NEW YORK (TheStreet) -- Shares of Landstar System (LSTR) - Get Report were jumping 7.26% to $70.53 on heavy trading volume mid-afternoon Thursday after the company posted higher-than-anticipated results for the 2016 third quarter.
After yesterday's market close, the Jacksonville, FL-based transportation services company reported earnings of 86 cents per diluted share, above analysts' estimates of 81 cents per share.
Revenue for the period was $788 million, also topping Wall Street's forecasts of $778 million.
"Landstar executed well when considering the softness in U.S. manufacturing and more readily available truck capacity in 2016," CEO Jim Gattoni said in a statement.
"Overall, we continued to have difficult year-over-year comparisons to 2015 driven mostly by tougher overall industry conditions in 2016 and revenue from the previously referenced automotive project in 2015," he added.
During the same period last year, the company earned 90 cents per diluted share on revenue of $842 million.
For the fourth quarter, Landstar sees earnings per diluted share between 85 cents and 90 cents on revenue of $800 million to $850 million.
Analysts are expecting earnings of 82 cents per share on revenue of $803 million for the current period.
More than 1.19 million of the company's shares changed hands so far today vs. its average volume of 368,418 shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of A- on the stock.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, increase in stock price during the past year and notable return on equity.
The team believes its strengths outweigh the fact that the company has had sub par growth in net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: LSTR