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Landstar Raises Q3 Guidance on Improving Market Conditions

Zacks Equity Research
·3 mins read

As freight environment gradually recovers with the ramping up of economic activities, Landstar System Inc LSTR provided a bullish update on its third-quarter 2020 outlook in a SEC filing.

The company has seen improvement in trucking volumes in the first two months of the third quarter and so far in September. Based on this, it now anticipates the number of loads hauled via truck to inch up in low-single-digit percentage range in the current quarter from the year-ago period. Additionally, truck revenue per load is expected to increase in low-single-digit percentage range year over year in the same period. During the second-quarter 2020 earnings release, the company stated that for the third quarter, it expects the number of loads hauled via trucks to decline in mid-single-digit percentage range compared to that in the year-ago period. Meanwhile, truck revenue per load was estimated to decrease in mid-single-digit percentage range from the third quarter of 2019.

For the third quarter, revenues are now predicted to be between $1.02 billion and $1.06 billion. The Zacks Consensus Estimate for the same stands at $915.97 million. The revenue guidance indicates a marked improvement from $885-$935 million anticipated previously. In the year-ago period, Landstar reported revenues of $1.05 billion.

Landstar System, Inc. Price

Landstar System, Inc. Price
Landstar System, Inc. Price

Landstar System, Inc. price | Landstar System, Inc. Quote

Additionally, earnings are now forecast between $1.40 and $1.46 per share for the third quarter, whereas the consensus mark for the same stands at $1.14. Previously, the company estimated third-quarter earnings to be in the range of $1.11-$1.17 per share. In third-quarter 2019, Landstar reported earnings of $1.53 per share.

Zacks Rank & Other Key Picks

Landstar sports a Zacks Rank #1 (Strong Buy). Some other stocks in the same space, carrying the same Zacks Rank are ArcBest Corporation ARCB, Knight-Swift Transportation Holdings Inc KNX and Werner Enterprises Inc WERN. You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of ArcBest, Knight-Swift and Werner have rallied more than 20%, 27% and 26% respectively so far this year.

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