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Landstar System 2Q net, sales in line with views

Wed. July 16, 2008; Posted: 04:45 PM
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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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For full details on Landstar System Inc (LSTR) click here. Landstar System Inc (LSTR) has Short Term PowerRatings of 5. Details on Landstar System Inc (LSTR) Short Term PowerRatings is available at This Link.

    


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