A number of trucking companies announced very healthy second-quarter financial results yesterday.
Werner Enterprises, Omaha, Neb., reported record quarterly earnings per share. Total revenues were $51.6 million, up 11% from a year ago. Operating income was $46.8 million, up 32% from a year earlier, while net income of $27.5 million was up 31%, as were earnings per diluted share.
Werner's average revenues per total mile increased 3.1% over last year, thanks to contractual rate increases and a better freight mix. Although it's buying new trucks and trailers to replace older equipment, it is not adding capacity. Werner continues to hold its fleet size at approximately 7,300 trucks and "works with customers to secure sustainable transportation solutions across all modes." Werner reports the driver market is "increasingly more competitive compared to 2010 and to first quarter 2011."
Heartland Express, North Liberty, Iowa, saw its profit increase 35% year over year to $22.5 million. The company reported earnings per share of 25 cents, up 39% year over year. Revenue of $137.2 million was up 7.7% over last year. The company said it is "challenged by the shrinking pool of qualified drivers" and higher fuel costs. The company added 200 new Navistar International tractors and 1,098 Great Dane and Wabash trailers in the quarter to replace older vehicles, and said it plans to buy 400 to 500 more power units and 1,500 to 1,600 trailers this year to "take advantage of growth opportunities."
Marten Transport, Mondovi, Wis., saw total revenues climb 20.1% year over year to $151.1 million. The company reported earnings per share of 28 cents, up 22% over last year. The increases were due to improved truckload and logistics revenue along with increased fuel surcharge revenue, which reflects significantly higher fuel prices. Without fuel surcharges, operating revenue increased 14%.
"Our continued profitability reflects the success of our transformation into a multi-faceted business through our focus on our logistics business and expansion of our regional operations, along with the impact of our disciplined fuel efficiency and other cost control measures," noted Chairman and CEO Randy Marten. The company continues to transition its trucking operation into a regional model. Just in the last year, the percentage of the company's fleet assigned to the regional operation has grown from 40% to 60%.
Forward Air, Greeneville, Tenn., reported operating revenue rose 8% to $132.2 million. Net income rose 52% to $12 million, while income per share was up 48%. Company officials noted tht tonnage volumes, while positive each month of the quarter, saw some periodic softness, and see it persisting somewhat into the third quarter, thanks to the economic environment.
Meanwhile, two more less-than-truckload companies announced rate increases near 7%.
Con-way Freight announced that it will institute a general rate increase averaging 6.9 percent applicable to non-contractual business effective August 1.
YRC Worldwide did the same. Last week, YRC said it expects to be profitable in the second half of the year.
Earlier this month, UPS and ABF also announced 6.9% increases.
Werner Enterprises, Omaha, Neb., reported record quarterly earnings per share. Total revenues were $51.6 million, up 11% from a year ago. Operating income was $46.8 million, up 32% from a year earlier, while net income of $27.5 million was up 31%, as were earnings per diluted share.
Werner's average revenues per total mile increased 3.1% over last year, thanks to contractual rate increases and a better freight mix. Although it's buying new trucks and trailers to replace older equipment, it is not adding capacity. Werner continues to hold its fleet size at approximately 7,300 trucks and "works with customers to secure sustainable transportation solutions across all modes." Werner reports the driver market is "increasingly more competitive compared to 2010 and to first quarter 2011."
Heartland Express, North Liberty, Iowa, saw its profit increase 35% year over year to $22.5 million. The company reported earnings per share of 25 cents, up 39% year over year. Revenue of $137.2 million was up 7.7% over last year. The company said it is "challenged by the shrinking pool of qualified drivers" and higher fuel costs. The company added 200 new Navistar International tractors and 1,098 Great Dane and Wabash trailers in the quarter to replace older vehicles, and said it plans to buy 400 to 500 more power units and 1,500 to 1,600 trailers this year to "take advantage of growth opportunities."
Marten Transport, Mondovi, Wis., saw total revenues climb 20.1% year over year to $151.1 million. The company reported earnings per share of 28 cents, up 22% over last year. The increases were due to improved truckload and logistics revenue along with increased fuel surcharge revenue, which reflects significantly higher fuel prices. Without fuel surcharges, operating revenue increased 14%.
"Our continued profitability reflects the success of our transformation into a multi-faceted business through our focus on our logistics business and expansion of our regional operations, along with the impact of our disciplined fuel efficiency and other cost control measures," noted Chairman and CEO Randy Marten. The company continues to transition its trucking operation into a regional model. Just in the last year, the percentage of the company's fleet assigned to the regional operation has grown from 40% to 60%.
Forward Air, Greeneville, Tenn., reported operating revenue rose 8% to $132.2 million. Net income rose 52% to $12 million, while income per share was up 48%. Company officials noted tht tonnage volumes, while positive each month of the quarter, saw some periodic softness, and see it persisting somewhat into the third quarter, thanks to the economic environment.
Meanwhile, two more less-than-truckload companies announced rate increases near 7%.
Con-way Freight announced that it will institute a general rate increase averaging 6.9 percent applicable to non-contractual business effective August 1.
YRC Worldwide did the same. Last week, YRC said it expects to be profitable in the second half of the year.
Earlier this month, UPS and ABF also announced 6.9% increases.
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