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Morningstar•April 27, 2023
Morningstar•April 27, 2023Landstar System, Inc.: Landstar Earnings: Truck Brokerage Correction in Full Force, but Results Mostly in Line
Summary
Landstar System is an agent based asset-light third-party logistics provider focused on domestic truck brokerage (90% of revenue). Historically, roughly half of its truck transportation freight is hauled by leased owner operators with the remainder hauled by third-party broker carriers. To a smaller degree, it also offers intermodal, global air and ocean forwarding, and warehousing services. Landstar also runs a small business th
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Analyst Profile
Matthew Young
Equity AnalystMatthew Young, CFA, is an equity analyst for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers transportation and logistics firms.Before joining Morningstar in 2010, Young spent five years as an equity research associate at William Blair, where he covered logistics and commercial-services firms.Young holds a bachelor's degree from Wheaton College and a master's degree in business administration, with concentrations in finance and accounting, from the University of Chicago Booth School of Business. He also holds the Chartered Financial Analyst® designation.