Latest news with #BCO
Daily Record
22-05-2025
- Business
- Daily Record
Clyde Gateway wins Regional Committee Chair Award at British Council for Offices (BCO) Scottish Awards Lunch
Scotland's largest and most ambitious regeneration programme, has played a transformative role in revitalising South Lanarkshire. The company behind a major new upgrade of an area of Rutherglen has been recognised for its outstanding contribution to the property industry in Scotland. Clyde Gateway received the Regional Committee Chair Award at the British Council for Offices (BCO) Scottish Awards Lunch 2025. Presented at a ceremony held at the Grand Central Glasgow Hotel, the award celebrates an organisation or individual whose long-standing work has made a significant and lasting impact on the commercial property sector in the region. Clyde Gateway, Scotland's largest and most ambitious regeneration programme, has played a transformative role in revitalising South Lanarkshire. As reported by Lanarkshire Live, the company unveiled proposals for a £500m vision to strengthen land in South Lanarkshire and Glasgow's east end at the UK Real Estate Investment & Infrastructure Forum (UKREiiF) in Leeds. This will include a 150-bedroom hotel and 450 homes proposed for the redevelopment of the former Shawfield Stadium in Rutherglen. Since its inception in 2008, Clyde Gateway has delivered thousands of jobs, sustainable homes, and high-quality office, industrial and commercial developments, bringing opportunity and renewed confidence to an area once synonymous with post-industrial decline. Martin McKay, chief executive of Clyde Gateway, said: 'It is a huge honour to receive this award, and I'd like to thank the BCO for recognising the impact of Clyde Gateway's work over the past 16 years. "We've excelled in partnership, and this award reflects the efforts of many people, our partners, stakeholders and others who share our success. "Development and construction are great industries that we are proud to support. "While we're proud of what's been achieved, we're equally excited about the future, with a strong pipeline of projects that will continue to deliver economic growth, attract investment and improve lives in the years ahead." Peter Kerr, chair of the BCO Scottish committee, added: 'Clyde Gateway stands as a model of what long-term, place-based regeneration can achieve. "The scale and quality of its impact, both socially and economically, has set a new benchmark for our industry. "From creating award-winning business spaces to delivering inclusive growth in some of Scotland's most challenged communities, Clyde Gateway is a thoroughly deserving recipient of this year's Regional Committee Chair Award.' And did you know Lanarkshire Live had its own app? Download yours for free here.
Yahoo
15-05-2025
- Business
- Yahoo
Landstar System Inc (LSTR) Q1 2025 Earnings Call Highlights: Navigating Challenges with ...
Revenue: Delivered topline results within the top half of the first-quarter guidance range. Heavy Haul Revenue: Approximately $113 million, a 6% increase over the 2024 first quarter. Truck Revenue Per Load: Decreased 0.6% compared to the 2024 first quarter. Gross Profit: $98.3 million compared to $113.9 million in the 2024 first quarter. Gross Profit Margin: 8.5% of revenue, down from 9.7% in the 2024 first quarter. Variable Contribution: $161.3 million compared to $168.2 million in the 2024 first quarter. Insurance and Claims Costs: $39.9 million, 9.3% of BCO revenue, compared to $26.3 million in 2024. EPS Impact: $4.8 million pretax charge ($0.10 per share) due to supply chain fraud. Cash and Short-term Investments: $473 million at the end of the quarter. Cash Flow from Operations: $56 million for the 2025 first quarter. Share Repurchases: Approximately $61 million spent, repurchasing 386,000 shares. Dividend Increase: 11% increase in the regular quarterly dividend. Warning! GuruFocus has detected 3 Warning Signs with LSTR. Release Date: May 13, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Landstar System Inc (NASDAQ:LSTR) exceeded the high end of their guidance for the number of loads hauled via truck, marking the first time in at least 15 years that first-quarter loads exceeded the previous fourth quarter. The company reported a 6% year-over-year increase in heavy haul revenue, driven by a 3% increase in both heavy haul revenue per load and volume. Landstar System Inc (NASDAQ:LSTR) maintained a strong balance sheet with $473 million in cash and short-term investments, and continued to return capital to shareholders through $61 million in share repurchases and $83 million in dividends. The company reported a strong safety performance with an accident frequency rate of 0.69 DOT reportable accidents per million miles, well below the national average. Landstar System Inc (NASDAQ:LSTR) experienced a 14% increase in ocean revenue per shipment and a 19% increase in air revenue per shipment, contributing to an 8% increase in non-truck transportation service revenue. Landstar System Inc (NASDAQ:LSTR) faced a $4.8 million pretax charge due to a supply chain fraud in their international freight forwarding operations, impacting earnings per share. The company experienced highly elevated insurance and claims costs, which were 9.3% of BCO revenue, significantly above the historical average of 4.9%. Revenue per truckload decreased by 0.6% compared to the previous year, with a 2.1% decrease in revenue per load on loads hauled by truck brokerage carriers. The freight environment was characterized by relatively soft demand, weather impacts, and readily available truck capacity, which favored shippers and impacted Landstar's revenue performance. BCO truck count decreased approximately 8% year-over-year, with a sequential decline of 223 trucks from the fourth quarter of 2024. Q: Can you elaborate on the insurance developments and how much of the prior period claims are one-time in nature? A: Frank Lonegro, President and CEO, explained that the year-over-year difference in prior year development was significant, around $10 million to $11 million, making it a unique quarter. James Todd, CFO, added that of the $11 million unfavorable development, about $7 million came from cargo programs due to incidents not reported until the first quarter of 2025. The normal run rate is just below 5% of BCO revenue on net insurance and claims line. Q: What are the end markets within heavy haul that are performing well? A: Jim Applegate, Chief Corporate Sales, Strategy and Specialized Freight Officer, noted that growth in heavy haul has been broad-based, with machinery, electrical, building products, and the energy industry all contributing. The company has leaned into this area with additional resources and a dedicated sales focus. Q: How will the new English proficiency requirements for CDL operators impact the driver supply market? A: Frank Lonegro stated that the requirements are not expected to impact Landstar's BCO fleet due to their high standards. However, it may impact industry capacity favorably for Landstar. Matthew Miller, Chief Safety and Operations Officer, added that enforcement guidance is awaited, and up to 100,000 drivers could be impacted, particularly those using translation apps. Q: Can you explain the increase in truck brokerage carriers and its implications? A: Matthew Miller explained that the increase is due to a partnership with an industry-leading vendor on carrier vetting, giving access to more approved carriers. This allows Landstar to be more selective with business partners, and the numbers are expected to decrease as they become more selective. Q: What are the expectations for the freight environment in the near term? A: Frank Lonegro mentioned that while the freight environment remains challenging, there are positives such as the performance of the heavy haul service offering. The company expects to finish above Q1 revenues but below Q2 2024 revenues, with variable contribution margin potentially better than the typical 30 to 40 basis point sequential decline. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Business News Wales
14-05-2025
- Business
- Business News Wales
Cardiff Building Crowned Best Corporate Workplace in South Wales and South of England
Cardiff University's sbarc|spark building has been named 'Best Corporate Workplace' in South of England and South Wales by the British Council for Offices (BCO). Praising the innovative building, which officially opened in 2022, the BCO judges said: 'sbarc|spark sets a new standard for academic and enterprise collaboration, with its state-of-the-art amenities, public event spaces, and seamless integration of social science research and enterprise.' They particularly noted its visually striking and functional centrepiece – the ocular staircase – which spirals upward through the seven-storey space, encouraging movement and interaction, as well as the flexible workspaces, labs, and exhibition areas which aim to create an inspiring environment for students, academics, entrepreneurs and the wider community. Situated on Cardiff University's Innovation Campus, sbarc|spark features 12,000m² of workspaces, labs, exhibition areas, recreational zones, and breakout spaces. It supports a growing community of more than 700 individuals from a wide range of backgrounds, encouraging innovation and cross-sector collaboration. It hosts SPARK — the world's first social science research park — which unites 16 Cardiff University-led interdisciplinary research groups alongside more than 20 third-sector partners, who are working together to tackle local and global challenges. Professor Chris Taylor, Academic Director of SPARK, said: 'We are absolutely delighted that sbarc|spark has been named 'Best Corporate Workplace' in the South of England and South Wales by the British Council for Offices. 'SPARK is a truly unique environment – as the world's first social science research park, bringing together researchers, policymakers, and partners in a purpose-designed workspace that fosters collaboration, creativity, and impact. 'This award is a powerful endorsement of our vision to create not just a workplace, but a vibrant community dedicated to addressing society's most pressing challenges.' It is also home to Cardiff Innovations, which accommodates more than 40 external organisations — from graduate entrepreneurs to NGOs and private sector companies — within its co-working spaces, lettable offices, and laboratory facilities. Cardiff_Uni_Spark Rhys Pearce Palmer, Innovation Operations Manager at Cardiff Innovations, said: 'sbarc|spark is a beautiful inviting space, which has become home to a community of more than 30 businesses of all sizes, stages, and sectors. It was designed to encourage new connections through being open and social. It has fully delivered on those designs, and sbarc|spark has become a thriving place where new opportunities and collaborations can bloom.' Held at We The Curious in Bristol, the BCO's annual South of England and South Wales Awards Dinner celebrated the high calibre of the region's offices in terms of design, fit-out, and sustainability, setting the standard for excellence across the sector. John Wright, Chair of the BCO Committee for South of England and South Wales, said: 'These projects challenge design teams to be creative in reinventing buildings, and to deliver spaces that support the variety of work settings and social spaces required in a modern workplace, and they offer opportunities to produce highly sustainable buildings. Offices continue to play a vital role in any vibrant town or city, and the winning projects are splendid examples of how creative and intelligent design can contribute to thriving communities.' Winners of the South of England and South Wales awards will now compete for the BCO National Awards on 7 October 2025 at the Grosvenor House, London. The event is sponsored by AET Flexible Space, AECOM, Glamox, and Troup Bywaters + Anders, and are in association with Estates Gazette.
Yahoo
14-05-2025
- Business
- Yahoo
Landstar System Inc (LSTR) Q1 2025 Earnings Call Highlights: Navigating Challenges with ...
Revenue: Revenue performance was within the top half of the first-quarter guidance range. Heavy Haul Revenue: Approximately $113 million, a 6% increase over the 2024 first quarter. Truck Revenue per Load: Decreased 0.6% compared to the 2024 first quarter. Non-Truck Transportation Revenue: Increased 8% or $6 million above the 2024 first quarter. Gross Profit: $98.3 million compared to $113.9 million in the 2024 first quarter. Gross Profit Margin: 8.5% of revenue in the 2025 first quarter compared to 9.7% in 2024. Insurance and Claims Costs: $39.9 million, 9.3% of BCO revenue, compared to $26.3 million, 5.8% in 2024. EPS Impact: $4.8 million pretax charge ($0.10 per share) due to supply chain fraud. Cash and Short-term Investments: $473 million at the end of the quarter. Cash Flow from Operations: $56 million for the 2025 first quarter. Share Repurchases: Approximately $61 million spent, repurchasing 386,000 shares. Dividend Increase: 11% increase in the regular quarterly dividend. Warning! GuruFocus has detected 3 Warning Signs with LSTR. Release Date: May 13, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Landstar System Inc (NASDAQ:LSTR) exceeded the high end of its guidance for the number of loads hauled via truck, marking the first time in at least 15 years that first-quarter loads surpassed the previous fourth quarter. The company's heavy haul service offering generated approximately $113 million in revenue, a 6% increase over the previous year, driven by a 3% increase in both revenue per load and volume. Landstar System Inc (NASDAQ:LSTR) reported a strong safety performance with an accident frequency rate of 0.69 DOT reportable accidents per million miles, well below the national average. The company deployed approximately $61 million towards share buybacks and announced an 11% increase in its regular quarterly dividend. Landstar System Inc (NASDAQ:LSTR) experienced a 14% increase in ocean revenue per shipment and a 19% increase in air revenue per shipment in its non-truck transportation services. Landstar System Inc (NASDAQ:LSTR) faced a $4.8 million pretax charge due to a supply chain fraud related to its international freight forwarding operations. The company experienced highly elevated insurance and claims costs, which were 9.3% of BCO revenue, significantly above the historical average of 4.9%. Revenue per truckload decreased by 0.6% compared to the previous year, with a 2.1% decrease in revenue per load on loads hauled by truck brokerage carriers. The BCO truck count decreased by approximately 8% year-over-year, reflecting ongoing challenges in maintaining truck capacity. Landstar System Inc (NASDAQ:LSTR) reported a decline in gross profit margin to 8.5% from 9.7% in the previous year, primarily due to increased insurance and claims costs and the supply chain fraud charge. Q: Can you elaborate on the insurance developments and how much of the prior period claims are one-time in nature? A: Frank Lonegro, President and CEO, explained that the year-over-year difference in prior year development was significant, around $10 million to $11 million. James Todd, CFO, added that of the $11 million unfavorable development in Q1 2025, about $7 million came from cargo programs due to incidents not reported until Q1 2025. The normal run rate is just below 5% of BCO revenue on net insurance and claims line, but this was a unique quarter. Q: What are the end markets within heavy haul that are performing well? A: Jim Applegate, Chief Corporate Sales, Strategy and Specialized Freight Officer, noted that growth in heavy haul has been broad-based, with machinery, electrical, building products, and the energy industry all performing well. The company has leaned into this area with additional resources and a dedicated sales focus. Q: How will the new English proficiency requirements for CDL operators impact the driver supply market? A: Frank Lonegro stated that the requirements are not expected to impact Landstar's BCO fleet due to their high standards. However, it may affect industry capacity favorably for Landstar. Matthew Miller, VP and Chief Safety and Operations Officer, added that enforcement guidance is awaited, and the use of translation apps by drivers could impact capacity. Q: Can you provide more detail on the fraud issue and its impact? A: Frank Lonegro described the fraud as a unique situation involving a satellite agent office, with no evidence of internal employee involvement. The $4.8 million pre-tax charge reflects the total anticipated adverse financial impact, net of recoveries. The company is pursuing legal action against the perpetrators. Q: What are the expectations for the freight environment and capacity trends? A: Frank Lonegro mentioned that capacity is expected to continue to bleed out as the rate environment remains low. The company is seeing improved trends in BCO count and expects capacity to tighten, especially with potential enforcement of English proficiency requirements. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
Insurance costs, fraud and cargo theft hit Landstar's Q1
Freight broker Landstar System's first quarter was marred by several previously disclosed factors. Unfavorable claims development, increased accident severity, stolen cargo and fraud at a satellite office were the primary culprits. Landstar (NASDAQ: LSTR) reported first-quarter earnings per share of 85 cents, 47 cents lower year over year. The period included a 31-cent hit from higher insurance and claims expenses and a 10-cent hit, $4.8 million, tied to 'a supply chain fraud' at an affiliate. The company said it uncovered fraud at an independent agent office in its international freight forwarding business in late March. It noted there was a change of ownership at the entity and that it believes the fraud had been occurring at the location since 2019. The incident didn't involve a company employee. The investigation continues, but costs already incurred are expected to represent the bulk of the expense. However, there could be additional legal and professional fees. The company could also see potential insurance is pursuing civil and criminal actions. In response, it has increased investments in technology and is utilizing third-party vendors to combat fraud losses. First-quarter revenue of $1.15 billion was down 1.6% y/y and near the upper end of the company's initial guidance. Total truck loads were down 1.2% y/y. (Guidance called for a 7% to 2% decline.) Revenue per load was down 0.6% (versus guidance of down 2% to up 3%). The period likely included some inventory pull-forward from customers trying to get ahead of tariff implementations. Loads hauled via truck were up 1.8% sequentially from the fourth quarter, the first sequential increase in the first quarter in 15 hauled by business capacity owners (BCOs) – owner-operators who haul almost exclusively for Landstar – were down 7% y/y in the quarter with revenue per load up 1.5%. The company views BCO revenue per mile as a better reflection of market pricing because it excludes fuel. The metric was 2% higher y/y on dry van loads in the quarter and 14% higher on flatbed loads. Landstar said it has little direct exposure to China. Cross-border loads from Mexico account for 11% of revenue while cross-border Canada represents 4%. The company is not providing formal guidance for the second quarter given the rapidly changing trade landscape. It said loads hauled by truck were down 2% y/y in April and modestly below normal seasonality. The first-quarter outperformance made for a tough comparison. Revenue per load was 1% higher y/y in April and slightly ahead of seasonality. Management said normal second-quarter seasonal trends – a high-single-digit sequential revenue increase with loads up 8% and revenue per load up 2% – are unlikely this year. It expects total revenue for the period to be between the first quarter's $1.15 billion and the 2024 second quarter's $1.23 billion. (The consensus revenue estimate for the second quarter was $1.23 billion at the time of the print.) Truck loads per work day in May were in line with April, which is subseasonal. Through the first six weeks of the quarter, its U.S.-Mexico revenue was down 5% y/y compared to the 9% decline logged in the first quarter. Management said the market could be firming as truck capacity trends and BCO retention are improving. Trucks provided by BCOs were down 8.4% y/y in the quarter to 8,620, which could be the low point of the cycle. So far in the second quarter, BCO trucks are off less than 20 truck capacity was up 10,000 units across the platform. The company credited a new vendor that is helping with vetting and onboarding operators as the primary reason for the increase. Shares of LSTR were down 1.5% at 10:53 a.m. EDT on Tuesday compared to the S&P 500, which was up 0.7%. More FreightWaves articles by Todd Maiden: Forward Air touts Q1 achievements, investors await next steps Saia, others buying 10 Yellow Corp. terminals Forward Air looks for a fresh start in Delaware The post Insurance costs, fraud and cargo theft hit Landstar's Q1 appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
