LANDSTAR SYSTEM INC [LSTR] reports annual net loss of $264.4 million
Company Reports Revenue of $5.3 billion
LANDSTAR SYSTEM INC [LSTR] has reported a net loss of $264.4 million for year ended Dec 30, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $5.3 billion
Based in JACKSONVILLE, Florida, LANDSTAR SYSTEM INC operates in the TRANSPORT sector.
In the 12 months ended December 30, 2023, the Company reported a revenue of $5.30 billion, a decrease compared to the previous year's revenue of $7.44 billion. This decline in revenue reflects a challenging business environment or strategic shifts in operations.
The cost of goods sold and operating expenses for the same period amounted to $4.97 billion, down from $6.87 billion in the previous year. This decrease suggests improved cost management or efficiency in operations.
Operating income for the period was $344.15 million, a significant decrease from the prior year's figure of $571.08 million. Lower operating income may indicate reduced profitability or higher operating costs.
Net income for the period was reported at $264.39 million, down from $430.91 million in the previous year. This decline in net income reflects the overall decrease in revenue and increase in expenses.
Basic and diluted earnings per share for the period were $7.36, a decrease from $11.76 in the previous year. This decrease in earnings per share signifies lower profitability on a per-share basis.
Despite the challenging financial performance, the Company maintained dividends per common share at $3.26, compared to $3.10 in the previous year. This stable dividend payout indicates a commitment to returning value to shareholders.
Overall, the Company faced challenges in the reported period with a decrease in revenue, operating income, net income, and earnings per share compared to the previous year. Efforts to improve operational efficiency and drive revenue growth may be necessary to enhance financial performance in the future.
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