Landstar System, Inc. (NASDAQ:LSTR) reported record quarterly revenue of $1.945 billion in the 2021 fourth quarter, a 50 percent increase over revenue of $1.296 billion in the 2020 fourth quarter.
Following a record-breaking 2021 third quarter, the 2021 fourth quarter once again reset the standard as the best quarterly financial performance in Landstar history. 2021 fourth quarter revenue, gross profit, variable contribution, net income and diluted earnings per share each set all-time quarterly records.
“As we look to the 2022 first quarter, we anticipate continued solid performance on the expectation that ongoing capacity constraints will support a strong freight environment in the near term. The strength in revenue per load on loads hauled via truck and the number of loads hauled via truck experienced in 2021 has continued into the first few weeks of January. Typically, revenue in the first quarter is expected to be lower than the revenue of the immediately preceding fourth quarter. Regardless, I expect the strong trends in revenue per load and loads hauled via truck to continue as we move through the remainder of the 2022 first quarter” said Landstar President and CEO Jim Gattoni.
Landstar’s financial performance in fiscal year 2021 was by far the best in the Company’s history. Revenue in fiscal 2021 was approximately $6.5 billion, an annual record, and was approximately $1.9 billion higher than the previous record set in 2018.
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