Report
Matthew Young
EUR 147.86 For Business Accounts Only

Landstar’s 3Q Mostly In-Line Despite Headwinds From Excess Truckload-Industry Capacity

Wide-moat truck broker Landstar posted a 6.5% decline in total gross revenue, mostly in line with our expected run rate for the year. Similar to previous quarters, freight demand remains lackluster across industrial end markets, and excess full-truckload capacity is weighing on pricing to shippers. Operating margins came in slightly ahead of our expectations, because of declines in incentive compensation accruals. That said, our longer-term model assumptions remain mostly intact. Assuming no maj...
Underlying
Landstar System Inc.

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Matthew Young

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