Landstar System is expected to report fourth-quarter revenue of approximately $1.35 billion, down roughly 15% from the prior year’s $1.59 billion, as average load volumes slip to about 80,000 shipments per day compared with 88,000 in the year-ago quarter. Analysts forecast adjusted earnings per share near $2.20, a 15% drop from the prior year’s $2.59, reflecting margin pressure from a 200-basis-point increase in the operating ratio to an estimated 80%. Contributing factors include a 5% contraction in yield per loaded mile, subdued spot market rates, and a reduction in fuel surcharge revenue to around $80 million versus $120 million in Q4 last year. Without a rebound in pricing or a bounce-back in network utilization, Landstar appears to lack the volume growth and freight-rate momentum necessary to surpass consensus estimates.