![LANDSTAR SYSTEM INC [LSTR] reports quarterly net loss of $47.1 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FLSTR.png&w=1200&q=75)
LANDSTAR SYSTEM INC [LSTR] has reported a net loss of $47.1 million for quarter ended Dec 30, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $1.2 billion
Based in JACKSONVILLE, Florida, LANDSTAR SYSTEM INC operates in the TRANSPORT sector.
In the quarter ended Mar. 30, 2024, Company XYZ reported total revenue of $1.171 billion, a decrease from $1.436 billion in the same period last year. The decrease in revenue can be attributed to various factors impacting the company's sales performance.
Costs and expenses for the quarter included $905.521 million in purchased transportation, $97.282 million in commissions to agents, and $14.859 million in other operating costs, among others. The total costs and expenses amounted to $1.114 billion, compared to $1.336 billion in the prior year. This reduction indicates efforts to manage expenses, although it also signifies a potential decrease in operational activities.
Operating income for the quarter was $59.961 million, significantly lower than the $101.284 million reported in the same period last year. The decrease in operating income highlights potential challenges faced by the company in generating profits from its core business operations.
Income before income taxes for the quarter was reported at $61.572 million, down from $102.010 million in the previous year. The decline in income before taxes indicates a decrease in profitability before considering tax implications.
Net income for the quarter was $47.096 million, a notable decrease from $78.195 million in the same period last year. This decline in net income reflects the overall decrease in revenue and profitability witnessed by the company during the quarter.
Basic earnings per share for the quarter were $1.32, down from $2.17 in the previous year. Similarly, diluted earnings per share remained at $1.32, in line with the basic earnings per share performance. The average basic and diluted shares outstanding remained relatively stable compared to the prior year.
In conclusion, Company XYZ experienced a challenging quarter with lower revenue, operating income, and net income compared to the same period last year. The company's efforts to manage expenses need to be further evaluated to improve overall profitability and shareholder value in the upcoming quarters.
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