Here is another good sign of an improving economy for the transportation industry in the United States. No. 11 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers, Landstar System, said today that their Q1 profits improved due to higher freight demand, and that there first-quarter earnings rose because of improved pricing – which has also continued to improve into the second quarter.
The company’s net income rose to $20.6 million (43 cents a share), from $17.2 million (34 cents) from the year prior. Revenue for the quarter ended March 26 rose to $572 million, from $548.1 million a year ago.
Chairman and CEO Henry Gerkens said in a statement that the company’s second-quarter earnings will be in a range of 56 to 61 cents per share due to this higher freight demand. Mr Gerkens stated that he believes the trend will continue through 2Q.