Landstar System, Inc. has announced a rescheduling of its 2025 first quarter earnings release and conference call, as well as a potential delay in filing its form 10-Q for the same period. The rescheduling and potential delay are due to the ongoing evaluation of certain accounting and internal control matters related to a supply chain fraud identified during the last week of the first quarter.
Despite this challenge, Landstar reported some positive first quarter highlights:
- Total revenue for the 2025 first quarter was $1.153 billion, which is in the upper half of the company’s guidance range.
- Earnings per share, prior to considering any potential adverse impact from the supply chain fraud matter, was $0.95, at the upper end of the company’s updated guidance range provided in April 2025.
- The company’s balance sheet remains strong, with cash and short-term investments of approximately $473 million as of March 29, 2025.
The company believes that the financial impact of the fraud, before considering the cost of legal and other professional fees or any potential insurance and other recoveries, is not expected to exceed $15 million of net income, or approximately $0.43 per share on an after-tax basis.
Landstar System, Inc. is a technology-enabled, asset-light provider of integrated transportation management solutions, delivering safe, specialized transportation services to a broad range of customers utilizing a network of agents, third-party capacity providers, and employees. The company's common stock trades on the NASDAQ stock market under the symbol LSTR. As a result of these announcements, the company's shares have moved -4.0% on the market, and are now trading at a price of $134.35. If you want to know more, read the company's complete 8-K report here.
