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Landstar System Inc (LSTR) SEC Filing 10-Q Quarterly Report for the period ending Saturday, June 25, 2022

Landstar System Inc

CIK: 853816 Ticker: LSTR

Exhibit 99.1

 

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For Immediate Release    Contacts: Jim Gattoni (CEO)
   Jim Todd (CFO)
   Landstar System, Inc.
   www.landstar.com
July 20, 2022    904-398-9400

LANDSTAR SYSTEM REPORTS RECORD SECOND QUARTER

REVENUE OF $1.975B AND DILUTED EARNINGS PER SHARE OF $3.05

Jacksonville, FL—Landstar System, Inc. (NASDAQ: LSTR) reported revenue of $1.975 billion in the 2022 second quarter, a 26 percent increase over revenue of $1.571 billion in the 2021 second quarter; quarterly net income of $112.6 million, an increase of 22 percent over net income of $92.3 million in the 2021 second quarter; and quarterly diluted earnings per share (“DEPS”) of $3.05, an increase of 27 percent compared to $2.40 in the 2021 second quarter. 2022 second quarter revenue, net income and DEPS each established new all-time second quarter records for Landstar.

Gross profit in the 2022 second quarter was $208.1 million, a second quarter record and 19 percent above 2021 second quarter gross profit of $174.8 million. Variable contribution (defined as revenue less the cost of purchased transportation and commissions to agents) in the 2022 second quarter also reached a second quarter record of $267.5 million, 21 percent above 2021 second quarter variable contribution of $220.8 million. A reconciliation of gross profit to variable contribution and gross profit margin to variable contribution margin for the 2022 and 2021 second quarters and year-to-date periods is provided in the Company’s accompanying financial disclosures.

Trailing twelve month return on average shareholders’ equity was 52 percent and return on invested capital, representing net income divided by the sum of average equity plus average debt, was 46 percent. Landstar continues to return significant amounts of capital to stockholders through the Company’s stock purchase program and dividends. During the 2022 second quarter, Landstar purchased approximately 703,000 shares of its


The following information was filed by Landstar System Inc (LSTR) on Wednesday, July 20, 2022 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Landstar System Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Landstar System Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income
Additional Cash Flow Information
Additional Cash Flow Information - Additional Information (Detail)
Amortized Cost And Fair Value Of Available-For-Sale Investments (Detail)
Amounts Recognized In Financial Statements With Respect To Plans (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Components Of And Changes In Accumulated Other Comprehensive Income, Net Of Related Income Taxes (Detail)
Debt
Debt - Additional Information (Detail)
Earnings Per Share
Earnings Per Share - Additional Information (Detail)
Equity Investment
Equity Investment - Additional Information (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Information Regarding Reportable Business Segments (Detail)
Investments
Investments (Tables)
Investments - Additional Information (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Classification On Our Consolidated Balance Sheet (Detail)
Leases - Components Of Lease Cost For Finance Leases And Operating Leases (Detail)
Leases - Undiscounted Cash Flows For The Finance And Operating Leases (Detail)
Leases - Undiscounted Cash Flows For The Finance And Operating Leases (Parenthetical) (Details)
Leases - Weighted Average Remaining Lease Term And The Weighted Average Discount Rate For Finance And Operating Leases (Detail)
Other Comprehensive Income
Other Comprehensive Income (Tables)
Schedule Of Information On Non - Vested Restricted Stock Units (Detail)
Schedule Of Information On Restricted Stock Units (Detail)
Schedule Of Revenue By Major Customers By Reporting Segments (Detail)
Schedule Of Unrealized Loss On Available-For-Sale Investments (Detail)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Detail)
Share-Based Payment Arrangements
Share-Based Payment Arrangements (Tables)
Share-Based Payment Arrangements - Additional Information (Detail)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Summary Of Information Regarding Stock Options (Detail)

Material Contracts, Statements, Certifications & more

Landstar System Inc provided additional information to their SEC Filing as exhibits

Ticker: LSTR
CIK: 853816
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-22-206093
Submitted to the SEC: Fri Jul 29 2022 12:03:22 PM EST
Accepted by the SEC: Fri Jul 29 2022
Period: Saturday, June 25, 2022
Industry: Trucking No Local

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