Landstar System, Inc., a technology-enabled, asset-light provider of integrated transportation management solutions delivering safe, specialized transportation logistics services, announced that on December 4, 2023, its Board of Directors increased the number of shares of its common stock that the Company is authorized to purchase under its stock purchase program to 3,000,000. The increase to the share purchase program reflects a new authorization to purchase 319,332 shares of Landstar System common stock in addition to the remaining capacity under the existing authorization to purchase 2,680,668 shares.
The Company also announced that its Board has declared a special one-time cash dividend in the amount of $2.00 per share, payable on January 19, 2024, to stockholders of record as of the close of business on January 3, 2024.
“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 Jim Gattoni. “The Company purchased a total of 319,332 shares of its common stock at an aggregate cost of approximately $53.9 million during the first 11 months of its 2023 fiscal year. The Company also returned $117.1 million to stockholders in the form of cash dividends paid on shares of its common stock during the 2023 fiscal year. As previously reported, as of September 30, 2023, the Company had $497 million in cash and short-term investments. The Company intends to continue to use its available free cash flow to purchase its stock under its stock purchase program."