Mon, Feb 24, 10:27 PM (62 days ago)
**Landstar System, Inc. (LSTR) - Summary of 2024 10-K Report** For the fiscal year ending December 28, 2024, Landstar System, Inc. reported revenues of $4,819,245,000, a decrease of 9% from the previous year. Net income fell to $195,946,000 ($5.51 per share) compared to $264,394,000 ($7.36 per share) in 2023. The decline in revenue was primarily driven by an 8% reduction in loads and a 1% decrease in revenue per load, attributed to softer freight demand. Operating expenses, including purchased transportation, commissions, and other costs, totaled $4,585,148,000, representing 95% of revenue. The company's insurance segment contributed 1% of total revenue. Landstar maintains a robust agent network, with 485 agents generating over $1 million each in revenue, accounting for 94% of consolidated revenue. Strategically, Landstar continues to focus on enhancing its technology ecosystem to improve efficiency and customer service. The company is also managing risks related to insurance claims, with significant increases in insurance premiums noted. Looking forward, Landstar anticipates continued challenges in freight demand but remains committed to leveraging its asset-light model and independent contractor network to optimize operational performance amidst market fluctuations.