Landstar System (LSTR) Q4 FY2023 earnings: revenue $1.2 billion, down 28.1% on the year

Landstar System Inc. (LSTR) reported revenue of $1.2 billion for Q4 FY2023, the quarter ended 30 December 2023, down 28.1% on the same quarter a year earlier. Net income was $58 million, down 37.9% on the year, and diluted earnings per share $1.62. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.

Revenue$1.2 billiondown 28.1%

Net income$58 milliondown 37.9%

Diluted EPS$1.62

QuarterQ4 FY2023ended 30 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,204	1,289	n/a	n/a
Selling, general and administrative	52.7	51.0	n/a	n/a
Operating income	74.6	80.3	n/a	n/a
Operating margin	6.2%	6.2%	n/a
Pre-tax income	76.4	81.4	n/a	n/a
Income tax	18.4	19.7	n/a	n/a
Effective tax rate	24.1%	24.3%	n/a
Net income	58.0	61.7	n/a	n/a
Net margin	4.8%	4.8%	n/a
Diluted EPS	$1.62	$1.71	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	89.9	112	n/a	n/a
Capital expenditure	10.3	2.8	n/a	n/a
Free cash flow	79.6	109	n/a	n/a
Free cash flow margin	6.6%	8.5%	n/a
Cash from investing	-4.9	-1.6	n/a	n/a
Cash from financing	-45.2	-30.4	n/a	n/a
Depreciation and amortisation	13.7	14.4	n/a	n/a
Share-based compensation	0.0	1.1	n/a	n/a
Buybacks	38.5	0.0	n/a	n/a
Dividends paid	11.8	11.9	n/a	n/a
Dividend per share	n/a	$0.33	n/a	n/a
Diluted shares, weighted	36m	36m	n/a	n/a
Shares outstanding at period end	36m	36m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	984	1,043	n/a	n/a
Debt	0.0	0.0	n/a	n/a
Operating lease liabilities	0.9	1.0	n/a	n/a
Finance lease liabilities	43.3	46.2	n/a	n/a
Other liabilities	774	762	n/a	n/a
Total liabilities and equity	1,802	1,853	n/a	n/a
Fixed assets	284	284	n/a	n/a
Goodwill	42.3	41.9	n/a	n/a
Investments	59.7	57.1	n/a	n/a
Cash and equivalents	481	440	n/a	n/a
Receivables	744	811	n/a	n/a
Other assets	191	219	n/a	n/a
Total assets	1,802	1,853	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,289	1,204	1,171	1,225	1,214	1,209	1,153	1,211	1,205	1,174	1,171	1,432
SG&A	51.0	52.7	56.4	54.9	51.3	55.1	61.6	55.7	57.0	56.2	61.0	68.2
Operating income	80.3	74.6	60.0	68.1	63.1	57.8	39.4	56.3	26.3	29.6	53.2	66.2
Operating margin	6%	6%	5%	6%	5%	5%	3%	5%	2%	3%	5%	5%
Interest expense	n/a	n/a	0.9	0.9	1.1	1.2	1.5	1.4	1.4	1.3	1.3	1.3
Pre-tax income	81.4	76.4	61.6	69.7	64.3	58.7	39.6	55.6	26.1	29.3	52.7	65.4
Tax rate	24%	24%	24%	25%	22%	21%	25%	25%	26%	18%	25%	25%
Net income	61.7	58.0	47.1	52.6	50.0	46.2	29.8	41.9	19.4	23.9	39.4	49.0
Net margin	5%	5%	4%	4%	4%	4%	3%	3%	2%	2%	3%	3%
Diluted EPS	$1.71	$1.62	$1.32	$1.48	$1.41	$1.31	$0.85	$1.20	$0.56	$0.70	$1.16	$1.44
Operating cash flow	112	89.9	94.2	48.1	83.1	61.1	55.7	7.1	89.3	72.7	78.2	-50.4
Capital expenditure	2.8	10.3	9.3	7.5	7.5	6.7	1.9	2.5	3.3	2.2	5.8	2.9
Free cash flow	109	79.6	84.9	40.6	75.6	54.4	53.8	4.7	86.0	70.5	72.4	-53.3
Buybacks	0.0	38.5	0.0	56.5	22.2	2.7	60.4	41.9	40.9	36.6	22.4	1.8
Dividends paid	11.9	11.8	83.2	11.8	12.7	12.7	83.3	13.9	13.9	13.7	81.7	13.6
Shares outstanding	36m	36m	36m	35m	35m	35m	35m	35m	34m	34m	34m	n/a
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 30 December 2023, filed 26 February 2024, accession 0001193125-24-044902: the filing on EDGAR. All of Landstar System Inc.'s filings: EDGAR company page.

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