Landstar System, Inc. (NASDAQ:LSTR) Q2 2022 Earnings Conference Call July 21, 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
Todd Fowler - KeyBanc Capital Markets
Allison Poliniak - Wells Fargo
Bascome Majors - Susquehanna
Jack Atkins - Stephens
Scott Group - Wolfe Research
Scott Schneeberger - Oppenheimer
Bruce Chan - Stifel
Operator
Good morning, and welcome to Landstar System Incorporated Second 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. You may begin.
Jim Gattoni
Thank you, Missy. Good morning and welcome to Landstar's 2022 second 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 is 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 second quarter financial performance was the best ever second quarter financial performance in Landstar's history. Although revenue and earnings per share came in below our second quarter guidance provided on April 20th, second quarter revenue and earnings per share exceeded the 2021 second quarter by 26% and 27% respectively. Truck revenue was 21% over the 2021 second quarter, on 10% increases in both volume and truck revenue per load.