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    Paul Stauder

    Research Analyst at Goldman Sachs

    Paul Stauder is a seasoned finance professional with decades of experience in public finance advisory and municipal bond structuring, most recently serving as Managing Director at PFM before his retirement in June 2024. Throughout his career, Stauder advised municipalities, school districts, and authorities across Michigan, facilitating successful completion of thousands of municipal bond and note transactions for clients including HFC, airports, libraries, and economic development projects. Beginning his advisor career in 1977, he held leadership roles culminating with his move to PFM in 2015 following extensive engagement in complex financing structures, with a legacy of innovative revenue bond, refunding, and tax increment financing solutions. Stauder is recognized for his deep expertise, long-standing service, and strong client impact; however, there is no record of him holding an analyst role or covering specific companies at Goldman Sachs, nor evidence of FINRA-registered securities licensing.

    Paul Stauder's questions to LANDSTAR SYSTEM (LSTR) leadership

    Paul Stauder's questions to LANDSTAR SYSTEM (LSTR) leadership • Q4 2024

    Question

    Speaking for Jordan Alliger, Paul Stauder of Goldman Sachs questioned how the declining BCO count is affecting the variable contribution margin mix and whether margins are expected to improve as BCOs return to the network.

    Answer

    CEO Frank Lonegro confirmed that the BCO decline and brokerage margin compression have impacted the variable contribution margin. He explained that if BCO-handled freight grows faster than brokerage freight during the recovery, the margin should increase. However, he stressed that both channels are valuable to the bottom line and that the company is focused on initiatives to grow the BCO count by mid-2025, aided by an improving rate environment.

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