Landstar announces special dividend

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.