Landstar System Inc. reported Oct. 29 that third-quarter revenue fell 6% to $1.214 billion, with earnings for the Jacksonville-based trucking company dropping by 30 cents a share to $1.41.
“The freight environment in the 2024 third quarter continued to be characterized by soft demand and readily available truck capacity,” CEO Frank Lonegro said in a conference call.
He said inflation and soft industrial output affected the amount of freight traffic, leaving capacity available and creating market conditions favoring shippers.
“With that backdrop, Landstar performed admirably in the 2024 third quarter, delivering top and bottom line results within our guidance range,” Lonegro said.
“As we move towards the end of the 2024 fiscal year, we continue to be laser focused on accelerating our business model and executing on our strategic initiatives. We want to be in the best position possible to leverage the freight environment when it turns our way,” he said.