Landstar System(US:LSTR)2024-04-25 11:18Revenue and Earnings - First quarter revenue of $1.171 billion and earnings per share of $1.32[1][2] - Total revenue for the thirteen weeks ended March 30, 2024, was $1,171,043 thousand, a decrease from $1,435,675 thousand in the same period in 2023[16] Truck Transportation Revenue - Truck transportation revenue hauled by independent business capacity owners and truck brokerage carriers was $1,068.9 million, or 91% of total revenue[4] - Truckload transportation revenue hauled via van equipment was $628.3 million, down from $755.1 million in the first quarter of 2023[4] - Revenue from other truck transportation, largely related to power-only services, was $72.0 million compared to $159.5 million in the first quarter of 2023[4] - Truck transportation revenue decreased to $1,068,932 thousand in Q1 2024 from $1,323,708 thousand in Q1 2023, with van equipment revenue dropping to $628,304 thousand from $755,083 thousand[16] Load and Revenue per Load - Number of loads hauled via truck declined 13% and truck revenue per load declined 7% compared to the first quarter of 2023[5] - Revenue per load for van equipment decreased to $2,101 in Q1 2024 from $2,275 in Q1 2023, while unsided/platform equipment revenue per load slightly decreased to $2,908 from $2,960[16] Gross Profit and Variable Contribution - Gross profit in the first quarter was $113.9 million and variable contribution was $168.2 million[6] - Gross profit margin declined to 9.7% in Q1 2024 from 10.7% in Q1 2023, with gross profit decreasing to $113,902 thousand from $152,948 thousand[19] - Variable contribution margin remained stable at 14.4% in Q1 2024 compared to 14.5% in Q1 2023, with variable contribution decreasing to $168,240 thousand from $208,706 thousand[19] Cash and Investments - Cash and short-term investments totaled approximately $530 million as of March 30, 2024[7] - Trailing twelve-month return on average shareholders' equity was 23% and return on invested capital was 22%[7] Dividends - Quarterly dividend of $0.33 per share declared, payable on May 24, 2024[2] Revenue from Other Carriers - Revenue hauled by rail, air and ocean cargo carriers was $76.8 million, or 7% of total revenue[4] BCO Independent Contractors - BCO Independent Contractors accounted for 39% of total revenue in Q1 2024, up from 36% in Q1 2023[16] - Total available truck capacity providers decreased to 80,858 in Q1 2024 from 102,660 in Q1 2023, with BCO Independent Contractors decreasing to 8,619 from 9,996[16] Costs - Purchased transportation costs decreased to $905,521 thousand in Q1 2024 from $1,101,294 thousand in Q1 2023[19] - Commissions to agents decreased to $97,282 thousand in Q1 2024 from $125,675 thousand in Q1 2023[19] - Insurance-related costs decreased to $26,778 thousand in Q1 2024 from $28,260 thousand in Q1 2023[19]