Trucker Landstar Earns $70 Million in 2009

Landstar System is shutting the trailer door on 2009, after reporting a 36.5 percent drop in profit and a 24 percent slide in sales. Increases in freight on easier year-over-year comparisons are giving the truckload giant hope that 2010 will be a better year.

"As we moved through the 2009 fourth quarter, both the number of loads and rate per load continued to show signs of strengthening," said Henry Gerkens, chairman, president and CEO of the truckload carrier group, which operates several subsidiaries.

"Through the first several weeks of January, I have seen daily volume increases of approximately 5 to 10 percent compared with January 2009," Gerkens said.

Landstar's 2009 net income was $70.3 million, compared with $110.9 million in 2008. Its annual revenue dropped to $2 billion from $2.6 billion. For the fourth quarter, Landstar's net income dropped 24.5 percent to $18.6 million on $547.7 million in revenue.

Gerkens sees a better first quarter ahead, and he's "cautiously optimistic" about 2010. "I would anticipate 2010 first quarter revenue to increase over the 2009 first quarter revenue in a mid to upper single digit range," he said.

Contact William B. Cassidy at wcassidy@joc.com.