Werner Profit 24% Higher Than Year Ago
Truckload and logistics provider Werner Enterprises reported record profit for the second quarter of the year on slightly lower revenue as it continues to make progress in implementing rate increases.
Truckload and logistics provider Werner Enterprises Inc. (WERN) on Monday reported record profit for the second quarter of the year.
Net income rose 24% compared to a year ago, to $31.8 million, as earnings per share moved 25% higher to 44 cents.
Total revenue during the period edged down 1% to $534.6 million.
“Freight demand in second quarter 2015 and so far in July 2015 continues to be stronger than the prior five years, with the exception of the same period in 2014, which was rebounding from severe winter weather in first quarter 2014 that temporarily backed up the freight network,” the company said in a statement.
Average revenues per tractor per week, net of fuel surcharge, increased 3.5% in second quarter 2015 compared to second quarter 2014. Average miles per truck declined slightly by 0.2%, while average revenue per total mile, net of fuel surcharge, increased 3.8%.
The company says it is "making continued progress implementing sustainable rate increases. These efforts are ongoing as we move forward in 2015 and work to recoup the cost increases associated with more expensive equipment, a shrinking supply of qualified drivers and an increasingly challenging regulatory environment."
Werner averaged 7,247 trucks in service in its truckload segment in the second quarter and 51 intermodal drayage trucks in what it calls its “valued added segment.” It ended the second quarter with 7,275 trucks in the truckload segment, an improvement of 165 trucks compared to first quarter 2015 and a year-over-year increase of 240 trucks.
Werner’s Specialized Services unit, primarily dedicated, ended the quarter with 3,700 trucks, or 51% of its total truckload segment fleet.
More information about the company’s financial performance is available on the Werner Enterprises website.
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