Landstar Posts Solid 1Q Load Growth in a Tough Market; Raising Fair Value on Probable Tax Reform
Wide-moat highway broker Landstar’s first-quarter gross revenue increased 10% year over year and was ahead of our forecast in truckload load-volume growth. Continuing the theme from last quarter, volume gains were impressive considering lackluster demand across the broader asset-light truck brokerage landscape. The firm’s gross and operating margins were largely in line with our forecasts. Gross margins on business hauled by third-party broker carriers declined because of pricing pressure from e...Landstar System is an asset-light provider of integrated transportation management solutions. The company provides services to its customers across transportation modes, throughout the U.S. and to a lesser extent in Canada and Mexico, and between the U.S. and Canada, Mexico and other countries around the world. The company has two segments: transportation logistics, which provides truck services, rail intermodal services, as well as air and ocean services; and insurance, which is comprised of Signature Insurance Company, an offshore insurance subsidiary, and Risk Management Claim Services, Inc. The company's insurance segment provides risk and claim management services to certain of its operating subsidiaries.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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