Werner Updates 3Q Earnings Based on Diesel Price Hikes
Werner Enterprises Inc., one of the nation's largest truckload transportation companies, said high diesel fuel prices are affecting third quarter 2005 earnings.
Werner Enterprises Inc., one of the nation's largest truckload transportation companies, said high diesel fuel prices are affecting third quarter 2005 earnings.
Although the company continues its long-standing policy of not commenting on analyst's quarterly and annual earnings estimates, with this news release management is updating its previous disclosures regarding the impact of high diesel fuel prices.
In the company's second quarter 2005 earnings release of July 18, 2005, management stated "Assuming fuel prices remain at price levels at the date of this filing throughout the remainder of third quarter 2005, the negative impact of fuel expense on earnings for third quarter 2005 compared to third quarter 2004 is estimated to be in the range of approximately two cents to three cents per share. If fuel prices average ten cents per gallon higher than current price levels throughout the remainder of third quarter 2005, the negative impact of fuel expense on earnings for third quarter 2005 compared to third quarter 2004 is estimated to be in the range of three cents to four cents per share."
During the month of August 2005, diesel fuel prices rose about 25 cents a gallon. Diesel fuel prices rose an additional 35 cents a gallon in the four days following the landfall of Hurricane Katrina on August 29, 2005. While prices slowly decreased to pre-hurricane price levels over the next two weeks, diesel fuel prices rose again by 18 cents a gallon this week due primarily to new weather concerns in the southeastern United States. Diesel fuel prices to date in third quarter 2005 are 64 cents a gallon, or 51%, higher than third quarter 2004. This morning's diesel fuel price is 80 cents a gallon, or 58%, higher than this date a year ago.
Assuming diesel fuel prices remain at today's price levels for the remaining eight days of third quarter 2005, the negative impact of fuel expense on earnings for third quarter 2005 compared to third quarter 2004 is estimated to be six cents to seven cents per share.
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