truck brokers

Landstar still waiting for break in freight recession

Broker Landstar System said it’s readying for an inflection, noting largely normal seasonal trends on its first-quarter call. The fact that it isn’t in cost-cutting mode like the asset-based operators is a bit of a reprieve from the carnage this earnings season has delivered. 

The company beat expectations for the first quarter, but its second-quarter guidance was light of consensus.

Landstar (NASDAQ: LSTR) reported earnings per share of $1.32 for the 2024 first quarter, which was 4 cents ahead...

https://www.freightwaves.com/news/landstar-still-waiting-for-break-in-freight-recession

Landstar adds 2 new sales roles to the C-suite

Freight broker Landstar System said Monday it has added two new members to its executive team. The roles were filled from within.

Matt Dannegger is now the company’s chief field sales officer, which will oversee the recruitment and management of independent sales agents. Landstar works with more than 1,000 agents currently. Dannegger was most recently senior executive vice president of agent field sales. He has been with the company for 16 years.

Jim Applegate is now Landstar’s (NASDAQ: LSTR)...

https://www.freightwaves.com/news/landstar-adds-2-new-sales-roles-to-the-c-suite

Landstar navigates downturn in Q4, points to summer recovery

Freight broker Landstar System joined a chorus of carriers, logistics providers and analysts Thursday, saying it expects a turnaround in market conditions by this summer.

Management from the company told analysts on its fourth-quarter earnings call that trucking cycles historically last 12 to 18 months. February 2022 was the peak for Landstar, which points to a market recovery this summer, assuming normal time frames hold.

“Being a believer in cycles, I would project that things will start to...

Transfix pulls IPO, new private funding round planned

A yellow tractor pulling a white trailer on the highway

Digital freight broker Transfix has announced it will remain a private company. It has terminated a business combination agreement with G Squared Ascend I, ending a planned initial public offering.

In June, the public listing was pushed back to November due to deteriorating public market conditions.

A public listing through a special purpose acquisition company combination was expected to fetch an enterprise value of as much as $1.1 billion. As broader stock markets have rolled over, interest in...

https://www.freightwaves.com/news/transfix-pulls-ipo-new-private-funding-round-planned

FMCSA commenters debate whether load boards should register as brokers

Should electronic bulletin boards — known in trucking as load boards — be considered brokers and therefore required to register as such with federal regulators?

The question was posed by the Federal Motor Carrier Safety Administration in soliciting comments for future guidance on how freight brokers, bona fide agents and truck dispatchers should operate.

Most responding to that question in the petition, which received over 70 comments of which many were duplicate form-letter responses, believed...

https://www.freightwaves.com/news/fmcsa-commenters-debate-whether-load-boards-should-register-as-brokers

Landstar CFO Pensotti to leave; role filled from within

A silver Landstar truck pulling a white Landstar trailer on a desert highway

Freight broker Landstar System announced Wednesday that CFO Fred Pensotti will be departing the company “to pursue another professional opportunity.” A filing with the Securities and Exchange Commission said the change is effective July 1.

Pensotti was hired by Landstar (NASDAQ: LSTR) only a year ago, following the abrupt but “amicable” departure of prior CFO Kevin Stout. Pensotti’s brief stint at the company was a memorable one as Landstar posted fresh highs in revenue and earnings per share...

https://www.freightwaves.com/news/landstar-cfo-pensotti-to-leave-role-filled-from-within

Another quarter, another record at Landstar

No seasonal letup in demand during January, Landstar says

After logging the highest sequential improvement in truck volumes from the third to fourth quarters in company history, freight broker Landstar System said normal seasonality still hasn’t kicked in as there has been no letup in demand so far in January.

The Jacksonville, Florida-based company reported fourth-quarter earnings per share of $2.99 Wednesday after the market closed. The result was a quarterly record and 11 cents ahead of its raised expectations (at the midpoint of the range) at the...

https://www.freightwaves.com/news/another-quarter-another-record-at-landstar

Undervalued broker Echo punches out at a premium

Echo now valued on par with peers

Freight brokerage Echo Global Logistics announced Friday that it would be taken private by middle-market private equity shop The Jordan Co. (TJC) in a deal valued at $1.3 billion.

TJC will pay cash for the outstanding shares of Echo at a price of $48.25, a 54% premium to Thursday’s closing price and 32% higher than the stock’s all-time high recorded in September 2018.

Over the last three months, Echo’s (NASDAQ: ECHO) shares traded in a range of $27 to $33 per share, which valued its...

https://www.freightwaves.com/news/lower-valued-broker-echo-punches-out-at-a-premium

Landstar rolls through Q2 ahead of raised expectations

More of the same expected in Q3

Freight broker Landstar System (NASDAQ: LSTR) reported record quarterly revenue and net income for the 2021 second quarter Wednesday after the market close.

The Jacksonville, Florida-based company posted $2.40 per share, exceeding its recently raised guidance, which called for earnings to be “slightly above” an initial range of $2.20 to $2.30 per share.

Total revenue increased 90.7% year-over-year to $1.57 billion. The company recently abandoned comparisons to 2020 given the decimating impact...

https://www.freightwaves.com/news/landstar-rolls-through-q2-ahead-of-raised-expectations

Truck broker guidance, ELD data research rolled into highway bill

The Democrats’ version of the highway bill retains many of the truck-centric policies of last year’s version with two notable add-ons: guidance on truck brokers and dispatch services and a policy for using truckers’ electronic logging devices (ELDs) for government research.

The $547 billion “Investing in a New Vision for the Environment and Surface Transportation in America (INVEST in America) Act,” issued on Friday, is expected to be considered before the House Transportation and Infrastructure...

https://www.freightwaves.com/news/truck-broker-guidance-eld-data-research-rolled-into-highway-bill

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