Landstar Announces Special Dividend
10 Décembre 2024 - 10:15PM
Landstar System, Inc. (NASDAQ-LSTR), a technology-enabled,
asset-light provider of integrated transportation management
solutions delivering safe, specialized transportation logistics
services, announced that on December 9, 2024, its Board of
Directors has declared a special one-time cash dividend in the
amount of $2.00 per share, payable on January 21, 2025, to
stockholders of record as of the close of business on January 7,
2025.
“Landstar’s strong balance sheet and free cash
flow generation enable us to continue to return value to our
stockholders,” said Landstar President and Chief Executive Officer
Frank Lonegro.
The Company purchased a total of 452,019 shares of
its common stock at an aggregate cost of approximately $82.1
million during the first 11 months of its 2024 fiscal year. The
Company also returned $120.5 million to stockholders in the form of
cash dividends paid on shares of its common stock during the 2024
fiscal year. As previously reported, as of September 28, 2024, the
Company had $531 million in cash and short-term investments. The
Company intends to continue to use its available free cash flow to
opportunistically purchase its stock under its stock purchase
program.
About Landstar: Landstar System,
Inc., is a technology-enabled, asset-light provider of integrated
transportation management solutions delivering safe, specialized
transportation services to a broad range of customers utilizing a
network of agents, third-party capacity providers and
employees. Landstar transportation services companies are
certified to ISO 9001:2015 quality management system standards and
RC14001:2015 environmental, health, safety and security management
system standards. Landstar System, Inc. is headquartered
in Jacksonville, Florida. Its common stock trades on The
NASDAQ Stock Market® under the symbol LSTR.
Forward Looking Statements
Disclaimer: The following is a “safe harbor” statement
under the Private Securities Litigation Reform Act of 1995.
Statements contained in this press release that are not based on
historical facts are “forward-looking statements.” This press
release contains forward-looking statements, such as statements
which relate to Landstar’s business objectives, plans, strategies
and expectations. Terms such as “anticipates,” “believes,”
“estimates,” “intention,” “expects,” “plans,” “predicts,” “may,”
“should,” “could,” “will,” the negative thereof and similar
expressions are intended to identify forward-looking statements.
Such statements are by nature subject to uncertainties and risks,
including but not limited to: an increase in the frequency or
severity of accidents or other claims; unfavorable development of
existing accident claims; dependence on third party insurance
companies; dependence on independent commission sales agents;
dependence on third party capacity providers; the impact of the
Russian conflict with Ukraine on the operations of
certain independent commission sales agents, including the
Company’s largest such agent by revenue in the 2023 fiscal year;
decreased demand for transportation services; U.S. trade
relationships; substantial industry competition; disruptions or
failures in the Company’s computer systems; cyber and other
information security incidents; dependence on key vendors;
potential changes in taxes; status of independent contractors;
regulatory and legislative changes; regulations focused on diesel
emissions and other air quality matters; regulations requiring the
purchase and use of zero-emission vehicles; intellectual property;
and other operational, financial or legal risks or uncertainties
detailed in Landstar’s Form 10-K for the 2023 fiscal year,
described in Item 1A Risk Factors, and in
other SEC filings from time to time. These risks and
uncertainties could cause actual results or events to differ
materially from historical results or those anticipated. Investors
should not place undue reliance on such forward-looking statements,
and the Company undertakes no obligation to publicly update or
revise any forward-looking statements.
Contact: Jim Todd
Landstar System, Inc.
904-398-9400
Landstar System (NASDAQ:LSTR)
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