Landstar cuts Q2 2023 guidance: revenue $1.325B-$1.375B (below prior), EPS $1.75-$1.85

LANDSTAR SYSTEM INC

Revenue expected $1.325B-$1.375B vs prior $1.40B-$1.45B; midpoint $75M (5.3%) below prior midpoint.
Diluted EPS guidance reduced to $1.75-$1.85 from prior $1.90-$2.00.
Truck load volumes trending 16-18% lower YoY; revenue per load down 14-16% YoY.
Updated guidance issued ahead of Wolfe Research conference; insurance and tax assumptions unchanged.
CEO James Gattoni and CFO James Todd to present revised outlook on May 24, 2023.

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