Truckload and logistics company Landstar System said its third-quarter net income rose to $13.9 million on revenue of $385.7 million, up from net income of $11.9 million on revenue of $355.7 million in the same period last year.
Jacksonville, FL-based Landstar said its trucking operations generated $298.9 million of revenue in the third quarter, up from $276.5 million in the same quarter of 2001. Its logistics services generated revenue of $80 million in the quarter, up from $73.2 million in the same period last year.
For the first nine months of 2002, Landstar posted net income of $34.7 million on revenue of $1.11 billion, up from net income of $31.2 million on revenue of $1.04 billion over the first nine months of 2001.
Landstar's trucking operations generated $878.8 million in revenue over that nine-month period, compared to $820.1 million in the same period last year. Its logistics group generated $213 million in revenue compared to $207.2 million last year.
Chairman & CEO Jeff Crowe noted, however, that the company's truck capacity, provided by owner-operators that lease themselves out to Landstar, decreased to 8,380 units, which reflects a difficult recruiting environment. But based upon the level of business activity experienced throughout the third quarter, he expects revenue in the fourth quarter to be 10% to 12% higher than revenue in the fourth quarter of 2001.