Pricing Remains Competitive For Werner in 4Q
For Werner Enterprises, the fourth quarter of 2009 was characterized by lower earnings and revenues compared to the year-ago period, a reflection of continued competitive pricing
Werner's loaded miles per truck grew 2.5 percent in the fourth quarter 2009.
For Werner Enterprises, the fourth quarter of 2009 was characterized by lower earnings and revenues compared to the year-ago period, a reflection of continued competitive pricing.
Revenues fell 10 percent to $439.6 million compared to $490.6 million in fourth quarter 2008. Trucking revenues were down 8 percent to $319.0 million in fourth quarter 2009 compared to $346.2 million in fourth quarter 2008.
The Omaha, Neb.-based carrier saw its earnings drop 4 percent to 25 cents a share from 26 cents a share in the year-ago quarter.
"Pricing remained competitive, due primarily to the high level of customer bid activity that occurred during the first half of 2009," the company said in a statement. "The company is planning for a better relative freight pricing market and more freight opportunities in 2010 compared to what transpired in the first half of 2009. Management is cautiously optimistic that the company will experience gradual improvement in the freight market during 2010."
The company's loaded miles per truck grew 2.5 percent in the fourth quarter 2009 compared to the fourth quarter 2008. Empty miles were down 25 percent, and the carrier improved its tractor-to-non-driver ratio by 14 percent. In addition, Werner managed to get its insurance and claims costs down.
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