NEW YORK — Shares of Landstar System Inc. hit their highest point in more than a year Thursday after the transportation and logistics supplier reported growth of 24 percent in first-quarter earnings and offered strong guidance for the second quarter.
The Jacksonville, Fla., company said on Wednesday that it expects second-quarter earnings of 44 cents to 49 cents per share. On average, analysts polled by Thomson Reuters expect profit of 42 cents per share.
For the first quarter, Landstar posted income of $17.2 million, or 34 cents per share, compared with profit of $13.9 million, or 27 cents per share, for the year-ago quarter. Revenue rose 17 percent to $548.1 million from $469.2 million.
Analysts expected profit of 32 cents per share on revenue of $519 million.
The quarterly increase in revenue was driven mostly by an 18 percent jump in the number of loads hauled. It was the first year-over-year quarterly revenue gain since fall 2008.
More demand for hauling freight, a rebound in manufacturing and improvements in pricing will help Landstar, said KeyBanc analyst Todd Fowler. He raised his share price target to $50 from $46.
Landstar shares rose $2.01, or 4.7 percent, to $45.23 in midday trading Thursday. They earlier peaked at $46.23, eclipsing a previous 52-week high of $43.28 set Wednesday.
Kevin Jones of The Trucker staff can be reached for comment at email@example.com.
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