Good to and quarter you, morning, Thank Missy. welcome call. earnings Landstar’s conference first XXXX
Before conference Securities are Litigation statement. Act of historical the Safe me facts made forward-looking statement are Reform we during not Statements is on this Harbor Private following that a following the under XXXX. begin, let call statements. The read based
business that objectives, we call, make that relates may to information Landstar’s strategies During this conference plans, contain statements expectations. and forward-looking
by information from actual risks, information Investors the place in should no in XXXX Landstar historical events Such could risks to differ time to legal operational, uncertainties to including forward-looking from the not obligation but anticipated. nature, forward-looking described publicly filings time. or detailed is These such subject results financial and and those section on revise results or uncertainties Risk not any Landstar’s risks or the for year and update information. Form undertakes Factors to XX-K limited and reliance cause to fiscal undue SEC and other materially
line Through first quarter, in thirteen-week the the expectations. with XXXX our XX were results first Landstar’s weeks of
the of was environment more During the following that volume period, freight normal XXXX rates trends balanced back than and somewhat truck during half with seasonal patterns.
quarter. the and negatively deterioration in of in but of truckload impact overall, volume the softening late accelerated demand impact adverse the did March late second resulted a first United the impacts quarter in however, States. the pandemic In April the remainder on not will significant This COVID-XX from throughout likely have quarter
transportation North expansion is highly the is manufacturing Thankfully, output in for sector. Landstar’s to Landstar’s services rapid business for demand Demand American to variable and of services. the cost contractions mostly correlated resilient model freight
the furloughing much workers. in began the goods As supplies perishable and a with which the nothing manufacturing closing needed The U.S. company. deteriorated industrial sector high into quarter the and the pandemic demand the to consumer beginning was facilities freight response of environment second March, like of medical history generated for speed in the experienced
by the loading authorities March. the coronavirus freight of or knows slow to safe It the at nobody have Landstar’s opportunities the significantly will this crisis say current last. is The and the depth private government industry end on impacted speed the the that impact actions taken industry of how long transportation pandemic will of to
of and the great Over challenge. the and including X/XX tremendous XXXX of past XX recession endured models the years periods XXXX, Landstar’s
no expect different XXXX. in We
the earnings first we January range as quarter, quarter to XXXX provided part distributed million. million revenue first of release first is XXXX our quarter XX, back quarter $XXX XXXX. release quarter revenue and the XXXX first Landstar’s Getting the year-end of were first of on earnings to earnings guidance in provided in $XXX In range million. guidance $XXX revenue the XXXX that Actual
cost XXXX. was on At the facts accident did January insurance of for severe claims and took gather provided severe We share the costs The in to estimate of impact impact of company earnings the the per in guidance, $X.XX. the that a the of continued of regarding guidance to quarter per estimable financial accident the claim time as $X.XX release known include earnings of also not accident. earnings place an insurance on financial per guidance share the share diluted not range vehicular and
quarter. $X.XX of claim financial the the quarter before accident per insurance effect per share quarter the the share earnings severe diluted accident share to end impact the been in have estimated giving guidance first were the the of actual per first Inclusive costs. earnings the severe financial impact upper XXXX first for would Actual and earnings XXXX of from at on
a revenue quarter both anticipated XXXX load digit be number quarter first lower than on truck and range. loads via the single the guidance first would revenue and loads of mid that hauled per percentage Our
truckload First hauled quarter on below in XXXX XXXX loads consistent patterns via hauled load normal the quarter and record Load via volume. first X% volume loads per a prior first load truck the with trended loads during revenue on first quarter. per month-to-month Revenue were truck via the below X% quarter basis hauled year's was the quarter. fairly on seasonal XXXX truck
claim revenue quarter and any XXXX BCO from BCO to. quarter quarter impact did costs referred guidance. the estimated estimate in first First I insurance X% were claim insurance first financial This at not previously Actual and were the in of revenue. include costs of the accident severe X.X%
could March that unprecedented potential result became from operational needed clear it that challenge pandemic. the address Landstar During to
first capacity a third-party of XX,XXX safety has members and always employees, always the been safety forefront XX,XXX Landstar health of safety placed their part at a customers company's company, do. over we The XXXX staffs providers agents and As in and culture. and other of BCOs, network, XXXX all the the has our our XX,XXX first well-being
ensure taken and delivered of provided by agencies. guidelines government a distancing authorities actions we other As business safely that the while and recommendations is sense various social maintaining freight to have all U.S. of health
staff their the virus and Landstar of and of risk the sought by steps took and grew offices, As employees from the government within mandated or the prioritize well-being main all pandemic Landstar limit event of also our major caused families potential outbreak offices possible reduced of while health spread an limit shutdown. within the business community disruption that a to our we of in be impact the to could
business continuity, to equipment be it our continue customer have IT powering would service. of agents collections to to trailing flow, the agents continue customers would would BCO's function, As access systems billed, timely, and to paid receivables the continue our would trucks be and would ensure to network and to focus uninterrupted was relates
The facilities secure business based XXXX two employees from Landstar's for transition now have mid environment working its corporate weeks remotely. over the maintain course Over its home. of Landstar U.S. to and in employees several main healthy transitioned the work helped over at work We continuity XXXX company of March a employees. XXX to
operations and an a From has currently standpoint, From so and work success of at from employee our much of it great usual base to usual. business is been at it is standpoint, transition Landstar. a however home freight as administration as the bus far
We environment difficult manufacturing industrial during vital and freight and expect consumer second a very shrinking quarter with the demand. plants
pandemic supplies and while the in skyrocketed for transportation industry oil manufacturing in transportation mid has amongst demand change transportation by various of March, in demand in industrial early sectors. gas sphere for severe level resulted experienced sectors services of to in The the in for demand caused inconsistencies significant Beginning the freight medical and consumer decreases. good demand and
towards the half became industry These of March. truck Landstar's clear trends back loadings in
the dispatched This below during week-to-week the XXXX. March, XX last XXXX. is reductions XX% load of the of and the fiscal first week dispatched of number of quarter, dramatic of volumes In Landstar's the load first truckloads weeks most volume During weeks in XX-week week of X% was the in one the truckload swiftest the volume company. same of history March was the comparable dispatched below
states last drastic beginning slowdown along wide March week Overall, the of number of experienced loadings auto The result with businesses the the announcing nonessential in orders, more a stuffs temporary of to of packaged plants and shutting experienced in implement stay-at-home closures. building offset volume in decreases fiscal commodities. of were by we food dispatched in machinery. and parts products March, truckload increased than increases supplies, week and automotive Those last significant output was
that state guidance providing the the federal, Due quarter. orders XXXX to transition and the the and be for necessary be local will earnings role help of to back the other of will to normal environment operating we lifting measures the stay-at-home a the taking more needed current unpredictable condition, governments in nature not economy and second
of In one in and earnings the country. long-term focused make our caused business freight the have and on approach important the companies our are the owners Landstar challenges and Currently financial of alleviating is by highly transportation most facing business the to helped that disruption near-term is who large growth pandemic Landstar. small successful though, some
load, a million April delivering by Landstar's Landstar forecast from volume load the agent financial our and the the BCO to BCO initial $XX portion X, anticipated the for second provides to our between $XXX these on agent provide all $X model pandemic up the BCO an quarter. per loads we will of of delivered million flexibility Based to dispatching $XX relief pay provides to BCOs BCO fortunate in are the and Part effort resiliency and pandemic April load, We in unprecedented to times. that relief that XX. effort relief $X
public BCO also health to week who providing a for We $XXXX authorities. quarantined been contracts are period mandatorily two-week by any COVID-XX or has per
relief pandemic our through efforts to commit the network. we quarter, we or move to additional add our expand funds support and As
$XXX X.X quarter first Landstar XXXX shares and revolving We at total credit million of of $XXX $XXX to the stock During on approximately approximately facility. million and ended a short-term quarter available million. cash with million in first borrowing for investments the the Landstar's up purchased cost
of Until liquidity in our prudent the the until clear. believe purchases. do depth approach becomes then, next or we it the any long-term, not in crisis share and envision months Although the prudent will over concerns we be we duration to few cash to conserve
were under of decrease $XXX be Although may to quarter, certain second assume would a $XXX quarter XX% an how business guidance to of quarter, example XXXX if not revenue XXXX in one are providing a the the the to range XX% in million to model as sake the for revenue XXXX for of million. second second we compared of providing assumptions, adverse respond our
to would to as would time we stated the based of that the resiliency asset earnings share Landstar could related of be model net an share returns we of be the overall per in to per Under light scenario environment. currently April $X.XX move $X.XX in model I which pandemic continue quarter. outstanding generate business range estimated believe relative the produce place Landstar's to through above effort expanded $X.XX, relief over as The which will likely
tied freight approximately somewhat downturns decrease model flow free from of insulates every costs cash related most significant revenue, the Landstar in to decreased by generates freight revenue For positive $X.XX. percentages and in significant cycles. $X direct typically costs business directly throughout
model has with and positive expect years this the positive and cash We is balance generated every one cash positive earnings positioned XX Landstar but sheet flow past Landstar strong the in generation flow every well In down free cycle. continue year, year. a to throughout believe
a through also we our endure business remain XXXX conditions confident charging back year, model as improve. not only challenging but Although in to times these, come like has become to
here XXXX first provide additional to Kevin is on financials. quarter And commentary the
