Landstar System(US:LSTR)2022-01-27 18:03Financial Performance - Landstar System achieved record-breaking annual performance in 2021, with record diluted earnings per share (DEPS) of $2.99 in the fourth quarter[1] - Q4 2021 revenue reached a record $1.945 billion, a 50% increase compared to $1.296 billion in Q4 2020[1] - Net income for Q4 2021 was $113.3 million, or $2.99 DEPS, compared to $65.1 million, or $1.70 DEPS, in Q4 2020[1] - Operating income grew to a quarterly record of $148.7 million in Q4 2021, a 76% increase from $84.4 million in Q4 2020[1] - Gross profit in Q4 2021 was $209.8 million, an all-time quarterly record, compared to $141.7 million in Q4 2020[2] - Variable contribution reached a record $263.3 million in Q4 2021, compared to $182.4 million in Q4 2020[2] - Fiscal year 2021 revenue was approximately $6.5 billion, an annual record, $1.9 billion higher than the previous record set in 2018[8] - Diluted earnings per share in 2021 was an annual record of $9.98, an increase of $3.80, or 61% from the prior fiscal year record of $6.18 in 2018[8] Operational Highlights - Truck transportation revenue in Q4 2021 was $1.745 billion, representing 90% of revenue, compared to $1.202 billion, or 93% of revenue, in Q4 2020[5] - Revenue hauled by rail, air, and ocean cargo carriers was $174.6 million, or 9% of revenue, in Q4 2021, compared to $75.7 million, or 6% of revenue, in Q4 2020[5] - Truckload transportation revenue via van equipment in Q4 2021 was $1.024 billion, a 45% increase compared to $706.7 million in Q4 2020[6] - Truckload transportation revenue via unsided/platform equipment in Q4 2021 was $436.7 million, a 40% increase compared to $311.3 million in Q4 2020[6]