Freight broker Landstar System reported $22 million in insurance-related charges ahead of quarterly earnings. $56 million in total costs included $22 million in unfavorable claims. $11 million from vehicular accidents and $5.3 million in self-insured claim reserves. Adverse Texas court ruling assigned $3.42 million in damages to Landstar. Landstar faces additional charge of $5.7 million for the accident.

Landstar plans to appeal Texas court ruling but faces $5.7 million charge. $2.1 million in noncash impairment charges tied to divestiture of Mexican subsidiary. Fourth-quarter earnings per share expected to be just 70 cents, well below $1.22 consensus estimate. Revenue expected to be $1.17 billion, slightly below consensus estimate due to decline in truck loads offset by increase in revenue per load.

Read more at Yahoo Finance: Texas court rules Landstar to pay 100% of $23M accident verdict