Landstar System, Inc. (NASDAQ:LSTR) Q3 2022 Earnings Conference Call October 20, 2022 8:00 AM ET
Company Participants
Jim Gattoni - President & CEO
Jim Todd - VP & CFO
Rob Brasher - VP & CCO
Joe Beacom - VP, Chief Safety & Operations Officer
Conference Call Participants
Jon Chappell - Evercore ISI
Bascome Majors - Susquehanna
Jack Atkins - Stephens
Todd Fowler - KeyBanc Capital Markets
Scott Group - Wolfe Research
Elliot Alper - Cowen
Scott Schneeberger - Oppenheimer
Bruce Chan - Stifel
Operator
Good morning, and welcome to Landstar System Incorporated Third Quarter 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; 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, Yunis. Good morning, and welcome to Landstar's 2022 third 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 extend forward-looking information that relates to Landstar's business objectives, plans, strategies and expectations. Such information by nature subject to uncertainties and risks included, 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 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.
Our 2022 third quarter financial performance was the best ever third quarter financial performance in Landstar's history. Revenue was approximately 5% above the 2021 third quarter on a difficult year-over-year comparison and within the range of our third quarter guidance provided on July 30th - 20.
Earnings per diluted share was 7% above the 2021 third quarter towards the low end of our third quarter guidance. Truck revenue was 1% over the 2021 third quarter, mostly due to a 1% increase in truckload volume. Revenue hauled via other modes of transportation increased 49% over the 2021 third quarter, mostly attributed to higher ocean and air revenue per load.