Werner Enterprises, Omaha, Neb., posted weak revenues and earnings for the third quarter, a reflection of the continued challenging freight market and competitive pricing
, the company says.

Revenues were down 27 percent to $429.3 million in the third quarter, versus $584.1 million in the year-ago quarter. Meanwhile, earnings per share fell 16 percent to 26 cents, compared to 31 cents per share in the third quarter of 2008.

Trucking revenues for the transportation and logistics company fell 13 percent, landing at $319.3 million, while the year-ago quarter saw trucking revenues of $367.4 million.

"The freight market continued to be challenging in third quarter 2009, however freight volumes showed some encouraging seasonal improvement as the quarter progressed," the company said in a release. "Pricing remains extremely competitive, due principally to the high level of customer bid programs that occurred in the first half of 2009."

Meanwhile, the company's subsidiary, Fleet Truck Sales, saw lower gains on sales of assets, primarily trucks and trailers. Gains were $0.9 million in the third quarter, versus $2.8 million the year-ago period. The company attributes the lower numbers to low demand for used trucks and trailers, caused by the weak freight market and recession.

The company has taken several steps to adapt to the market conditions, including cutting its fleet size by 10 percent and reducing its total miles by 11 percent. During the first nine months of 2009, Werner improved its trucking tractor-to-non-driver ratio by 14 percent and cut other operating expenses.