Landstar reported its net income in the first quarter of 2013 was $26.8 million, flat compared with the record profit that was achieved in the first quarter of 2012.
Total quarterly revenue was $628.3 million, the second highest first quarter revenue in the supply chain management company’s history. Revenue in the first quarter of 2012 was $649.0 million.
Furthermore, truck transportation revenue, hauled by independent business capacity owners and truck brokerage carriers, was $574.7 million, or 91 percent of revenue, in the first quarter of 2013, compared with $600.2 million, or 92 percent of revenue, in the first quarter of 2012. Revenue hauled by rail, air and ocean cargo carriers was $39.1 million, or 6 percent of revenue, in the 2013 first quarter, versus $35.1 million, or 5 percent of revenue, in the same period last year.
“Demand for the company's truck services was choppy throughout the 2013 first quarter due in large part to inclement weather,” said Henry Gerkens, Landstar’s chairman, president and CEO, in a written statement. “Additionally, the 2013 first quarter had two fewer full work days than the 2012 first quarter.”
“In general, Landstar experienced softness throughout the 2013 first quarter in both the number of loads and revenue per load on loads hauled via truck with much of the softness coming from revenue hauled on heavy/specialized platform equipment,” Gerkens continued. “Based on current trends, I anticipate 2013 second quarter revenue to be below revenue for the 2012 second quarter, similar to the shortfall experienced in the 2013 first quarter over the 2012 first quarter.”