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Landstar System Inc - Stock Quote LSTR

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Morningstar's Landstar System Inc Stock Analysis

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Exceptional Growth Lingers into Landstar's Q1; We Expect Normalization but not a Freight Recession

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA |

Wide-moat truck broker Landstar’s first-quarter gross revenue continued its strong growth trajectory, rising 53% year over year—ahead of our forecast as increases in both loads and pricing (revenue per load) exceeded our expectations. Relative to the year-ago period, growth continued to be driven by healthy underlying dry van and flatbed demand rooted in heavy retailer restocking and favorable industrial end markets. Further, extremely tight TL-market capacity continued to supported excellent core rate gains, especially in the spot market where Landstar has heavy exposure.

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Landstar System Inc's Company Profile

Business Description

Landstar System is an agent based 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 Mar 31, 2022
Fiscal Year End Dec 28, 2020
Stock Type Cyclical
Employees 1,399

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