Werner Enterprises Inc., one of the nation's largest truckload transportation companies, has reported higher operating revenues and earnings for the fourth quarter ended Dec. 31, 2002.
Operating revenues increased 10% to $352.4 million compared to $320.5 million in fourth quarter 2001. Net income increased 28% to $17.6 million compared to $13.7 million in fourth quarter 2001. Earnings per share for fourth quarter 2002 were $.27 per share, or 27% higher than the $.21 per share earned in fourth quarter 2001.
For the year, operating revenues of $1.341 billion in 2002 were 6% higher than the $1.271 billion in 2001. Net income increased 29% to $61.6 million, compared to $47.7 million in 2001. And earnings per share increased 27% to $ .94 per share, compared to $.74 per share in 2001.
"Our freight demand during fourth quarter continued to be consistently better than our weaker demand of fourth quarter a year ago," said Chairman and Chief Executive Officer Clarence (C.L.) Werner. "Much of the improvement was achieved by executing our plan of limited fleet growth and maintaining a diversified freight base emphasizing consumer non-durable goods. I am pleased we raised our operating margin to 7.9% in fourth quarter 2002, compared to 7.1% for the same quarter a year ago.
"One significant factor contributing to the steady improvement is that we raised our revenue per mile by three cents a mile, compared to the same quarter a year ago. While we made good progress this year improving our revenue per mile, more progress is needed."
Industry-wide, Werner said, truck capacity in the truckload sector is being limited due to a number of factors. There are continuing concerns with the new EPA-compliant diesel engines. Trucking company failures are continuing at a pace much higher than normal. Some truckload carriers are having extreme difficulty obtaining adequate trucking insurance coverage at a reasonable price. Equipment lenders have tightened their credit policies for truck financing. Many truckload carriers, including Werner Enterprises, have slowed their fleet growth plans and some have downsized their fleets to improve their operating margins and returns.
Operating revenues increased 10% to $352.4 million compared to $320.5 million in fourth quarter 2001. Net income increased 28% to $17.6 million compared to $13.7 million in fourth quarter 2001. Earnings per share for fourth quarter 2002 were $.27 per share, or 27% higher than the $.21 per share earned in fourth quarter 2001.
For the year, operating revenues of $1.341 billion in 2002 were 6% higher than the $1.271 billion in 2001. Net income increased 29% to $61.6 million, compared to $47.7 million in 2001. And earnings per share increased 27% to $ .94 per share, compared to $.74 per share in 2001.
"Our freight demand during fourth quarter continued to be consistently better than our weaker demand of fourth quarter a year ago," said Chairman and Chief Executive Officer Clarence (C.L.) Werner. "Much of the improvement was achieved by executing our plan of limited fleet growth and maintaining a diversified freight base emphasizing consumer non-durable goods. I am pleased we raised our operating margin to 7.9% in fourth quarter 2002, compared to 7.1% for the same quarter a year ago.
"One significant factor contributing to the steady improvement is that we raised our revenue per mile by three cents a mile, compared to the same quarter a year ago. While we made good progress this year improving our revenue per mile, more progress is needed."
Industry-wide, Werner said, truck capacity in the truckload sector is being limited due to a number of factors. There are continuing concerns with the new EPA-compliant diesel engines. Trucking company failures are continuing at a pace much higher than normal. Some truckload carriers are having extreme difficulty obtaining adequate trucking insurance coverage at a reasonable price. Equipment lenders have tightened their credit policies for truck financing. Many truckload carriers, including Werner Enterprises, have slowed their fleet growth plans and some have downsized their fleets to improve their operating margins and returns.
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