2024-02-01 14:39:04 ET
Landstar System, Inc. (LSTR)
Q4 2023 Earnings Conference Call
February 01, 2024 08:00 AM ET
Company Participants
Jim Gattoni - President and Chief Executive Officer
Jim Todd - Chief Financial Officer
Joe Beacom - Vice President, Chief Safety & Operations Officer
Frank Lonegro -
Conference Call Participants
Brian Ossenbeck - JP Morgan
Bruce Chan - Stifel
Scott Group - Wolfe Research
Jack Atkins - Stephens
Ravi Shankar - Morgan Stanley
Bascome Majors - Susquehanna
Elliot Alper - TD Cowen
Presentation
Operator
Good morning, and welcome to Landstar System Incorporated's Year End 2023 Earnings Release Conference Call. All lines will be in a listen-only mode until the formal question-and-answer session. Today's call is being recorded. If you have any objections, you may disconnect at this time.
Joining us today from Landstar are, Jim Gattoni, President and CEO; Jim Todd, Vice President and CFO; Joe Beacom, Vice President and Chief Safety and Operations Officer.
Now, I would like to turn the call over to Mr. Jim Gattoni. Sir, you may begin.
Jim Gattoni
Thank you, Bob. Good morning and welcome to Landstar's 2023 fourth quarter earnings conference call. Before we begin, let me read the following statement. The following is the Safe Harbor statement under the Private Securities Litigation Reform Act of 1995. Statements made during this conference call that are not based on historical facts are forward-looking statement. During this conference call, we may make statements that contain forward-looking information that relates to Landstar's business objectives, plans strategies and expectations.
Such information is by nature subject to uncertainties and risks include but not limited to the operational, financial and legal risks detailed and Landstar's Form 10-K for the 2022 fiscal year described in the section risk factors and other SEC filings from time-to-time. These risks uncertainties could cause actual results or events to differ materially from historical results or those anticipated.
Investors should not place undue reliance on such forward-looking information unless or undertakes no obligation to publicly update or revise any forward-looking at information. The freight environment throughout the 2023 fourth quarter reflected soft demand and readily available truck capacity.
These freight market conditions were consistent with what Landstar experienced during the first three quarters of 2023. The 2023 fourth quarter also included an abnormally soft peak season by historical standards. Nevertheless, even with a weak peak season, Landstar performed mostly in line with the 2023 fourth quarter guidance we issued in our third quarter earnings release on October 25.
We provided revenue guidance of $1,225 million to $1,275 million. Actual revenue came in at $1,204 million, about 2% below the low end of our guidance. We also issued earnings per share guidance of $1.62 to $1.70, actual earnings per share in the 2023 fourth quarter was $1.62 slightly above the low end of the guidance....
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Landstar System, Inc. (LSTR) Q4 2023 Earnings Conference Call Transcript