Landstar System to Release First Quarter Results on Tuesday, May 13, 2025

JACKSONVILLE, Fla., April 25, 2025 (GLOBE NEWSWIRE) -- Landstar System, Inc. (NASDAQ: LSTR) (“Landstar” or the “Company”) announced today that it has rescheduled its 2025 first quarter earnings release and conference call with analysts and investors for Tuesday, May 13, 2025. The earnings release and conference call were previously scheduled for Tuesday, April 29, 2025. The Company also currently anticipates filing today a Form 12b-25, Notification of Late Filing, with the U.S. Securities and Exchange Commission, which will provide the Company with a five-calendar day extension to file its Form 10-Q for the 2025 first quarter no later than May 13, 2025. The Company expects to file its Quarterly Report on Form 10-Q for the 2025 first quarter no later than May 13, 2025, the expiration date of the extension period.

As previously disclosed in a Form 8-K filed on April 2, 2025, during the last week of Landstar’s 2025 first quarter, the Company identified a supply chain fraud that does not involve its core North American truckload services. The rescheduling of the Company’s 2025 first quarter earnings release and the anticipated delay in filing the Company’s Form 10-Q for the 2025 first quarter relate to the ongoing evaluation of certain accounting and internal control matters in connection with this previously referenced fraud matter. It should be noted that while investigation continues, this matter relates to the Company’s international freight forwarding operations, and the Company believes that this matter is limited to the operations of one specific independent commission sales agency. The adverse financial impact to Landstar as a result of the fraud, before taking into account 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 also announced the following 2025 first quarter highlights:

• Total revenue for the 2025 first quarter was $1.153 billion, in the upper half of the Company’s guidance range provided during its 2024 fourth quarter earnings release conference call and accompanying slide presentation, a copy of which was included as Exhibit 99.2 to the Company’s Form 8-K filed on January 29, 2025;
  
• Earnings per share, prior to giving effect to any potential adverse impact from the supply chain fraud matter referenced above, was $0.95, at the upper end of the Company’s updated guidance range provided in the Company’s Form 8-K filed on April 2, 2025; and