Start Time: 08:00 January 1, 0000 8:43 AM ET
Landstar System, Inc. (NASDAQ:LSTR)
Q1 2022 Earnings Conference Call
April 21, 2022, 08:00 AM ET
Company Participants
Jim Gattoni - President and CEO
Fred Pensotti - VP and CFO
Rob Brasher - VP and Chief Commercial Officer
Joe Beacom - VP and Chief Safety and Operations Officer
Conference Call Participants
Bascome Majors - Susquehanna
Jack Atkins - Stephens
Stephanie Moore - Truist
Scott Group - Wolfe Research
Scott Schneeberger - Oppenheimer
Operator
Good morning and welcome to Landstar System Incorporated First Quarter Earnings Release Conference Call. All lines will be in 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; Fred Pensotti, 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, Annie. Good morning and welcome to Landstar's 2022 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 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 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 first quarter financial performance was the best-ever quarterly performance in Landstar's history. Typically, the first quarter of each year is seasonally softer than all other quarters of a given year. In fact, it is highly unusual for our first quarter financial performance to exceed the financial performance of the immediately preceding fourth quarter. The 2022 first quarter did just that. First quarter of revenue, gross profit, variable contribution, operating income and diluted earnings per share were each all-time quarterly records, ahead of even our record 2021 fourth quarter.