Landstar System Reports Stable Truckload Rates in July 2023

Landstar System, a freight broker based in Jacksonville, Florida, reported a stabilizing truckload rate in July, with weaker-than-normal volumes. However, the company`s revenue per load has outperformed seasonality by 300 basis points this year. Landstar reported a second-quarter earnings per share of $1.48, 3 cents better than the consensus estimate and in line with guidance for EPS of$1.35 to $1.55. Revenue fell 11$1.225 billion, with total loads hauled by truck falling 9% y/y. Landstar also saw volumes fall from April to May by 0.5%, attributed to demand weakness among its automotive-related accounts and a falloff from other transportation companies. Total truck capacity in the network was down 19% y/y and 2% lower than in the first quarter.