Landstar System, Inc. (NASDAQ:LSTR) Q4 2022 Earnings Conference Call February 2, 2023 8:00 AM ET

Company Participants

Jim Gattoni - President & Chief Executive Officer

Jim Todd - Vice President & Chief Financial Officer

Rob Brasher - Vice President & Chief Commercial Officer

Joe Beacom - Vice President, Chief Safety & Operations Officer

Conference Call Participants

Todd Fowler - KeyBanc Capital Market

Scott Group - Wolfe Research

Jack Atkins - Stephens

Bruce Chan - Stifel

Bascome Majors - Susquehanna

Stephanie Moore - Jefferies

Jason Seidl - Cowen

Operator

Good morning, and welcome to Landstar System Incorporated Year-End 2022 Earnings Release Conference Call. All lines will be in a listen-only mode until the formal question-and-answer session. 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; Rob Brasher, Vice President and Chief Commercial Officer; and 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 2022 Fourth Quarter Earnings Conference Call.

Before we begin, let me read the following statement. The following the 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 is by nature subject to uncertainties and risks, including, but not limited to, the operational, financial and legal risks detailed in Landstar's Form 10-K for the 2021 fiscal year described in the section Risk Factors and other SEC filings from time-to-time. These risks 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 unless our undertakes no obligation to publicly update or revise any forward-looking information.

Note throughout these remarks that the 2022 fourth quarter included 14 weeks of operations and the 2021 fourth quarter included 13 weeks of operations. Once again, Landstar delivered record financial results in fiscal year 2022. Our record performance in 2022 followed another record year for Landstar in 2021. Among many new annual financial records, we established in 2022, Landstar achieved record annual revenue of $7.4 billion, $900 million higher than the previous annual record set in 2021. Diluted earnings per share in fiscal year 2022 was an annual record of $11.76, an increase of $1.78 or 18% above our prior fiscal year record of $9.98 in 2021.