Landstar System, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 26, 2015; Provides Earnings Guidance for the First Quarter of 2016
January 29, 2016 at 02:35 am IST
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Landstar System Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 26, 2015. The company reported fourth quarter of 2015 net income of $37.9 million, or $0.88 per diluted share on revenue of $849 million. Diluted earnings per share for the 2015 fourth quarter was the high fourth quarter diluted earnings per share from continuing operations in Landstar history. The company reported net income of $38.5 million, or $0.86 per diluted share, on revenue of $863 million in the 2014 fourth quarter. Operating income was $62.648 million against $61.209 million a year ago. Income before income taxes was $61.907 million against $60.292 million a year ago. Revenue in the 2015 fourth quarter was 2% less than the 2014 fourth quarter. The decrease was a result of lower truck revenue of 3%, partially offset by a 23% increase in rail, air and ocean revenue.
For the year, the company reported revenues were $3,321.091 million against $3,184.790 million a year ago. Operating income was $241.706 million against $224.372 million a year ago. Income before income taxes was $238.757 million against $221.195 million a year ago. Net income was $147.689 million or $3.37 diluted per share against $138.809 million or $3.07 diluted per share a year ago. Cash flow from operations for the 2015 year-to-date period was $216 million, cash capital expenditures were $5 million, and the company acquired $49 million in trailing equipment financed under capital leases. Return on average shareholders' equity was 31% and return on invested capital, representing net income divided by the sum of average equity plus average debt, was 25% in fiscal year 2015.
The company anticipates revenue for the 2016 first quarter to be in a range of $720 million to $770 million and, assuming that range of estimated revenue, it anticipates 2016 first quarter diluted earnings per share to be in a range of $0.70 to $0.75 per share, compared to $0.67 per diluted share in the 2015 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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 26, 2015; Provides Earnings Guidance for the First Quarter of 2016