Landstar Lowers Fourth-Quarter Earnings Outlook

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ruckload carrier Landstar System lowered its fourth-quarter earnings forecast Monday to 44 to 49 cents a share, which was lower than the 52 cents forecasted by financial analysts, Bloomberg reported.

The company experienced abnormally lower demand for truckload service than it has historically experienced in the first eight weeks of the fourth quarter, Gerkens said in a conference call with analysts and investors, Bloomberg reported.

Gerkens said fourth-quarter sales will be $620 million to $635 million, compared with analysts’ estimates of $692 million, Bloomberg reported.

Landstar's stock fell $2.38, or 5.4%, to $42.14 at the close of Monday's trading on the Nasdaq stock market, the biggest drop since July 26, Bloomberg said. Stocks in other trucking companies also slid.

Landstar is ranked No. 14 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.