Landstar reports record Q1 revenue $1.97B, EPS $3.34; guides Q2 rev $2.0-2.05B

LANDSTAR SYSTEM INC

2022-Q1 EPS reported $3.34 revenue$1,970,599,000

Record Q1 revenue $1.971B (+53% YoY); net income $124.8M (+62%); diluted EPS $3.34 (+66%).
Gross profit record $214.6M; variable contribution record $270.5M (+43% YoY).
Q2 guidance: revenue $2.0-2.05B, DEPS $3.22-3.32, truck loads +11-13% YoY.
Declared quarterly dividend $0.25/share, payable May 27, 2022; record May 5, 2022.
Repurchased ~694k shares for $109.3M; authorized ~2.3M additional shares.

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