Werner Enterprises reported declines in revenues and earnings for the second quarter, given the challenging freight market.


The company's revenues were down 30 percent to $403.1 million, compared to $578.2 million in the second quarter of 2008. While earnings per share grew 8 cents per share from the first quarter of 2009, Werner's earnings per share slipped 31 percent from the second quarter of 2008.

"The company experienced some seasonal freight improvement as the quarter progressed from April to May to June 2009," the company said in a release. "However, second quarter 2009 freight comparisons were well below volumes during the same period in 2008, in part since June 2008 was the strongest freight month for the Company during 2008."

Meanwhile, the company's subsidiary, Fleet Truck Sales, saw lower gains on sales of assets, primarily on trucks and trailers. Gains were $0.4 million in the second quarter of this year, versus $2.2 million in the same period of 2008. The company attributes this to low demand for used trucks and trailers because of the weak freight market and economic downturn.

The company has taken several steps to adapt to the market conditions, including cutting its fleet size by 10 percent and reducing its length of haul by 16 percent. Over the six months ending June 30, Werner improved its tractor-to-non-driver ratio by 11 percent and reduced other operating expenses.

"Management is cautiously optimistic that freight is bottoming, but it remains difficult thus far in July 2009," the company said.