Werner Enterprises, Inc. (NASDAQ:WERN), one of the nation’s largest
transportation and logistics companies, reported revenues and
earnings for the third quarter ended September 30, 2016. Earnings
per diluted share were $0.26 for third quarter 2016 compared to
earnings per diluted share of $0.44 for third quarter 2015 and
$0.25 for second quarter 2016. Excluding gains on sales of assets
in both periods, earnings per diluted share increased sequentially
by four cents per share from second quarter 2016 to third quarter
2016.
Third quarter 2016 freight demand showed gradual
improvement from the weak second quarter freight market. We believe
part of this improvement was industry specific and part was Company
specific. During June 2016, to take advantage of the strengthening
Dedicated market, we moved 150 trucks from One-Way Truckload,
lessening the need to find freight for their trucks in the more
challenged One-Way market. In September 2016, we moved an
additional 100 trucks from One-Way Truckload into Dedicated.
Freight volumes and transactional spot market pricing in the
One-Way Truckload market improved in third quarter 2016 from the
lower levels in second quarter 2016. We reduced our spot market
exposure from elevated levels in second quarter 2016 to more
typical levels in third quarter 2016. We experienced better than
normal freight volume trends in our One-Way Truckload business in
July followed by stable and steady freight trends in August and
September. Freight demand thus far in October 2016 has been
consistent with normal seasonal trends.
Average revenues per tractor per week increased
sequentially by 1.6% in third quarter 2016 compared to second
quarter 2016 due to a 0.2% decrease in average miles per truck
combined with a 1.8% increase in average revenues per total mile.
Average revenues per tractor per week decreased 4.7% in third
quarter 2016 compared to third quarter 2015 due to a 3.5% decrease
in average miles per truck combined with a 1.2% decrease in average
revenues per total mile.
During third quarter 2016, we experienced
gradual freight improvement which began to validate our pricing
strategy. The contractual rate market became more challenging in
second quarter 2016, particularly in One-Way Truckload. An excess
supply of industry trucks relative to sluggish freight demand
created a market in which customers pushed harder for contractual
rate decreases. We chose to exit from certain contractual business
that would have required significant contractual rate decreases for
the next year, since we believed that this pricing was not
sustainable and that freight market conditions would begin to show
improvement. While we avoided mid-single digit percentage or higher
contractual rate decreases in second quarter 2016, market
conditions and competition necessitated agreeing to flat to
slightly lower contractual rates which became effective in third
quarter 2016.
In third quarter 2016, we averaged 7,216 trucks
in service in the Truckload segment and 75 intermodal drayage
trucks in the Werner Logistics segment. We ended third quarter 2016
with 7,175 trucks in the Truckload segment, a year-over-year
decrease of 240 trucks and a sequential decrease of 80 trucks. Our
Specialized Services unit, primarily Dedicated, ended third quarter
2016 with 3,930 trucks (or 55% of our total Truckload segment
fleet). We again reduced our average trucks in service by 90 trucks
from second quarter 2016 to third quarter 2016, in response to the
freight market conditions. We are not growing our truck fleet until
we see meaningful improvement in the freight and rate markets.
We are continuing our reinvestment in our fleet
to reduce the average age of our trucks and trailers. Our
investment in newer trucks and trailers improves our driver
experience, raises operational efficiency and helps us to better
manage our maintenance, safety and fuel costs. The average age of
our truck fleet was 1.7 years as of September 30, 2016, which
compares to an average age of 1.9 years as of September 30, 2015.
Net capital expenditures in the first nine months of 2016 were $294
million compared to $251 million in the first nine months of 2015.
For the full year of 2016, we expect net capital expenditures of
$350 million to $400 million. We expect net capital expenditures to
return to more normal levels in 2017, compared to elevated levels
in 2015 and 2016.
The driver recruiting market remains
challenging. Several ongoing market factors persist including a
declining number of, and increased competition for, driver training
school graduates, a low national unemployment rate, aging truck
driver demographics and increased truck safety regulations. We have
taken many significant actions in the last year to strengthen our
driver recruiting and retention to make Werner the preferred choice
for the best drivers, including raising driver pay, lowering the
age of our truck fleet, installing safety and training features on
all new trucks and investing in our driver training schools. Our
driver turnover rate once again improved, achieving the lowest
third quarter rate in 18 years.
Gains on sales of assets were $3.1 million in
third quarter 2016, including a $6.5 million gain from a real
estate sale and $3.4 million of losses on equipment sales. This
compares to gains on sales of assets of $6.7 million in third
quarter 2015, which included a $0.7 million gain from a real estate
sale. In third quarter 2016, we sold more trucks and more trailers
than in third quarter 2015. We realized average losses per truck in
third quarter 2016 compared to average gains in third quarter 2015
and realized similar average gains per trailer. The used truck
pricing market became increasingly more difficult in third quarter
2016 due to a higher than normal supply of used trucks in the
market and low buyer demand. We expect the used truck pricing
market will remain difficult for at least the near term. Gains on
sales of assets are reflected as a reduction of Other Operating
Expenses in our income statement.
Diesel fuel prices were 17 cents per gallon
lower in third quarter 2016 than in third quarter 2015 and were 2
cents per gallon higher than in second quarter 2016. For the first
20 days of October 2016, the average diesel fuel price per gallon
was 5 cents lower than the average diesel fuel price per gallon in
the same period of 2015 and 19 cents higher than in fourth quarter
2015. The components of our total fuel cost consist of and are
recorded in our income statement as follows: (i) Fuel (fuel expense
for company trucks excluding federal and state fuel taxes); (ii)
Taxes and Licenses (federal and state fuel taxes); and (iii) Rent
and Purchased Transportation (fuel component of our independent
contractor costs, including the base cost of fuel and additional
fuel surcharge reimbursement for costs exceeding the fuel
base).
To provide shippers with additional sources of
managed capacity and network analysis, we continue to develop our
non-asset based Werner Logistics segment. Werner Logistics includes
Brokerage, Freight Management, Intermodal and Werner Global
Logistics (International).
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Werner Logistics
(amounts in thousands) |
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
Operating revenues |
$ |
109,459 |
|
|
100.0 |
|
|
$ |
102,149 |
|
|
100.0 |
|
|
$ |
310,001 |
|
|
100.0 |
|
|
$ |
296,459 |
|
|
100.0 |
|
Rent and purchased
transportation expense |
91,695 |
|
|
83.8 |
|
|
86,085 |
|
|
84.3 |
|
|
255,954 |
|
|
82.6 |
|
|
251,406 |
|
|
84.8 |
|
Gross margin |
17,764 |
|
|
16.2 |
|
|
16,064 |
|
|
15.7 |
|
|
54,047 |
|
|
17.4 |
|
|
45,053 |
|
|
15.2 |
|
Other operating
expenses |
12,870 |
|
|
11.7 |
|
|
11,043 |
|
|
10.8 |
|
|
37,545 |
|
|
12.1 |
|
|
32,579 |
|
|
11.0 |
|
Operating income |
$ |
4,894 |
|
|
4.5 |
|
|
$ |
5,021 |
|
|
4.9 |
|
|
$ |
16,502 |
|
|
5.3 |
|
|
$ |
12,474 |
|
|
4.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In third quarter 2016, Werner Logistics revenues
increased $7.3 million, or 7%, and operating income dollars
decreased $0.1 million, or 3%, compared to third quarter 2015. The
Werner Logistics gross margin percentage in third quarter 2016 of
16.2% improved 50 basis points compared to the gross margin
percentage of 15.7% in third quarter 2015. The Werner Logistics
operating income percentage in third quarter 2016 of 4.5% decreased
44 basis points from third quarter 2015 of 4.9%.
In third quarter 2016, Werner Logistics
continued to see strong growth in our truck brokerage and
intermodal solutions despite the sluggish logistics freight market.
This is a strong vote of confidence from our customers as they
continue to appreciate the value of the Werner Enterprises
portfolio of service offerings. We increased our Werner Logistics
inside sales team by 25% year over year to facilitate growth and
continue to invest in our regional office network. During third
quarter 2016, we opened a new office in Omaha and renovated or
expanded offices in Dallas, Atlanta and Chicago to support this
continued growth. We remain confident that the depth and breadth of
our portfolio strategy positions us very well for the changing
regulatory environment in 2017.
Comparisons of the operating ratios for the
Truckload segment (net of fuel surcharge revenues of $42.0 million
and $52.4 million in third quarters 2016 and 2015, respectively,
and $111.0 million and $167.2 million in the year-to-date 2016 and
2015 periods, respectively) and the Werner Logistics segment are
shown below.
|
Three Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
|
Operating Ratios |
2016 |
|
2015 |
|
Difference |
|
2016 |
|
2015 |
|
Difference |
Truckload
Transportation Services |
94.2 |
% |
|
86.7 |
% |
|
7.5 |
% |
|
92.7 |
% |
|
87.5 |
% |
|
5.2 |
% |
Werner Logistics |
95.5 |
% |
|
95.1 |
% |
|
0.4 |
% |
|
94.7 |
% |
|
95.8 |
% |
|
(1.1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fluctuating fuel prices and fuel surcharge
revenues impact the total company operating ratio and the Truckload
segment’s operating ratio when fuel surcharges are reported on a
gross basis as revenues versus netting against fuel expenses.
Eliminating fuel surcharge revenues, which are generally a more
volatile source of revenue, provides a more consistent basis for
comparing the results of operations from period to period. The
Truckload segment’s operating ratios for third quarter 2016 and
third quarter 2015 are 94.8% and 88.3% respectively, and for
year-to-date 2016 and 2015 are 93.4% and 89.2%, respectively, when
fuel surcharge revenues are reported as revenues instead of a
reduction of operating expenses.
Our financial position remains strong. As of
September 30, 2016, we had $150.0 million of debt outstanding and
$978.5 million of stockholders’ equity.
|
INCOME STATEMENT |
|
(Unaudited) |
|
(In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
Operating revenues |
$ |
508,676 |
|
|
100.0 |
|
|
$ |
534,448 |
|
|
100.0 |
|
|
$ |
1,490,159 |
|
|
100.0 |
|
|
$ |
1,564,746 |
|
|
100.0 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries,
wages and benefits |
162,862 |
|
|
32.0 |
|
|
167,301 |
|
|
31.3 |
|
|
479,298 |
|
|
32.2 |
|
|
479,142 |
|
|
30.6 |
|
Fuel |
40,638 |
|
|
8.0 |
|
|
50,855 |
|
|
9.5 |
|
|
112,034 |
|
|
7.5 |
|
|
160,996 |
|
|
10.3 |
|
Supplies
and maintenance |
41,027 |
|
|
8.1 |
|
|
50,283 |
|
|
9.4 |
|
|
130,559 |
|
|
8.8 |
|
|
144,328 |
|
|
9.2 |
|
Taxes and
licenses |
21,540 |
|
|
4.2 |
|
|
22,616 |
|
|
4.2 |
|
|
64,353 |
|
|
4.3 |
|
|
66,459 |
|
|
4.3 |
|
Insurance
and claims |
19,106 |
|
|
3.8 |
|
|
17,372 |
|
|
3.3 |
|
|
59,384 |
|
|
4.0 |
|
|
60,034 |
|
|
3.8 |
|
Depreciation |
51,781 |
|
|
10.2 |
|
|
49,081 |
|
|
9.2 |
|
|
152,849 |
|
|
10.3 |
|
|
143,065 |
|
|
9.1 |
|
Rent and
purchased transportation |
133,876 |
|
|
26.3 |
|
|
122,006 |
|
|
22.8 |
|
|
379,155 |
|
|
25.4 |
|
|
360,706 |
|
|
23.1 |
|
Communications and utilities |
4,206 |
|
|
0.8 |
|
|
3,786 |
|
|
0.7 |
|
|
12,110 |
|
|
0.8 |
|
|
11,301 |
|
|
0.7 |
|
Other |
4,566 |
|
|
0.9 |
|
|
(1,652 |
) |
|
(0.3 |
) |
|
9,303 |
|
|
0.6 |
|
|
(4,480 |
) |
|
(0.3 |
) |
Total
operating expenses |
479,602 |
|
|
94.3 |
|
|
481,648 |
|
|
90.1 |
|
|
1,399,045 |
|
|
93.9 |
|
|
1,421,551 |
|
|
90.8 |
|
Operating income |
29,074 |
|
|
5.7 |
|
|
52,800 |
|
|
9.9 |
|
|
91,114 |
|
|
6.1 |
|
|
143,195 |
|
|
9.2 |
|
Other expense
(income): |
|
|
|
|
|
|
|
|
|
Interest
expense |
749 |
|
|
0.1 |
|
|
511 |
|
|
0.1 |
|
|
1,839 |
|
|
0.1 |
|
|
1,569 |
|
|
0.1 |
|
Interest
income |
(1,055 |
) |
|
(0.2 |
) |
|
(760 |
) |
|
(0.1 |
) |
|
(3,154 |
) |
|
(0.2 |
) |
|
(2,088 |
) |
|
(0.1 |
) |
Other |
46 |
|
|
— |
|
|
32 |
|
|
— |
|
|
148 |
|
|
— |
|
|
257 |
|
|
— |
|
Total
other expense (income) |
(260 |
) |
|
(0.1 |
) |
|
(217 |
) |
|
— |
|
|
(1,167 |
) |
|
(0.1 |
) |
|
(262 |
) |
|
— |
|
Income before income
taxes |
29,334 |
|
|
5.8 |
|
|
53,017 |
|
|
9.9 |
|
|
92,281 |
|
|
6.2 |
|
|
143,457 |
|
|
9.2 |
|
Income taxes |
10,414 |
|
|
2.1 |
|
|
20,941 |
|
|
3.9 |
|
|
34,963 |
|
|
2.4 |
|
|
56,391 |
|
|
3.6 |
|
Net income |
$ |
18,920 |
|
|
3.7 |
|
|
$ |
32,076 |
|
|
6.0 |
|
|
$ |
57,318 |
|
|
3.8 |
|
|
$ |
87,066 |
|
|
5.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
outstanding |
72,406 |
|
|
|
|
72,478 |
|
|
|
|
72,364 |
|
|
|
|
72,546 |
|
|
|
Diluted earnings per
share |
$ |
0.26 |
|
|
|
|
$ |
0.44 |
|
|
|
|
$ |
0.79 |
|
|
|
|
$ |
1.20 |
|
|
|
|
SEGMENT INFORMATION |
|
(Unaudited) |
|
(In thousands) |
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Revenues |
|
|
|
|
|
|
|
Truckload
Transportation Services |
$ |
384,312 |
|
|
$ |
417,861 |
|
|
$ |
1,136,478 |
|
|
$ |
1,225,439 |
|
Werner Logistics |
109,459 |
|
|
102,149 |
|
|
310,001 |
|
|
296,459 |
|
Other (1) |
14,804 |
|
|
14,087 |
|
|
43,148 |
|
|
41,996 |
|
Corporate |
313 |
|
|
634 |
|
|
1,300 |
|
|
1,880 |
|
Subtotal |
508,888 |
|
|
534,731 |
|
|
1,490,927 |
|
|
1,565,774 |
|
Inter-segment
eliminations (2) |
(212 |
) |
|
(283 |
) |
|
(768 |
) |
|
(1,028 |
) |
Total |
$ |
508,676 |
|
|
$ |
534,448 |
|
|
$ |
1,490,159 |
|
|
$ |
1,564,746 |
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
Truckload
Transportation Services |
$ |
19,846 |
|
|
$ |
48,747 |
|
|
$ |
74,971 |
|
|
$ |
131,901 |
|
Werner Logistics |
4,894 |
|
|
5,021 |
|
|
16,502 |
|
|
12,474 |
|
Other (1) |
(1,191 |
) |
|
(1,354 |
) |
|
(4,964 |
) |
|
(2,038 |
) |
Corporate |
5,525 |
|
|
386 |
|
|
4,605 |
|
|
858 |
|
Total |
$ |
29,074 |
|
|
$ |
52,800 |
|
|
$ |
91,114 |
|
|
$ |
143,195 |
|
(1) Other includes our driver training schools,
transportation-related activities such as third-party equipment
maintenance and equipment leasing, and other business
activities. |
(2) Inter-segment eliminations represent
transactions between reporting segments that are eliminated in
consolidation. |
|
OPERATING STATISTICS BY SEGMENT |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
|
|
2016 |
|
2015 |
|
% Change |
|
2016 |
|
2015 |
|
% Change |
Truckload
Transportation Services segment |
|
|
|
|
|
|
|
|
|
|
|
Average percentage of
empty miles |
12.55 |
% |
|
12.53 |
% |
|
0.2 |
% |
|
13.08 |
% |
|
12.30 |
% |
|
6.3 |
% |
Average trip length in
miles (loaded) |
468 |
|
|
483 |
|
|
(3.1 |
)% |
|
466 |
|
|
480 |
|
|
(2.9 |
)% |
Average tractors in
service |
7,216 |
|
|
7,355 |
|
|
(1.9 |
)% |
|
7,291 |
|
|
7,205 |
|
|
1.2 |
% |
Average revenues per
tractor per week (1) |
$ |
3,589 |
|
|
$ |
3,767 |
|
|
(4.7 |
)% |
|
$ |
3,547 |
|
|
$ |
3,710 |
|
|
(4.4 |
)% |
Total trailers (at
quarter end) |
22,655 |
|
|
22,495 |
|
|
|
|
22,655 |
|
|
22,495 |
|
|
|
Total tractors (at
quarter end) |
|
|
|
|
|
|
|
|
|
|
|
Company |
6,355 |
|
|
6,710 |
|
|
|
|
6,355 |
|
|
6,710 |
|
|
|
Independent
contractor |
820 |
|
|
705 |
|
|
|
|
820 |
|
|
705 |
|
|
|
Total
tractors |
7,175 |
|
|
7,415 |
|
|
|
|
7,175 |
|
|
7,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Werner Logistics
segment |
|
|
|
|
|
|
|
|
|
|
|
Average tractors in
service |
75 |
|
|
60 |
|
|
|
|
71 |
|
|
54 |
|
|
|
Total trailers (at
quarter end) |
1,590 |
|
|
1,405 |
|
|
|
|
1,590 |
|
|
1,405 |
|
|
|
Total tractors (at
quarter end) |
86 |
|
|
70 |
|
|
|
|
86 |
|
|
70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net of fuel
surcharge revenues. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION |
|
(Unaudited) |
|
(In thousands) |
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Capital expenditures,
net |
$ |
33,488 |
|
|
$ |
91,703 |
|
|
$ |
294,014 |
|
|
$ |
251,109 |
|
Cash flow from
operations |
30,153 |
|
|
89,200 |
|
|
201,175 |
|
|
282,772 |
|
Return on assets
(annualized) (1) |
4.4 |
% |
|
8.4 |
% |
|
4.6 |
% |
|
7.8 |
% |
Return on equity
(annualized) |
7.8 |
% |
|
14.4 |
% |
|
8.0 |
% |
|
13.4 |
% |
|
(1)
Pursuant to the Company’s early adoption of Accounting Standards
Update 2015-17 (see explanatory note on the Condensed Balance
Sheet), return on assets for all periods presented reflects the
impact of reclassifying the current deferred tax asset into the
non-current deferred tax liability. |
|
CONDENSED BALANCE SHEET |
|
(In thousands, except share amounts) |
|
|
|
|
|
September 30,2016 |
|
December 31, 2015 |
|
(Unaudited) |
|
|
|
|
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
13,736 |
|
|
$ |
31,833 |
|
Accounts
receivable, trade, less allowance of $9,080 and $10,298,
respectively |
252,512 |
|
|
251,023 |
|
Other
receivables |
13,536 |
|
|
17,241 |
|
Inventories and supplies |
14,446 |
|
|
16,415 |
|
Prepaid
taxes, licenses and permits |
6,949 |
|
|
15,657 |
|
Income
taxes receivable |
13,110 |
|
|
20,052 |
|
Other
current assets |
63,568 |
|
|
27,281 |
|
Total
current assets |
377,857 |
|
|
379,502 |
|
|
|
|
|
Property and
equipment |
2,011,888 |
|
|
1,908,600 |
|
Less – accumulated
depreciation |
728,503 |
|
|
754,130 |
|
Property
and equipment, net |
1,283,385 |
|
|
1,154,470 |
|
|
|
|
|
Other non-current
assets |
65,137 |
|
|
51,675 |
|
Total assets |
$ |
1,726,379 |
|
|
$ |
1,585,647 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Checks
issued in excess of cash balances |
$ |
2,665 |
|
|
$ |
— |
|
Accounts
payable |
72,735 |
|
|
70,643 |
|
Insurance
and claims accruals |
71,056 |
|
|
64,106 |
|
Accrued
payroll |
29,608 |
|
|
25,233 |
|
Other
current liabilities |
18,249 |
|
|
23,720 |
|
Total
current liabilities |
194,313 |
|
|
183,702 |
|
|
|
|
|
Long-term debt, net of
current portion |
150,000 |
|
|
75,000 |
|
Other long-term
liabilities |
18,275 |
|
|
19,832 |
|
Insurance and claims
accruals, net of current portion |
114,125 |
|
|
125,195 |
|
Deferred income taxes
(1) |
271,206 |
|
|
246,264 |
|
|
|
|
|
Stockholders’
equity: |
|
|
|
Common
stock, $.01 par value, 200,000,000 shares authorized;
80,533,536 |
|
|
|
shares
issued; 72,061,210 and 71,998,750 shares outstanding,
respectively |
805 |
|
|
805 |
|
Paid-in
capital |
103,648 |
|
|
102,734 |
|
Retained
earnings |
1,067,315 |
|
|
1,022,966 |
|
Accumulated other comprehensive loss |
(16,589 |
) |
|
(13,063 |
) |
Treasury
stock, at cost; 8,472,326 and 8,534,786 shares, respectively |
(176,719 |
) |
|
(177,788 |
) |
Total
stockholders’ equity |
978,460 |
|
|
935,654 |
|
Total liabilities and
stockholders’ equity |
$ |
1,726,379 |
|
|
$ |
1,585,647 |
|
|
(1) In
November 2015, the Financial Accounting Standards Board issued
Accounting Standards Update 2015-17, which requires presentation of
deferred tax assets and liabilities as non-current in the balance
sheet beginning January 1, 2017. The Company early-adopted the
guidance in 2016 and retrospectively adjusted the December 31, 2015
presentation by reclassifying a $28.0 million current deferred tax
asset into the non-current liability “Deferred income taxes”. |
|
Werner Enterprises, Inc. was founded in 1956 and
is a premier transportation and logistics company, with coverage
throughout North America, Asia, Europe, South America, Africa and
Australia. Werner maintains its global headquarters in Omaha,
Nebraska and maintains offices in the United States, Canada,
Mexico, China and Australia. Werner is among the five largest
truckload carriers in the United States, with a diversified
portfolio of transportation services that includes dedicated van,
temperature-controlled and flatbed; medium-to-long-haul, regional
and local van; and expedited services. The Werner Logistics
portfolio includes freight management, truck brokerage, intermodal,
and international services. International services are provided
through Werner’s domestic and global subsidiary companies and
include ocean, air and ground transportation; freight forwarding;
and customs brokerage.
Werner Enterprises, Inc.’s common stock trades
on The NASDAQ Global Select MarketSM under the symbol “WERN”. For
further information about Werner, visit the Company’s website at
www.werner.com.
This press release may contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
as amended. Such forward-looking statements are based on
information presently available to the Company’s management and are
current only as of the date made. Actual results could also differ
materially from those anticipated as a result of a number of
factors, including, but not limited to, those discussed in the
Company’s Annual Report on Form 10-K for the year ended
December 31, 2015.
For those reasons, undue reliance should not be
placed on any forward-looking statement. The Company assumes no
duty or obligation to update or revise any forward-looking
statement, although it may do so from time to time as management
believes is warranted or as may be required by applicable
securities law. Any such updates or revisions may be made by
filing reports with the U.S. Securities and Exchange Commission,
through the issuance of press releases or by other methods of
public disclosure.
Contact:
John J. Steele
Executive Vice President, Treasurer
and Chief Financial Officer
(402) 894-3036
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