Landstar System expects $680 million to $700 million in revenue in the third quarter, as underlying revenue trends improve despite a “choppy” freight market.
That’s a tighter range than the $670 million to $715 million in revenue the fourth-largest U.S. truckload carrier forecast for the quarter a few months ago, but is still about 2 to 5 percent below year-ago results.
Landstar reported $717.2 million in revenue in the third quarter of 2012 and $684 million in the 2011 third quarter.
In the second quarter of 2013, Landstar had $679.3 million in revenue, compared with $736 million in the same period in 2012.
Trucking revenue in the first eight weeks of the third quarter was down year-over-year, Chairman, President and CEO Henry Gerkens told investment analysts.
However, annualized load volume and revenue-per-load trends improved compared to the second quarter, Gerkens said in a mid-quarter conference call Aug. 29, available through Seeking Alpha.
Landstar revenue in August was 3 percent lower year-over-year, but the revenue gap has closed considerably since May, when it was 8.8 percent.
“I’m very encouraged by the improving revenue trend and would anticipate continued gradual improvement” in the third and fourth quarters, Gerkens said.
With $2.95 billion in total revenue last year, Landstar is the eighth-largest company on the JOC/SJ Consulting Group list of Top 50 Trucking Companies.