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|For Immediate Release||Contact: Kevin Stout|
|Landstar System, Inc.|
|January 31, 2018||904-398-9400|
LANDSTAR SYSTEM REPORTS RECORD QUARTERLY REVENUE
OF $1.052 BILLION, RECORD QUARTERLY DILUTED EARNINGS PER SHARE
AND AN INCREASED QUARTERLY DIVIDEND
Jacksonville, FL Landstar System, Inc. (NASDAQ: LSTR) reported net income of $64.8 million, or $1.54 per diluted share, in the 2017 fourth quarter on record revenue of $1.052 billion. Included in net income in the 2017 fourth quarter are one-time tax benefits of approximately $19.5 million, or $0.46 per diluted share, related to the Companys reasonable estimate of the change in future tax rates on net deferred tax liabilities as a result of the enactment of the Tax Cuts and Jobs Act in December 2017. Excluding the impact of the revaluation of the deferred tax liabilities, the Companys 2017 fourth quarter net income was $45.2 million and diluted earnings per share was $1.08, each of which would also have been quarterly records from continuing operations.
Revenue for the 2017 fourth quarter represented the first quarter in the Companys history to surpass $1 billion. The Company also established new quarterly records for gross profit (defined as revenue less the cost of purchased transportation and commissions to agents) and operating income in the 2017 fourth quarter. Gross profit was $149.7 million and operating income was $70.0 million in the 2017 fourth quarter. Operating margin, representing operating income divided by gross profit, was 46.8 percent in the 2017 fourth quarter.
The following information was filed by Landstar System Inc (LSTR) on Wednesday, January 31, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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