Landstar Development Group Inc (OTCMKTS:LSDC) Chief Executive Walter Luce is working carefully with the local authorities and engineers to decide what entitlements will be given for the 161 acre projected project. The company is focused on minimum of 300 to 700 units. It looks forward to a end of where the estimated project stands after the land planning and submission of the much anticipated master plan.
The financial performance
Landstar Development 4Q2014 revenue came at $863 million. It was better than the forecast revenue of $820 million-$840 million. It posted diluted earnings per share of $0.86 better than the forecast range of $0.79 to $0.82. It recorded strong demand for transportation service in FY2014, which increased in December. The strong demand resulted in better than 4Q diluted EPS and revenue compared to 4Q guidance. The company recorded the operating income of $61.1 million in 4Q2014.
Landstar 4Q2014 revenue surged 25% to $863 million from 4Q2013. The diluted EPS surged 56% from 4Q2013. The growth in 4Q revenue was witnessed across the various geographic reasons, customers and other industry segments. The top hundred clients formed a major part of total revenue as it jumped 40% from 4Q2013. The company has extremely diversified account base with over 25,000 bill-to-customers. The freight transportation in FY2014 gave considerable opportunities to extend the customer base and solidify relationships with smaller clients.
The growth in demand for truck transportation services initiated in December 2013 was witnessed in FY2014. The number of loads hauled during first, second third and fourth quarter exceeded by 4%, 9% 11% and 11% in the comparable period, a year ago. The revenue from truck transportation grew 26% over 4Q2013 whereas from flatbed equipment came at 14% higher from 4Q2013. In last trading session, the stock price of Landstar surged 11.11% to close at $0.100.