Landstar's Profit Up 4 Percent in Fourth Quarter

North American trucking and transportation company Landstar System today reported its profit in the fourth quarter of 2012 was $34.0 million, increasing 4 percent from $32.6 million in the fourth quarter of 2011.

Quarterly revenue fell 4 percent from $717.5 million in 2011 to $691.3 million in 2012. However, the company noted that the fourth quarter in 2011 was 14 weeks, whereas the fourth quarter in 2012 was 13 weeks. Revenue in the fourth quarter was a record for a 13-week fourth quarter.

Truck transportation revenue hauled by independent business capacity owners and truck brokerage carriers in the fourth quarter of 2012 was $639.3 million, or 92 percent of revenue, compared with $659.3 million, also 92 percent of revenue, in 2011’s fourth quarter. Revenue hauled by rail, air and ocean cargo carriers was $36.6 million, or 5 per cent of revenue, in the fourth quarter of 2012, compared with $44.2 million, or 6 percent of revenue, in the fourth quarter of 2011.

“Loads hauled via truck capacity in the 2012 13-week period were a 13-week fourth quarter record of 361,000 loads,” said Henry Gerkens, Landstar’s chairman, president and CEO, in a written statement. “I estimate that the extra week in the 2011 14-week period contributed approximately $25 to $30 million in additional revenue,” he added. He anticipated that the first quarter of 2013 will be similar to 2012’s first quarter results.

For the full year of 2012, profit was $129.8 million, rising 15 percent from $113.0 million in 2011. Annual revenue was $2.8 billion, up 5 percent from $2.6 billion in 2011.