Freight broker Landstar System missed third-quarter expectations Tuesday after the market closed. Earnings per share of $1.41 were 4 cents below the consensus estimate and at the low end of management’s guidance range of $1.35 to $1.55.
Revenue of $1.21 billion was slightly below consensus but within the company’s forecast range of $1.175 billion to $1.275 billion.
Total loads hauled by truck were 7.7% lower year over year, in line with guidance for a 10% to 6% decline. Revenue per load was up less than 1% compared to guidance of flat to up 4%.
Landstar’s (NASDAQ: LSTR) fourth-quarter EPS guidance of $1.25 to $1.45 was well short of a $1.57 consensus estimate at the time of the print. Expected revenue of $1.15 billion to $1.25 billion compared to a $1.24 billion consensus estimate for the fourth quarter.
Landstar will host a call to discuss third-quarter results with analysts at 4:30 p.m. EDT on Tuesday.
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