Landstar System: Hold Rating Amid Challenging Market Conditions and Financial SetbacksWe remain EW until improved visibility/catalysts more fully emerge. Remain EW. 3Q was a noisy qtr. given the multitude of impairment charges recorded related to the planned Landstar Metro divestiture, TMS consolidation, and a tech investment write-off, together equating to a 66c impact to reported EPS of $0.56 (a miss vs. MSe of $0.62). With these impairments excluded, adj. EPS came in below cons. expectations ($1.22 vs. cons $1.24), though EBIT was ~inline with cons. expectations. Despite the noisiness and the ongoing freight market softness, mgmt. did point to a handful of positive signs in 3Q, including 3Q seeing the first seq. increase in BCO truck count since 1Q22, continued strength in the heavy-haul business and a seventh consecutive quarter of improved truck turnover (31.5%).