Landstar System 2Q net, sales in line with views

NEW YORK, Jul 17, 2008 (Thomson Financial via COMTEX) -- LSTR | Quote | Chart | News | PowerRating -- Landstar System Inc. late Wednesday said second-quarter net income rose to $29.8 million, or 56 cents a share, from $29.7 million, or 53 cents a share.

Analysts polled by Thomson Reuters, on average, expected a profit of 56 cents a share.

Revenue rose 10% to $698 million from $633 million during the June-ended period, meeting the 697.7 million mean view

Separately, the company said its board authorized a stock buyback of up to 2 million shares. Its board also declared a quarterly dividend of 4 cents a share, a 7% increase from the company's regular quarterly distribution.

The dividend is payable on Aug. 29 to shareholders of record on Aug. 11.

The Jacksonville, Fla.-based transportation and logistics services company said it expects the freight environment in the third quarter to be similar to the second quarter.

Landstar expects third-quarter earnings of 54 cents to 60 cents on a sales increase in the upper single-digit to lower double-digit range. Analysts expect earnings of 59 cents a share on sales of $681.7 million.

The company's shares closed at $54.54. Michelle Rama mr/gm

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