Landstar System, Inc. (LSTR) will pay shareholders another special dividend of $2.00 per share, exactly like it did one year ago. Earlier this year the transportation management solutions provider had already announced a 19 percent dividend hike to 25 cents per share. Logistics company LSTR has increased its dividend for 16 consecutive years.

The special dividend of $2.00 per share will be payable on January 21, 2022, to Landstar System stockholders of record as of the close of business on January 7, 2022. The regular annual dividend rate of $1.00 per share for LSTR yields 0.6% at a stock price of $177.

Landstar System also announced a new stock purchase program with the company's board of directors increasing 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 1,912,824 shares of Landstar System common stock in addition to the 1,087,176 shares remaining under the prior purchase authorization.

“Landstar’s strong balance sheet and free cash flow generation enables us to continue to return value to our stockholders through a significant increase to our stock purchase program coupled with a special dividend.” said Landstar President and Chief Executive Officer Jim Gattoni. “As previously reported, as of September 25, 2021, the Company had $267.2 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."

Landstar System, Inc. is an asset-light provider of integrated transportation management solutions. The company offers services to its customers across multiple transportation modes, with the ability to arrange for individual shipments of freight to enterprise-wide solutions to manage all of a customer’s transportation needs. Landstar provides services principally throughout the United States and to a lesser extent in Canada and Mexico, and between the United States and Canada, Mexico and other countries around the world. Landstar markets its integrated transportation management solutions primarily through independent commission sales agents and exclusively utilizes third party capacity providers to transport customers’ freight. Landstar System, Inc. was incorporated in January 1991 and is headquartered in Jacksonville, Florida. The company has paid a dividend to shareholders every year since 2005.