Landstar System (LSTR) said late Wednesday it now expects Q1 revenue to be at or near the midpoint of its prior guidance of $1.075 billion to $1.175 billion.

Analysts polled by FactSet expect $1.13 billion.

Assuming this revenue guidance and "highly elevated" insurance and claims costs, the company anticipates Q1 earnings per share will be $0.90 to $0.95, compared with its previous projection of $1.05 to $1.25.

Analysts polled by FactSet expect $1.14.

In addition, during the last week of its Q1, the company said it identified a "significant supply chain fraud" that remains under investigation and does not involve its core North American truckload services.

The fraud, still in the preliminary stages of investigation, is mainly related to an impairment of trade accounts receivable. It may adversely affect Landstar's Q1 EPS by $0.35 to $0.50, the company said.

The company also said it is currently authorized to purchase up to 2.16 million additional shares under its share purchase program.

The company plans to release its Q1 results after the market closes on April 29.

Landstar's shares dropped 6.2% in after-hours activity.

Price: 142.50, Change: -9.43, Percent Change: -6.21