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this we begin, following Private following The are made read Litigation based are on historical let a safe me facts during Statements is XXXX. the statements. Act the call harbor that Reform not statement. forward-looking of Before conference statement Securities under
uncertainties Landstar's but may is strategies financial for and uncertainties and and plans, to described and limited section legal Form Such information operational, call, time risks detailed During that risks Factors forward-looking the in could objectives, this Landstar's in cause we conference Risk including, information other XX-K from These business year, contain SEC nature actual and filings XXXX subject to, the results to by statements fiscal time. not make that risks, relates to expectations. the or to Investors through anticipated. information. forward-looking obligation or any or materially should on quarter. from and COVID-XX revise economy. not to Landstar pandemic US events significant historical of impact such into a results of adverse Landstar's reliance no began mid-March output and have second began the end to the undertakes update information, accelerated April, carried the in undue the those differ publicly Through in rapid on place forward-looking that decline The quarter, industrial most first
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agents. a foremost, for incentive we relief program and First implemented BCOs pandemic Landstar and
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per Company's the to $X.X $X.XX Second, we scenario with did small impairment operation related acquired million intra-Mexico were share. a part charges years business in impairment associated charge several described or did acquisition of as that the our Mexico ago. account assets to primarily related of This not for diluted Mexico asset intangible we
in of month increase premiums or not at $X.XX diluted the quarter. Third, share beginning XXXX rate a insurance May anticipate $X.X per second approximately in would million we per did
May, trucking premium insurance ensure year liability renews be X. Auto exceeded As its increases you Commercial recent Landstar annual each for aware, to on policies have some XXX% companies may cases. in
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that During March, needs address unprecedented challenge to operational the potentially Landstar from result pandemic. clear could that it became
be As provided as guidelines government an continued safely essential and measures business, to while we authorities delivered applicable on-time, and we and as freight agencies, maintain appropriate took actions well ensure to customers. with our consistent by protocols various health
health to X,XXX safety employees at business successfully transitioned relates and and to As more than X,XXX of continuity, home. our work our almost of employees it we
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network, I in help caused transportation sudden it orders pandemic disruption agents. expected agents. the As demand We Company's and spoke to pertains incentive closures would routines at shelter by Company's industry we of already implemented daily home and in that the many the the result in in our of the BCOs March our and to late decrease about, relief program, BCOs
by informed at May but our rates the at Nevertheless, In We utilization April or grew to end over pandemic, environment, trends. remained at through BCO the loads agents BCO March BCO keep BCO and the support of the end believe levels. We April during to than from BCOs in together June. of communication of throughout May below was XX,XXX May continuing ongoing of turnover health into of during and operating crisis open somewhat week to the challenging count and during also slightly second our were and better Landstar for trucks and July, In XX,XXX improved, Even utilization the BCO downturn. greatly historical that the lowest April quarter everyone the significantly the maintaining network. per truck the contributed with June, historical the ten years. emphasize in XXX efforts midst utilization working and
network sudden agent to business variable continues prospects, increasingly with the Agent models turnover very the personally protect On and Recruiting agents agents to of be conditions. the however, the interact low. the cost has this down become productive -- base freight inability significant in in the in sharp due shifts majority environment them agent our production demand. that to help front, difficult market also operate within existing within our of from
believe second of of during I to XXXX we conference depth call, our we the the quarter the shares with and consistent becomes clear. duration conserve During first the crisis earnings not prudent XXXX purchase until stock, did Company's quarter, common is what cash it said any
have we of action industry disrupt of to adverse or stability June stabilized the freight first of economic weeks recent we'll back usage government spread cash. market to improvements. industrial the level the Until coronavirus performance, be any the the continue in output our increased half prudent sustained could and of has Although of and and demand, July, in
You below that sequential question by spiking following pandemic, the available earnings prior current number the compared dividend the a readily Landstar's will actions, no uncertain cases, basis will remain of is increased the again and hauled Board and truck four with third note the quarter loads government each year environment on the guidance assume XXXX quarter quarter third business based XXXX our expect conditions volume, and to per amount regular quarters. percentage industrial output in economic the due tightening the share via declared that Consistent that our could quarter mid release and on were due truck loads number as in to There prior and and truck or the per revenue a and more recent quarter. the the the though, capacity $X.XX the announced single-digit that to we throughout rapidly we trends hauled bankruptcies. stable, regular be coronavirus revenue of we Nevertheless, deteriorate XX.X% possibility closures trends, remain that highly on each load range. rate a dividend over quarterly of in Company's of to our
million to we in the revenue in range million. be of a quarter $XXX such, $XXX third As XXXX to expect
assumes of in to similar to we XX.X% and quarter the of in margin XXXX earnings pandemic the aggregate giving range million quarter to effect May. third be margin $XX.X second in a the Our the incentive gross prior also paid April guidance will profit gross XX.X% to profit
third as Our estimated at for well and quarter. costs of X.X% guidance revenue the BCO insurance claims reflects quarter
claims claims. and Over percent we the seen the to increase increased insurance quarters, past several of have of the revenue due a of as cost settling cost BCO individual
we tied relative the fixed cycles. beginning added over downturns the annual liability directly As with cost the our component XX as business $X.XX. on the in historical cost believe generates significant annual variable and a typically returns May. earnings premiums COVID-XX percentage cost of in to When and average experienced impact XXX% generate I Landstar flow claims time on $X.XX to continue an third associated of of approximately of to auto to of of take This model view in base previously claims a increase estimate the of be used to Landstar basis Based insurance business range downturn freight, discussed, BCO an most resilience The model cost increase quarter the and throughout over insulates business in insurance the light of assumptions, revenue Landstar from its commercial economic to positive to on estimate XXXX percent share environment. we points cost revenue. somewhat possible our of asset we overall our pandemic, previously these X% significant basis diluted cash longer-term will outstanding per a our
in continue is cash We Landstar years, has Landstar a believe free and Landstar positive earnings well of quarter. was every in balance the flow, past generated flow $XX.X XXXX to half cash sheet flow generated which year. cash throughout the expect model one, of first the generation and million In XX strong cycle. but every positive positive In second with generated the XXXX year, positioned including $XXX of free million
like endure also our Although come additional these, is quarter to commentary tough here remain business conditions a in back to charging financials. XXXX only has as but XXXX Kevin we not times challenging improves. And through the become to year, confident provide model, second on
