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LSTR

Landstar System

16:17
10/19/16
10/19
16:17
10/19/16
16:17

Landstar System sees Q4 EPS 85c-90c, consensus 82c

Sees Q4 revenue $800M-$850M, consensus $802.46M. Commenting on Landstar's 2016 fourth quarter, CEO Gattoni stated, "I expect the slow growth environment we have experienced during the first three quarters of 2016 to continue through the 2016 fourth quarter. As was the case in our 2016 second and third quarters, fourth quarter 2016 over fourth quarter 2015 revenue comparisons will include the effects of revenue derived from the automotive project previously referenced. The Company's 2015 fourth quarter included approximately $38 million in revenue from approximately 19,000 loads hauled via truck related to that project. Through the first few weeks of October, we have experienced the normal seasonal pattern for revenue per load on loads hauled via truck and, therefore, I anticipate revenue per load on loads hauled via truck to be below prior year's fourth quarter in a mid-single digit range, consistent with the 2016 third quarter compared to the 2015 third quarter. Landstar's fiscal year ends on the last Saturday of the calendar year, which this year is December 31, 2016, resulting in fiscal year 2016 representing a 53 week period. As such, the Company's 2016 fourth quarter includes an extra week of operations. The number of loads hauled via truck during the first few weeks of October is trending slightly ahead of the historical third quarter to fourth quarter trend. Assuming that trend continues, and given the extra week in the 2016 fourth quarter, I would expect the number of loads hauled via truck in the 2016 fourth quarter to exceed the 2015 fourth quarter in a low-single digit range. As such, I expect 2016 fourth quarter revenue to be in a range of $800 million to $850 million. Assuming insurance and claims costs in the 2016 fourth quarter are approximately 3.2 percent of BCO revenue, representing average insurance and claims costs as a percent of BCO revenue over the past 5 years, I would expect diluted earnings per share to be in a range of $0.85 to $0.90 in the 2016 fourth quarter."

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LSTR Landstar System

04/01/16
COWN
04/01/16
DOWNGRADE
COWN
Market Perform
Landstar System downgraded to Market Perform from Outperform at Cowen
Cowen analysts led by Jason Seidl downgraded Landstar to Market Perform and lowered his price target to $63 from $64. The analyst said shares have reached his price target and industry checks drive estimates lower, while sluggish industry trends and potential headwinds from its major IT implementation of Mercury Gate cold prevent shares from moving materially higher.
04/22/16
AVON
04/22/16
DOWNGRADE
AVON
Market Perform
Landstar System downgraded to Market Perform from Outperform at Avondale
07/19/16
CLVD
07/19/16
NO CHANGE
CLVD
Neutral
Landstar System margins pressured by demand and pricing, says Cleveland Research
Cleveland Research analyst Bryan Merolla said the TL market continues to see sluggish demand across both dry-van and flatbeds, combined with lower brokerage margins, with competitors becoming increasingly focused on growing market share. The analyst is modeling Landstar revenue at $767M, versus consensus of $788M and reiterated his Neutral rating on shares. .
08/02/16
OPCO
08/02/16
DOWNGRADE
OPCO
Perform
Landstar System downgraded to Perform from Outperform at Oppenheimer
Oppenheimer analyst Scott Schneeberger downgraded Landstar System to Perform citing valuation with the stock up 19% year-to-date and uncertain business conditions following the company's Q2 results. Landstar's business conditions "remain challenged in a currently soft freight market environment," Schneeberger tells investors in a post-earnings research note.

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