Landstar System, Inc. (NASDAQ:LSTR) Q1 2024 Earnings Call Transcript

Uday Khanapurkar: All right. Great. Thanks.

Frank Lonegro: Thanks, Uday.

Operator: At this time, I show no further questions. I would like to turn the call back over to you, sir, for closing remarks.

Frank Lonegro: Thanks, Bill. In closing, while the freight environment remains challenging, we do see some positives in the near-term. We expect the 2024 second quarter to deliver Landstar’s first quarter-to-quarter sequential revenue increase since the second quarter of 2022. Also, we are encouraged that truck revenue per load seems to have stabilized at a level well above pre-pandemic norms and truckload volumes appear to be trending reasonably in line with pre-pandemic normal seasonal patterns, which is potentially a positive sign for the rest of 2024. Regardless of the economic environment, the resiliency of the Landstar variable cost business model continues to generate significant free cash flow. Landstar has always been a cyclical growth company, and we are well positioned to navigate these dynamic times and look forward to higher highs when the freight market turns our way.

Thank you for joining us this morning. We look forward to speaking with you again on our 2024 second quarter earnings conference call in July. Thank you.

Operator: Thank you for joining the conference call today. Have a good morning. Please disconnect your lines at this time.