Landstar System says will not meet lower end of range of prior Q3 EPS view
As previously announced, on September 12, James B. Gattoni, President and CEO of Landstar System, will appear at at Morgan Stanley's 7th Annual Laguna Conference in Laguna, California. It is anticipated that Gattoni will provide an update with respect to the company's revenue and diluted earnings per share guidance for the company's third fiscal quarter provided in its 2019 second quarter earnings release. Gattoni intends to state during his webcast remarks at the conference that based on Landstar truck revenue per load and number of loads hauled via truck through the first two fiscal months of the company's 2019 third quarter as well as overall market conditions thus far in September, revenue for the 2019 third quarter is expected to be near the low end of the company's previously issued guidance. Further, a BCO independent contractor with a subsidiary of the company was involved in a tragic vehicular accident during the 2019 third quarter that is expected to adversely impact insurance and claims costs in the 2019 third quarter. Due to higher than anticipated insurance and claim costs and overall market conditions thus far throughout the third quarter, Gattoni intends to state that the company believes that it will not achieve the bottom end of the range of its diluted earnings per share guidance provided on July 24.