Landstar shareholders vote on board and executive pay

Published 20/05/2025, 22:14
Landstar shareholders vote on board and executive pay

JACKSONVILLE, FL – Landstar System , Inc. (NASDAQ:LSTR), a leader in the trucking industry with a market capitalization of $5 billion, conducted its annual meeting on May 16, 2025, where shareholders voted on several key issues, including the election of board members and executive compensation. The meeting saw high shareholder turnout with approximately 96% of the common stock represented. According to InvestingPro data, the company maintains strong financial health with a current ratio of 2.03, indicating robust liquidity.

Eight directors were elected to the board, with terms expiring at the 2026 annual meeting. The elected directors are Homaira Akbari, David G. Bannister, James L. Liang, Frank A. Lonegro, Diana M. Murphy, Anthony J. Orlando, George P. Scanlon, and Teresa L. White. The voting results varied for each director, with Homaira Akbari receiving the highest number of votes for at 31,574,046 and David G. Bannister receiving the lowest at 28,469,143. The company has demonstrated consistent shareholder returns, maintaining dividend payments for 21 consecutive years and achieving a 8.4% dividend growth in the last twelve months.

Additionally, the appointment of KPMG LLP as the company’s independent registered public accounting firm for fiscal year 2025 was ratified by the shareholders, receiving 32,938,944 affirmative votes.

However, the advisory vote on the company’s 2024 executive compensation did not receive approval, with 15,217,090 affirmative votes compared to 16,993,183 negative votes. This result suggests shareholder disapproval of the executive compensation plan. The vote comes amid challenging market conditions, with the stock down 19.5% over the past year. InvestingPro analysis indicates the stock is currently trading above its Fair Value, with a P/E ratio of 28.3x.

The meeting concluded with the adjournment after all the matters on the agenda were addressed. The results of the votes are a clear indication of shareholder sentiment on the direction of the company and its governance practices. For a comprehensive analysis of Landstar’s financial health, governance, and future prospects, investors can access detailed Pro Research Reports and additional insights through InvestingPro, which offers extensive coverage of over 1,400 US stocks.

This report is based on a press release statement filed with the Securities and Exchange Commission.

In other recent news, Landstar System reported a mixed financial performance for the first quarter of 2025, with an earnings per share (EPS) of $0.85, falling short of the projected $0.94. However, the company exceeded revenue expectations, bringing in $1.15 billion compared to the forecasted $1.13 billion. The earnings announcement was delayed due to a fraud investigation in one of its ancillary business units, which impacted earnings by approximately $0.10. Benchmark analysts have maintained a Hold rating on Landstar stock, citing the company’s resilience amid industry challenges. Stifel analysts also maintained a Hold rating but adjusted the price target from $147 to $140, acknowledging the company’s operational efficiency. Evercore ISI reduced Landstar’s price target to $136 while maintaining an In Line rating, noting that the fraud incident should not significantly affect long-term financials. Despite these challenges, Landstar’s heavy haul services showed strong growth with a 6% increase in revenue. The company is experiencing a downward trend in its Business Capacity Owner truck count, yet retention rates are improving.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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