Omaha-based Werner Enterprises Inc. said revenues decreased 6 percent to $510.3 million in third quarter 2007 compared to $541.3 million in third quarter 2006. Earnings per share decreased 5 percent
to $.30 per share in third quarter 2007 compared to $.31 per share in third quarter 2006.
Despite a continuing soft freight market and the impact of rising fuel prices, the company once again made sequential earnings per share progress compared to first quarter 2007 (when earnings per share were 36 percent lower than first quarter 2006, as adjusted for a customer bankruptcy in first quarter 2006) and from second quarter 2007 (when earnings per share were 15 percent lower than second quarter 2006).
Freight demand softness and the temporary increase in the supply of trucks caused by the industry truck pre-buy made for continued challenging market conditions during third quarter 2007. Load volumes for the company's van network of non-dedicated fleet trucks were lower in July, August and September than in the same months of the previous four years. However, due to the load count weakness that began in August 2006, load volumes in August and September 2007 were only slightly lower than load volumes in August and September 2006. Load volumes in third quarter 2007 improved slightly from July to September, albeit at a slower rate of improvement than the typical seasonal progression during these months. Freight volumes picked up modestly due to a typical end of quarter push at the end of third quarter 2007, but then declined during the first two weeks of October 2007.