Item 7.01 Regulation FD Disclosure.
As previously announced, on June 1, 2021, James B. Gattoni, President and Chief
Executive Officer of Landstar System, Inc. ("Landstar" or the "Company"), will
appear at approximately 11:20 a.m. EST on behalf of the Company at KeyBanc
Capital Markets' virtual Industrials & Basic Materials Conference. It is
anticipated that Mr. Gattoni will provide an update with respect to the
Company's truckload volumes, truck revenue per load, revenue and diluted
earnings per share guidance for the Company's second fiscal quarter provided in
its 2021 first quarter earnings release, a copy of which was furnished as an
exhibit to a Current Report on Form 8-K filed with the Securities and Exchange
Commission on April 21, 2021.
Mr. Gattoni intends to state during his webcast remarks at the conference that
based on overall market conditions and trends in the number of loads and revenue
per load on loads hauled via truck through the first seven weeks of the
Company's 2021 second quarter, the Company anticipates both revenue and diluted
earnings per share to be slightly above the high end of the Company's previously
issued guidance. The improved guidance reflects truckload volume currently
trending above the 2021 first quarter in a low double-digit percentage range,
and revenue per load on loads hauled via truck trending above the 2021 first
quarter in a high-single-digit percentage range. As such, Mr. Gattoni further
intends to state that (i) revenue for the 2021 second quarter is expected to be
slightly above the high end of the previous guidance of $1.45 billion, and
(ii) based on that slightly higher revenue estimate and insurance and claims
expense anticipated to be approximately 4.3% of BCO Independent Contractor
revenue, diluted earnings per share for the 2021 second quarter is expected to
be slightly above $2.30, the high end of the previously issued diluted earnings
per share guidance.
The information furnished under Item 7.01 of this Current Report on Form 8-K
shall not be deemed "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934, nor shall it be deemed incorporated by reference in any
filing under the Securities Act of 1933.
The following is a "safe harbor" statement under the Private Securities
Litigation Reform Act of 1995. Statements contained in this Current Report on
Form 8-K that are not based on historical facts are "forward-looking
statements". This Form 8-K contains forward-looking statements, such as
statements which relate to Landstar's business objectives, plans, strategies and
expectations. Terms such as "anticipates," "believes," "estimates," "intention,"
"expects," "plans," "predicts," "may," "should," "could," "will," the negative
thereof and similar expressions are intended to identify forward-looking
statements. Such statements are by nature subject to uncertainties and risks,
including but not limited to: the impact of the coronavirus (COVID-19) pandemic;
an increase in the frequency or severity of accidents or other claims;
unfavorable development of existing accident claims; dependence on third party
insurance companies; dependence on independent commission sales agents;
dependence on third party capacity providers; decreased demand for
transportation services; U.S. foreign trade relationships; substantial industry
competition; disruptions or failures in the Company's computer systems; cyber
and other information security incidents; dependence on key vendors; changes in
fuel taxes; status of independent contractors; regulatory and legislative
changes; regulations focused on diesel emissions and other air quality matters;
catastrophic loss of a Company facility; intellectual property; unclaimed
property; and other operational, financial or legal risks or uncertainties
detailed in the Company's Form 10-K for the 2020 fiscal year, described in Item
1A Risk Factors, and in other SEC filings from time to time. These risks and
uncertainties could cause actual results or events to differ materially from
historical results or those anticipated. Investors should not place undue
reliance on such forward-looking statements, and the Company undertakes no
obligation to publicly update or revise any forward-looking statements.
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