022 | +6.2% | +5.9% | +5.5% | |
| Q3 2022 | -1.0% | +0.3% | +11.5% | |
| Q2 2022 | -0.8% | -3.7% | +1.6% | |
| Q1 2022 | +4.8% | +5.9% | -1.5% | |
| Q4 2021 | -7.1% | -1.7% | -3.3% | |
| Q3 2021 | +3.0% | +4.8% | +3.5% | |
| Q2 2021 | -3.1% | -0.4% | +2.3% | |
| Q1 2021 | -3.4% | -3.2% | -4.4% | |
| Q4 2020 | -5.0% | -6.1% | +6.9% | |
| Q3 2020 | +2.4% | +2.5% | +1.2% | |
| Q2 2020 | +0.1% | +0.6% | +9.0% | |
| Q1 2020 | +3.7% | +10.1% | +14.8% | |
| Q4 2019 | +0.4% | -1.0% | -9.9% | |
| Q3 2019 | -0.6% | +2.0% | -3.9% | |
| Q2 2019 | +0.8% | +1.0% | -5.2% | |
| Q1 2019 | +2.5% | -2.3% | -7.9% | |
| Q4 2018 | -1.6% | +1.3% | +5.9% | |
| Q3 2018 | -1.5% | -1.7% | +3.0% | |
| Q2 2018 | +1.6% | +2.0% | +8.3% | |
| Q1 2018 | -5.0% | -3.8% | +7.0% | |
| Q4 2017 | +4.0% | -1.5% | -0.9% | |
| Q3 2017 | +0.2% | -1.3% | -1.7% | |
| Q2 2017 | -8.8% | -7.0% | -6.4% | |
| Q1 2017 | +0.1% | -1.3% | -3.8% | |
| Q4 2016 | -1.0% | -0.3% | +3.1% | |
| Q3 2016 | +6.3% | +8.8% | +23.7% | |
| Q2 2016 | -1.6% | -0.3% | -1.9% | |
| Q1 2016 | -0.6% | — | — | |
| Q4 2015 | +0.3% | — | — | |
| Q3 2015 | -4.1% | — | — | |
| Q2 2015 | +1.9% | — | — | |
| Q1 2015 | -1.2% | — | — | |
| Q4 2014 | -0.7% | — | — | |
| Q3 2014 | -0.1% | — | — | |
| Q2 2014 | +5.2% | — | — | |
| Q1 2014 | +3.2% | — | — | |
| Q4 2013 | +2.0% | — | — | |
| Q3 2013 | -6.9% | — | — | |
| Q2 2013 | +2.9% | — | — | |
| Q1 2013 | -1.7% | — | — | |
| Q4 2012 | -2.7% | — | — | |
| Q3 2012 | +1.6% | — | — | |
| Q2 2012 | +4.1% | — | — | |
| Q1 2012 | -5.6% | — | — | |
| Q4 2011 | +0.3% | — | — | |
| Q3 2011 | -2.4% | — | — | |
| Q2 2011 | -2.8% | — | — | |
| Q1 2010 | -1.4% | — | — | |
| Q1 2011 | -1.4% | — | — | |
| Q4 2008 | -1.1% | — | — | |
| Q4 2010 | -1.1% | — | — | |
| Q3 2010 | +0.3% | — | — | |
| Q3 2009 | +0.3% | — | — | |
| Q2 2010 | +1.2% | — | — | |
| Q2 2009 | +1.2% | — | — | |
| Q4 2009 | +1.2% | — | — |
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