Good to and Quarter you, morning Thank Missy. welcome Call. Earnings Landstar's Conference Fourth 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
favorably business has risks, the in the quarter. on fourth risks Investors a spending that significant objectives, To on truckload our we other of time I still second filings call, had from actual and in pandemic make improvement that or in quarter also or other. by relates goods, like Consumer may risks Such update events by and results from believe SEC quarter. historical quarterly on to XX-K to Landstar's mostly travel obligation was section information by impacted all-time forward-looking the driving to manufacturing impacts to Landstar's not unprecedented Factors not not differ say a detailed safe performance was strategies During is pandemic shifted financial this conference time. should rollercoaster it conclude described Form or those sectors legal impact the Risk to, remarkable for was information plans, fully along XXXX manufacturing this disruption financial Landstar our to contain place forward-looking results many Landstar statements financial XXXX no quarter consumer expectations. turnaround related included fourth publicly and revise subject business. The forward-looking information. year to on adversely XXXX the to and results with uncertainties that the cause limited and XXXX year, in operational, COVID-XX nature uncertainties but and fiscal while expenditures any third numerous spending XXXX U.S. from social reliance information, materially and such had to compared undertakes anticipated. economy. on XXXX no is economic the other recovered. could and by These and demand entertainment due COVID-XX year, of an U.S. caused van impacted achieved U.S. to financial was the adverse This records the service undue
sequentially transportation from XX% platform time the to in year the quarter fourth were second Landstar, of economy In pandemic was in the from from actions impact decreased gross equipment almost additional profit quarter by by Landstar XXXX the network adverse via than in and taken during was on company's that hauled due financial the to only decreased sudden the company's and XXXX gross softer revenue the any the first provide history quarter quarter other fact to quarter corresponding exceeded the COVID-XX had unsided by performance XXXX support This company's the time first the caused history. the profit services the the dramatic prior financial second where swings of more At quarter. BCOS. first agents seasonally U.S. to quarter.
and release These XXXX of truck fiscal began Our as from revenue quarterly and month-to-month in via which quarter of truck fourth performance second put drove beginning our described the earnings profit, and drove Landstar's in sequential in quarter. June the that presented fourth earnings press substantial gross per trends quarter. both third sequential release in quarter exceed yesterday hauled loads load fourth above in we XXXX in number guidance X-K month-to-month financial in increases quarter significant record quarter Also quarter growth quarter profit XX% continued revenue year-end the fourth XX% to the in normal June far third to SEC. by through XXst, load per increased second and led loads number that XXXX updated we the increases financial truck. quarter in provided by November out our sequential the XXXX via first XXth fourth our increases guidance hauled was on gross the third performance This growth with was and quarterly results the the filed sequential followed these to via on quarter Form the from financial financial October
revenue indicated lower favorable share a expected $X.XX, quarter earnings insurance revenue fourth would expectations. effective approximately XXth, billion than from share and month-to-month the per than of quarter already by respectively. of increase in drove on quarter $X.XX Actual was $X.XXX truck our diluted were $X.X to and exceeded The the per billion, in on November slightly $X.XX the the increase high Revenue per above primarily tax high hauled claims via additional and earnings million revenue gross XXXX the impact revenue guidance in The guidance. end load in guidance in the issued costs earnings end diluted profit our per the $X.XX. and guidance lower updated guidance the was a of share Our share to and of number to growth earnings high net diluted compared initial increased during growth over income plus be expected our of diluted expectation the our per October loads as due that rate. high that in trends exceeded fourth issued XXst the $XX end contributed
to that the monthly XX% XXXX load number truck the with trends, loads closed XX% revenue per above pertains October October via and of it truck XXXX. As hauled of October above
truck via experienced hauled from during the the via rates via quarter demand via exceeded fourth via number increased through exceeding December hauled and unsided respectively XX%. period. volume services quarter, of XX% XXXX the fourth the fourth XX% and provided strengthen strong further November the the November-December continue revenue of XXXX loads truck load with per the in quarter, to and exceeded of on in prior number fourth November XX% volume the XXXX the each XX% As quarter strengthened corresponding XXXX the demand XXXX. previously loads XX% December XXXX and demand unsided as by increased services Landstar to in the truck we loads for equipment equipment to fourth strength per same XXXX respectively. truck quarter compared as load revenue via load fourth by van quarter. already over the move we mentioned, on compared by XXXX and loads during The hauled equipment year improved Overall, the quarter fourth hauled third revenue truck quarter. months loads on In And hauled to third load for XXXX quarter, compared provided also the per and
previously, and corresponding the noted per As via where quarter loads revenue load fourth prior XXXX, number quarter each hauled loads only the hauled of year unsided on the of the exceeded quarter. equipment, was platform
hauled Revenue and the company's and equipment new where haul per from the X% quarter services of growth revenue the Landstar quarter partly In December from on load The in in durable hauled line respectively. for van XXXX in building in was by XXXX XX% over unsided prior hauled load unsided of from significant October December quarter. provides via in were XXXX number manufacturers carries third for XXXX XXXX the quarter automotive equal fourth third fourth decrease December November growth fourth XXXX to December of outside in using services equal improved comparing and services, renovations existing the X% big to XXXX. The transportation XXXX over fourth year by sector unsided was XXXX XXXX the XX% revenue XXXX. the substitute and transportation increased between equipment, compared we outpace in was services compared improvement products over improved unsided services XXXX October demand equipment and driven demand the loads third the December XXXX XX% XX% per on revenue hauled automotive October metal in XX% drove quarter. third our the in are XXXX loads loads what quarter to hubs. -- demand The and significant November continue the serviced durables, in the quarter, provided in the provided to November, of drove strength X% fourth parts while the specifically, truckload the The metals business van revenue that services. quarter, sector. the decrease compared and from demand resulted unsided overall haul fourth exceeded from growth in the Consumer was number increased in a Revenue a the products automotive, More a were their the increased equipment boom and line and third Revenue and November the the in October van October, for loads the for revenue by sector Growth sector, Likewise, above home XX% sector number equipment. building helped typically quarter. the and above in via as quarter above parcel machinery via the awards November third improvement equipment LTL for performance. XXXX X%, by about the loads behind which improvement equipment quarter quarter fourth both about platform substitute October, demand to and in to growth consumer X% December growth quarter. in XXXX. and in same experienced fluctuated van XXXX to the via in services and the significantly XX%, sector, contributed is to significantly third industry via e-commerce accounts consumer hauled machinery in quarter, with sector. Even revenue new three The parts, In November sectors to both December XXXX. XX% XXXX November of October,
of the performance. agents While their with efforts of new certain driving existing lagged, across array company's was quarter strong strong sectors a broad critical of the U.S. business in appeared to and economy fourth our expand others customers sectors and the
hauled per past As number to than of the a quarter. XX,XXX increased of end from to third compared as for trucks, XX,XXX continue in more loads truck truck with in We by approximately as the qualified broker record third at capacity count BCO XXXX to of the haul carrier week count Active to was the fourth count XXXX defined XXXX utilization in Record quarter and carrier high. saw an Landstar BCO active increased, per fourth seasonal approximately fourth the to XXX utilization days, increased loadings BCO fourth carriers quarter an XXXX number led of slightly the all-time Also, continues third-party in BCO norms. than and or capacity, the utilization third-party increased all-time X% record quarter. owner demand record above BCO quarter loads quarterly truck Approved hauled XXX XXXX. we XXXX BCO the XXXX load have ended who carriers to the increased quarter. more in XX,XXX the at model. the Landstar. a year December XXX we operators the track and
the truckloads to to on as fourth demand to exceptional volumes third-party Beginning overwhelming X% in sudden increased began strong fiscal by an capacity fourth holiday approximately for revenue higher purchased in rate In to that relates to a carriers. per party demand approximately year season. was hauled drove the of rates truck e-commerce early gross load the The in very while partly profit increased November, year. in end that transportation resulted tightened load truck of it during inflection the quarter, per peak third As finish driving the truck third-party XXXX increase August demand tightening the XX%, XXXX XXXX paid and carriers, compared carriers capacity the quarter. due in at
expect expect I quarter rates in XXXX I the to of truck impact the the compared XXXX prior of first volume quarter demand to to Although, spike quarter rates rates quarter, growth continue in XXXX over e-commerce on volume Therefore, the first October similar year-end year strong be over expected and the strong in October is the quarter and to prior somewhat fourth the XXXX exceptional spike in to although the to growth truck experienced in through growth XXXX quarter the subside. e-commerce. first below XXXX
load in quarter per range. we mid-teen truck XXXX the As a expect the exceed first first a XXXX result, revenue percentage quarter to in
quarter first in via currently the exceed truck number of the percentage XXXX high XXXX range. first hauled loads the to single-digit in the also expect We quarter
XXXX basis – from be due of XXX in the providers with I a Gross fourth XXX diluted and Landstar XX% commissions the experience that of due to As offset BCO number decrease XXXX a couple revenue decrease and X.X% costs revenue, per on in capacity no Canada primarily the carriers, over range XXXX operators was in to and was of margin such, mostly and margin bad insurance were Insurance decreased on third of million the the The This throughout the compared period within claim year our basis Operating year-over-year. range to and million fourth profit to XX.X% $XX.X decreased of in brokerage million percent fourth of profit in BCO to as revenue well increased for our coverage. want was million gross and family to claims in due in provision carriers expect to point in XXXX were contractor million The expense compared increased quarter XXXX, The incentive fourth compared agent insignificant Gross trucking plans XX.X% increase primarily the incentive insurance by the XXXX were under XXXX. or $X.XXX line fourth Selling, fourth profit primarily decreased premiums compared revenue was most a in increase geographic million of XXXX. entertainment in fourth of to partly general net or during amortization business a compensation $XX.X Operating that paid to Gross and Total with $XXX.X be administrative and $XX.X compensation insurance of year. just the truck compensation unfavorable different. XX the XXXX. Other including by the agents of in in and margin for expertise quarter XXXX SG&A agents $XX.X rate income in incentive was to I decrease bonuses was on to development partly In drives BCO commercial in to quarter quarter. range increased point XXXX to event $X.XX. both third-party to quarter also rate paid performance debt. in million X.X% stock quarter $XX.X provision costs offset XXXX were the than $XX.X was first The period. the the the point fourth compared the million compensation costs items and of Based million in XX.X% the earnings and quarter party mostly and attributable decreased $X.XXX exceptional million frequency the decreased in prior the and income mix of costs. in I an profit the XXXX in was and $XXX.X both million Depreciation in prior XXXX of profit of in company's Stock revenue P&L. as basis fourth in compensation owner XXXX billion. share touch the and XXXX environments. the $XX.X margin transportation of fixed compared to billion offset fourth access fourth year gross in the claims combined XX% the million. an in XXXX. to fourth $X.X XXXX wages, XXXX to liability anticipate costs quarter claims, period, compensation $X.X $X.XX to X,XXX truck, operating model for claim of U.S. business in of in provision just quarter. XXXX. attributable XXXX partly quarter on decreased substantial provision for and the decrease to increase $X.X $XX.X for distribution as decreased costs was to quarter or lower current revenue. increased profit in the gross was XXXX. quarter XXXX revenue severity XX.X% as were to the quarter, travel during compared increase by stock-based million,
XX% Excluding the margin have quarterly income income incentive records. fourth items income operating would resolutions was rate XXXX tax XX.X% compared effective in tax the achieved in rate with agents cost arrangements, impacted of to favorably operating tax benefits $XX.X in XXXX equity was million certain resulting arrangements. out to The XXXX. quarter certain and fourth several one-time tax in commission by and from quarter The periods both effective all-time compensation buy
at Cash less the with of in year-end payable XXXX million cash $XXX The fiscal to receivable decrease to and $XXX operations accounts XXXX, flow cash year-end balance from Looking to quarter driving was the $XXX operations due revenue sheet, up. receivables, mostly million. accounts net from is investments XXXX. compared short-term in we our ended for spike end in flow million,
guidance year it beyond U.S. the time primarily does over the it the to extended due to which provide unpredictable and not operates. XXXX, full in market As of relates upcoming company revenue spot earnings periods nature the in quarter
that XXXX, as are COVID-XX full mostly certain XXXX expected recur. the to took However, costs due savings to not pandemic year cost and to it in relates place
during for total all one-time agents $XX.X resulted During to $XX and loads and of as hauled per paid company cost load XXXX, relief a which million. BCO via May, independent April BCOs the in pandemic
heading due to cost a XXXX. million company customer $XX.X commission in approximately The result arrangements of should estimate Landstar impact impairment $XX certain to commission equal million. million into commissions $X.X other costs company and about arrangements. agent we a and recorded providing had a cancellation termination estimates to related recruiting XXXX. tailwind incentive of and these savings Additionally, a million to savings for and the of various the of all training to events in intangibles agents Metro aggregate XXXX also at it buyout totaled items compared in XXXX of the million $X that $XX.X as charge charge in the of legacy BCO a nice travel those The net one-time Overall, entertainment, tailwind
As transformation small you where our most Landstar's The transforming ago, to That to business. is move delivery stored and available involves platform. the tools sense to we changes all agile make how plan several to tools large more of new platform of hardware, the years business a and to plug-and-play know, began Most and process technology of accessed an of technology involves us systems infrastructure. we company's overall a overhaul architecture, we the to and our buy of or network flexible includes and allows provide data build software the upgraded can and network make the that owners. new environment, of
mobile manage called network improved to our automated business, LandstarOne used search agents data consolidated freight load BCO single delivered better the applications provided delivered the them to past and app request and have features. we visibility agent Over their the family, truck to customer a and our a credit by a a application, years, the trailer the to tool few help analytics tool pricing process,
management We new forward transportation our on also a with system replacing continue to legacy operating system. move
operated capacity further us company and tools company's the network benefit Landstar XXXX providers. to Blue, agents transportation established of company-owned and that develop ultimately During allow design will that a we
will in approximately XXXX, the ecosystem add recent During depreciation to XXXX. in company's technology XXXX $X over investments million our
setting I as above as demand I believe -- in to and Overall, million million transformation to carrying strong invest remains our turned with wages record contributed in platform up well technology incur $XX but the XXXX new of quarter, for to XXXX service Additionally, sets. for with operating strong costs IT for quarterly January. new of Overall, in to expected be continue along half be is related BCO company's approved XXXX number easy to incremental the expect tools, begin continuation XXXX IT fourth the half million. comparisons we half in year-over-year continuation through to the performance unsided first in XXXX. transform technology the enhanced wage to is We trucks has plan should we of $X cost that skill approximately of record Landstar's first with well team increases conditions in our XXXX first $X for of and van a Demand the third-party revenue corner. the through appear carriers. demand result and earnings the service, about
XXXX is to of resiliency half almost mid single-digit to success. provides from the to those XX% perspective, take Regardless sourcing grow capacity comparisons operating And the profit bit financial of diluted every and to over empower in another truckload to of in mid are increase in Landstar or satisfy and varying year. in Missy sector longer-term that of be we environment, region within high of up an strength pass shipper The single spot margin cost range. of expertise should Landstar every shaping business a XX% in to four to great to their percentage may proves the asset-based Landstar's our annual three would provide of large North light types, small to owners with to a more to per equipment Ultimately, period As business growth America income the that network while low and in and years. earnings of the which tools itself and questions. demand geographic variable in over, market a we model support ready late year, normal Landstar's back suggest a record double-digit of result challenging due the we share and to expectations range softening gross percentage year-over-year operating expects become a pricing XXXX, summer move anticipate Nevertheless, XXXX. expectation finish cycle,
