Landstar predicts bottom is near despite April setback.
Landstar System, a freight broker, reported a decline in revenue per load on loads hauled by truck by 14% YoY in Q1 2021. The company expects the metric to step down between 1% and 3% sequentially in Q2 2021. The weakness is broad-based but more pronounced for consumer-related, dry van freight. Landstar has experienced a downward pricing trend for the last 13 to 14 months and CEO Jim Gattoni said that the entirety of most cycles is only 18 to 24 months. The company expects Q2 revenue of $1.4 billion to $1.45 billion, compared to consensus revenue of $1.5 billion at the time of the print.