Landstar Q3 EPS $1.42 as Insurance Claims Costs Jump $22.3M
LSTR sits 16% above its 52-week low of $121.115 on elevated volume (2.0× avg).
Summary
Landstar's Q3 revenue rose 25% to $1.512 billion and EPS came in at $1.42, but $21.9 million of unfavorable prior-year claims development and a $252.4 million receivables build weighed on profit quality and cash flow.
Key Events · Earnings and Guidance · LSTR
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Q3 Revenue Up 25% to $1.512B
Revenue of $1,511,787,000 versus $1,205,406,000 a year earlier, driven by a 22% increase in revenue per load and 3% more loads.
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EPS $1.42 on $48.0M Net Income
Net income of $48,043,000, or $1.42 per diluted share, versus $19,364,000 and $0.56 in the prior-year quarter, which carried a $30,104,000 impairment charge.
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Claims Costs Up $22.3M
Insurance and claims expense rose to $66,700,000 from $44,025,000, including $21,924,000 of net unfavorable prior-year claims development versus $9,219,000 a year ago.
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Operating Cash Flow Falls to $98.7M
Nine-month operating cash flow of $98,719,000 versus $152,169,000, as trade and other receivables increased $252,372,000.
Analysis · LSTR · Energy & Transportation
Revenue growth of 25% to $1.512 billion carried the quarter, but the profit engine is being eaten by claims: insurance and claims expense rose $22.3 million year over year, with $21.9 million of that from unfavorable development of prior-year claims. That is why EPS of $1.42 is only modestly above last year's $0.56 despite a quarter of much higher revenue — the operating margin story is claims, not freight. Cash generation also weakened, with operating cash flow down to $98.7 million from $152.2 million as receivables ballooned by $252.4 million alongside the revenue surge. The balance sheet remains strong: no revolver borrowings, $297.3 million of cash, and $882,550 shares still authorized for repurchase.
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At the time of this filing, LSTR was trading at $140.11 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $4.8B. The 52-week trading range was $121.12 to $228.46. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.