Landstar System, Inc. (NASDAQ:LSTR) Q1 2023 Earnings Conference Call April 27, 2023 8:00 AM ET
Company Participants
Jim Gattoni - President and CEO
James Todd - Vice President and CFO
Joseph Beacom - Vice President and Chief Safety and Operations Officer
Conference Call Participants
Scott Group - Wolfe Research
Jordan Alliger - Goldman Sachs
Jack Atkins - Stephens Inc.
Stephanie Moore - Jefferies
Bascome Majors - Susquehanna Financial
Bruce Chan - Stifel
Scott Schneeberger - Oppenheimer
Christopher Kuhn - The Benchmark Company
Felix Boeschen - Raymond James
Operator
Good morning, and welcome to Landstar System Incorporated's First Quarter Earnings Release Conference Call. [Operator Instructions] Today's call is being recorded. If you have any objections, you may disconnect at this time.
Joining us today from Landstar are Jim Gattoni, President and CEO; Jim Todd, Vice President and CFO; Joe Beacom, Vice President and Chief Safety and Operations Officer.
Now I would like to turn the call over to Mr. Jim Gattoni. Sir, you may begin.
Jim Gattoni
Thank you, Bill. Good morning, and welcome to Landstar's 2023 first quarter earnings conference call. Before we begin, let me read the following statement.
The following is a safe harbor statement under the Private Securities Litigation Reform Act of 1995. Statements made during this conference call that are not based on historical facts are forward-looking statements. During this conference call, we may make statements that contain forward-looking information that relates to Landstar's business objectives, plans, strategies and expectations.
Such information, by nature, is subject to uncertainties and risks included, but not limited to, the operational, financial and legal risk detailed in Landstar's Form 10-K for the 2022 fiscal year described in the section Risk Factors and other SEC filings from time to time. These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated.
Investors should not place undue reliance on such forward-looking information, and Landstar undertakes no obligation to publicly update or revise any forward-looking information.
Given the current freight environment with soft demand and readily available truck capacity, Landstar performed relatively well in the 2023 first quarter. Heading into the 2023 first quarter, demand for truck transportation services was somewhat soft. In addition, Landstar was faced with probably the most challenging quarterly financial comparison in its history. Landstar's 2022 first quarter was not only our best ever first quarter performance, but the best quarterly financial performance for any quarter in the company's history.