Florida-based freight transportation services provider Landstar System Inc. (LSTR) said its second-quarter net income rose to $35.9 million or $0.76 a share from $29.6 million or $0.62 a share last year. On average, 21 analysts polled by Thomson Reuters expected earnings per share of $0.74 for the quarter. Analysts' estimates typically exclude one-time items.
Operating margin for the quarter was 50.4 percent, compared to 43.6 percent in the 2011 second quarter.
Revenue for the quarter rose to $736.0 million from $675.6 million for the same quarter last year, led by continued strength in demand for truck transportation services. Analysts estimated revenues of $752.44 million for the quarter
Looking ahead to the third quarter, the company expects earnings per share in the range of $0.71 - $0.75, while analysts foresee $0.74 per share.
Landstar has declared a quarterly dividend of $0.06 per share, payable on August 31, 2012 to stockholders of record on August 13, 2012.
In addition, Landstar said its Board has authorized to buy back an additional 2 million shares of its common stock from time-to-time in the open market and in privately negotiated transactions.
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