U.S. Markets closed

Landstar beats Street 1Q forecasts

JACKSONVILLE, Fla. (AP) _ Landstar System Inc. (LSTR) on Wednesday reported first-quarter net income of $32.4 million.

On a per-share basis, the Jacksonville, Florida-based company said it had net income of 77 cents.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 73 cents per share.

The freight shipper and warehouser posted revenue of $780.9 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $753.9 million.

Landstar shares have increased 0.5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $85.75, a rise of 27 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LSTR at https://www.zacks.com/ap/LSTR

_____

Keywords: Landstar System, Earnings Report