Two of the nation’s largest trucking companies reported their financial results for the first quarter of the year on Wednesday.

Werner Enterprises,Omaha, Neb., reported higher operating revenues and earnings for the first quarter ending March 31. Operating revenues increased 3% to $312.6 million compared to $304.6 million in first quarter 2001. Net income increased 12% to $10.6 million compared to $9.5 million in first quarter 2001. Earnings per share for first quarter 2002 were $.16 per share compared to $.15 per share earned in first quarter 2001.
"I am pleased to report continued earnings growth during another challenging operating period," said Chairman and CEO Clarence Werner. "By intensely monitoring and managing the fundamentals of our business on a day-to-day basis, we maintained our high miles per truck and low empty mile percentage. We further strengthened our rock-solid balance sheet, which is becoming increasingly attractive to shippers and drivers in these difficult times for the truckload industry."
Freight volumes were noticeably lower in January 2002 compared to January 2001, he noted, similar to the year-over-year trend experienced in the latter half of 2001. During February 2002, freight demand showed a modest improvement compared to a year ago, that strengthened toward the end of March 2002. However, freight volumes for the first half of April 2002 have been lower than March 2002, and are about equal to volumes for the first half of April 2001.
The company also noted in the past few months, the pricing for their used trucks has stabilized.

USA Truck, Van Buren, Ark., announced operating revenues, before fuel surcharge, of $61.65 million for the quarter ended March 31, an increase of 5.8% from $58.29 million for the same quarter of 2001. Net income increased to $73,853 for the first quarter of 2002, compared to net loss of $404,910 for the first quarter of 2001. Fully diluted net income per share for the quarter ended March 31, 2002 was $.01 compared to a net loss per share of $.04 for the same quarter in 2001.
“We continued to press forward with our margin improvement program in the first quarter of this year, particularly with encouraging results in the maintenance and recruiting areas," said Robert M. Powell, Chairman and CEO. "Our focus on maintenance costs paid dividends in the first quarter of this year with direct fleet repair costs running 9.4% less than the same quarter of 2001. Driver recruiting and training costs were 28.8% lower in the first quarter of 2002 compared to the same quarter last year, primarily due to a 26.7% reduction in driver turnover during same periods."
He noted a few key factors adversely affected their operating margin in the first quarter, including insurance premiums for liability, cargo and workers compensation coverage increasing 184.7%. Driver wages per mile also increased 1.9% over the same period a year ago.