Landstar prospers in Q1

Jacksonville, Fla.-based Landstar System, Inc. reported record first quarter revenues of $780.9 million for the first quarter of 2017.    Landstar System, Inc., an asset-light provider of integrated transportation management solutions, reported a net income of $32.4 million for the first quarter of 2017, up 11 percent year-over-year.
   The company posted record first quarter revenues of $780.9 million for the quarter, up 9.7 percent from the first quarter of 2016.
   Gross profits also set a first quarter record, rising 8.4 percent year-over-year to $121.6 million.
   Currently, there are about 1.04 million shares of Landstar’s common stock available for purchase under its authorized share repurchase program.
   As of April 1, 2017, Landstar had $278 million in cash and short term investments, and $214 million available for borrowings under its senior credit facility.
   Landstar’s board of directors declared a quarterly dividend of $0.09 per share, payable on June 2, 2017 to stockholders on record as of the close of business on May 11, 2017.
   “We have experienced consistent load growth in loads hauled via truck throughout the 2017 first quarter and into the first several weeks of April,” Landstar President and CEO Jim Gattoni said. “I expect that trend to continue and therefore expect the number of loads hauled via truck in the 2017 second quarter to increase in a mid to upper single digit range over the 2016 second quarter.” Gattoni also said he is expecting second quarter 2017 revenues to range between $820 million and $870 million.