Landstar System Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 27, 2014; Provides Earnings Guidance for the First Quarter of 2015
January 29, 2015 at 07:50 am
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Landstar System Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 27, 2014. For the quarter, the company reported revenue of $ 862,830,000 against $691,975,000 a year ago. Operating income was $61,209,000 against $39,741,000 a year ago. Income from continuing operations before income taxes was $60,292,000 against $38,897,000 a year ago. Income from continuing operations was $38,491,000 or $0.86 per diluted and basic share against $25,176,000 or $0.55 per diluted and basic share a year ago. Net income of $38,491,000 or $0.86 per diluted and basic share compared to $59,557,000 or $1.30 per diluted and basic share a year ago period.
For the year, the company reported revenue of $3,184,790,000 against $2,664,780,000 a year ago. Operating income was $224,372,000 against $176,590,000 a year ago. Income from continuing operations before income taxes was $221,195,000 against $173,379,000 a year ago. Income from continuing operations was $138,809,000 or $3.07 per diluted share against $108,922,000 or $2.36 per diluted share a year ago. Net income was $138,809,000 or $3.07 per diluted share compared to $146,009,000 or $3.16 per diluted share a year ago period. Cash flow from operations for 2014 was $102 million, and cash capital expenditures were $11 million. Trailing 12-month return on average shareholders equity was 30%, and trailing 12-month return on invested capital was 24%.
Assuming continued strength in both load volume and revenue per load from truck transportation services throughout the remainder of the 2015 first quarter, the company expected revenue for the 2015 first quarter to be in a range of $750 million to $800 million and, assuming that range of estimated revenue. The company expected 2015 first quarter diluted earnings per share to be in a range of $0.71 to $0.76 per share compared to $0.61 per diluted share in the 2014 first quarter.
Landstar System, Inc. is a technology-enabled, asset-light provider of integrated transportation management solutions delivering specialized transportation services to a range of customers utilizing a network of agents, third-party capacity providers and employees. The Company operates through two segments. Transportation logistics segment provides a range of integrated transportation management solutions. Transportation services offered by the Company include truckload, less-than-truckload and other truck transportation, rail intermodal, air cargo, ocean cargo, expedited ground and air delivery of time-critical freight, heavy-haul/specialized, United States-Canada and United States-Mexico cross-border, intra-Mexico, intra-Canada, project cargo and customs brokerage. Insurance segment consists of Signature Insurance Company and Risk Management Claim Services, Inc. The insurance segment provides risk and claims management services to certain of Landstars Operating Subsidiaries.
Landstar System Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 27, 2014; Provides Earnings Guidance for the First Quarter of 2015