Werner Enterprises, Inc. (NASDAQ:WERN), one of the nation’s largest
transportation and logistics companies, reported improved revenues
and earnings for the second quarter ended June 30, 2017. Earnings
per diluted share were $0.32 for second quarter 2017 compared to
earnings per diluted share of $0.25 for second quarter 2016. The
second quarter 2016 results included a $3.4 million pre-tax gain,
or three cents per diluted share, on the sale of real estate.
Second quarter 2017 freight demand in our
One-Way Truckload fleet improved seasonally throughout the quarter.
The seasonal improvement was better than normal in some periods of
second quarter 2017, compared to seasonally softer than normal
freight demand in second quarter 2016. Freight volumes thus far in
July 2017 in One-Way Truckload have been seasonally better than
normal and stronger than the same period in July 2016.
Average revenues per tractor per week increased
4.1% in second quarter 2017 compared to second quarter 2016 due to
a 2.4% increase in average revenues per total mile and a 1.7%
increase in average miles per truck. During second and third
quarter of 2016, to take advantage of a strengthening Dedicated
market, we moved trucks from One-Way Truckload, lessening the need
to find freight for trucks in the more challenged one-way truckload
market. The shifting of trucks to shorter-haul Dedicated from
longer-haul One-Way Truckload had a favorable impact on revenue per
total mile and an unfavorable impact on miles per truck.
Freight volume metrics have improved, as
evidenced by a lower empty mile percentage, rising average miles
per truck and higher pricing for transactional spot market
shipments. Assuming this freight volume trend continues, we expect
contractual rates to begin to improve over the next few quarters,
particularly noting the expected tightening of supply when the
electronic hours of service mandate for the trucking industry
becomes effective in December of this year.
In second quarter 2017, we averaged 7,270 trucks
in service in the Truckload Transportation Services (Truckload)
segment and 48 intermodal drayage trucks in the Werner Logistics
segment. We ended second quarter 2017 with 7,315 trucks in the
Truckload segment, a year-over-year increase of 60 trucks and a
sequential increase of 135 trucks. Our Dedicated unit ended second
quarter 2017 with 3,815 trucks (or 52% of our total Truckload
segment fleet) compared to 3,760 trucks at the end of second
quarter 2016.
Over the last two and one-half years, we
completed a significant 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. We intend to maintain our newer
fleet age of trucks and trailers. The average age of our truck
fleet was 1.9 years as of June 30, 2017. Net capital expenditures
in the first half of 2017 were $70 million compared to $261 million
in the first half of 2016. For the full year of 2017, we expect net
capital expenditures to be in the range of $175 million to $225
million, which is substantially lower than the $430 million of net
capital expenditures in 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 and declining national unemployment rate,
aging truck driver demographics and increased truck safety
regulations. We proactively took many significant actions in the
last two years 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 second quarter rate in 19 years.
Gains on sales of assets were $2.5 million in
second quarter 2017. This compares to gains on sales of assets of
$6.8 million in second quarter 2016, which included a $3.4 million
real estate gain. In second quarter 2017, we sold fewer trucks and
fewer trailers than in second quarter 2016. We realized higher
average gains per truck and lower average gains per trailer in
second quarter 2017 compared to second quarter 2016. The used truck
pricing market remained difficult but relatively stable in second
quarter 2017 due to a higher than normal supply of used trucks in
the market and low buyer demand. Gains on sales of assets are
reflected as a reduction of Other Operating Expenses in our income
statement.
As previously disclosed, in fourth quarter 2016,
due to the weak used truck market, we reduced the estimated life of
certain trucks to more rapidly depreciate the trucks to their
residual values. This change resulted in additional depreciation
expense in fourth quarter 2016 of $4.1 million, in first quarter
2017 of $2.6 million and in second quarter 2017 of $0.7 million. We
nearly completed the sale of these specific trucks in second
quarter 2017, therefore we do not anticipate the additional
depreciation expense for the remaining trucks to be significant in
third quarter 2017. Because we will be selling trucks in third
quarter 2017 with a higher book value per truck than those trucks
that were sold in second quarter 2017, we expect gains on sales of
trucks and trailers to be minimal in third quarter 2017.
Diesel fuel prices were 13 cents per gallon
higher in second quarter 2017 than in second quarter 2016 and were
7 cents per gallon lower than in first quarter 2017. For the first
24 days of July 2017, the average diesel fuel price per gallon was
8 cents higher than the average diesel fuel price per gallon in the
same period of 2016 and 8 cents higher than in third quarter 2016.
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, Werner Global Logistics
(International) and our newest logistics solution, Werner Final
Mile, launched with the delivery of our first shipments in May
2017. Our business strategy and systems development for Final Mile
are on target with our internal plan.
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Werner Logistics
(amounts in thousands) |
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
Operating revenues |
$ |
100,804 |
|
|
100.0 |
|
|
$ |
103,965 |
|
|
100.0 |
|
|
$ |
200,657 |
|
|
100.0 |
|
|
$ |
200,542 |
|
|
100.0 |
|
Rent and purchased
transportation expense |
85,453 |
|
|
84.8 |
|
|
84,875 |
|
|
81.6 |
|
|
169,770 |
|
|
84.6 |
|
|
164,259 |
|
|
81.9 |
|
Gross margin |
15,351 |
|
|
15.2 |
|
|
19,090 |
|
|
18.4 |
|
|
30,887 |
|
|
15.4 |
|
|
36,283 |
|
|
18.1 |
|
Other operating
expenses |
13,066 |
|
|
12.9 |
|
|
12,517 |
|
|
12.1 |
|
|
25,553 |
|
|
12.7 |
|
|
24,675 |
|
|
12.3 |
|
Operating income |
$ |
2,285 |
|
|
2.3 |
|
|
$ |
6,573 |
|
|
6.3 |
|
|
$ |
5,334 |
|
|
2.7 |
|
|
$ |
11,608 |
|
|
5.8 |
|
In second quarter 2017, Werner Logistics
revenues decreased $3.2 million, or 3%, and operating income
dollars decreased $4.3 million, or 65%, compared to second quarter
2016. The Werner Logistics gross margin percentage in second
quarter 2017 of 15.2% decreased 313 basis points compared to the
gross margin percentage of 18.4% in second quarter 2016. The Werner
Logistics operating income percentage in second quarter 2017 of
2.3% decreased 406 basis points from second quarter 2016 of 6.3%.
Tighter carrier capacity in second quarter 2017 compared to second
quarter 2016 resulted in higher purchased transportation costs
causing the lower gross margin and operating income
percentages.
In second quarter 2017, Werner Logistics
achieved solid revenue growth year over year in our truck brokerage
solution, while our intermodal and international solutions had
lower revenues due to more challenging market conditions. As
previously disclosed, a large Werner Logistics Freight Management
customer (5.7% of Werner Logistics revenues in second quarter 2016)
that was acquired in 2015 transitioned to their parent company’s
transportation platform mid-quarter during first quarter 2017. We
continue to see strong customer acceptance of the value of the
Werner Logistics portfolio of service offerings.
Comparisons of the operating ratios for the
Truckload segment (net of fuel surcharge revenues of $49.5 million
and $38.3 million in second quarters 2017 and 2016, respectively,
and $97.5 million and $69.0 million in the year-to-date 2017 and
2016 periods, respectively) and the Werner Logistics segment are
shown below.
|
Three Months Ended June 30, |
|
|
|
Six Months Ended June 30, |
|
|
Operating Ratios |
2017 |
|
2016 |
|
Difference |
|
2017 |
|
2016 |
|
Difference |
Truckload
Transportation Services |
89.8 |
% |
|
93.3 |
% |
|
(3.5 |
)% |
|
91.4 |
% |
|
91.9 |
% |
|
(0.5 |
)% |
Werner Logistics |
97.7 |
% |
|
93.7 |
% |
|
4.0 |
% |
|
97.3 |
% |
|
94.2 |
% |
|
3.1 |
% |
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 second quarter 2017 and
second quarter 2016 are 91.1% and 94.0%, respectively, and for
year-to-date 2017 and 2016 are 92.5% and 92.7%, respectively, when
fuel surcharge revenues are reported as revenues instead of a
reduction of operating expenses.
Our financial position remains strong. As of
June 30, 2017, we had $75 million of debt outstanding and over $1
billion of stockholders’ equity.
|
INCOME STATEMENT |
|
(Unaudited) |
|
(In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
Operating revenues |
$ |
519,508 |
|
|
100.0 |
|
|
$ |
498,681 |
|
|
100.0 |
|
|
$ |
1,020,729 |
|
|
100.0 |
|
|
$ |
981,483 |
|
|
100.0 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries,
wages and benefits |
169,543 |
|
|
32.6 |
|
|
159,699 |
|
|
32.0 |
|
|
330,382 |
|
|
32.3 |
|
|
316,436 |
|
|
32.2 |
|
Fuel |
45,129 |
|
|
8.7 |
|
|
39,336 |
|
|
7.9 |
|
|
90,285 |
|
|
8.8 |
|
|
71,396 |
|
|
7.3 |
|
Supplies
and maintenance |
40,058 |
|
|
7.7 |
|
|
42,417 |
|
|
8.5 |
|
|
78,290 |
|
|
7.7 |
|
|
89,532 |
|
|
9.1 |
|
Taxes and
licenses |
21,638 |
|
|
4.2 |
|
|
21,826 |
|
|
4.4 |
|
|
42,424 |
|
|
4.2 |
|
|
42,813 |
|
|
4.4 |
|
Insurance
and claims |
19,827 |
|
|
3.8 |
|
|
21,931 |
|
|
4.4 |
|
|
39,667 |
|
|
3.9 |
|
|
40,278 |
|
|
4.1 |
|
Depreciation |
53,705 |
|
|
10.3 |
|
|
50,904 |
|
|
10.2 |
|
|
109,041 |
|
|
10.7 |
|
|
101,068 |
|
|
10.3 |
|
Rent and
purchased transportation |
124,634 |
|
|
24.0 |
|
|
127,303 |
|
|
25.5 |
|
|
251,059 |
|
|
24.6 |
|
|
245,279 |
|
|
25.0 |
|
Communications and utilities |
3,887 |
|
|
0.8 |
|
|
3,995 |
|
|
0.8 |
|
|
7,959 |
|
|
0.8 |
|
|
7,904 |
|
|
0.8 |
|
Other |
4,174 |
|
|
0.8 |
|
|
1,717 |
|
|
0.4 |
|
|
8,737 |
|
|
0.8 |
|
|
4,737 |
|
|
0.5 |
|
Total
operating expenses |
482,595 |
|
|
92.9 |
|
|
469,128 |
|
|
94.1 |
|
|
957,844 |
|
|
93.8 |
|
|
919,443 |
|
|
93.7 |
|
Operating income |
36,913 |
|
|
7.1 |
|
|
29,553 |
|
|
5.9 |
|
|
62,885 |
|
|
6.2 |
|
|
62,040 |
|
|
6.3 |
|
Other expense
(income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
624 |
|
|
0.1 |
|
|
596 |
|
|
0.1 |
|
|
1,400 |
|
|
0.1 |
|
|
1,090 |
|
|
0.1 |
|
Interest
income |
(876 |
) |
|
(0.1 |
) |
|
(1,109 |
) |
|
(0.2 |
) |
|
(1,790 |
) |
|
(0.1 |
) |
|
(2,099 |
) |
|
(0.2 |
) |
Other |
152 |
|
|
— |
|
|
57 |
|
|
— |
|
|
205 |
|
|
— |
|
|
102 |
|
|
— |
|
Total
other expense (income) |
(100 |
) |
|
— |
|
|
(456 |
) |
|
(0.1 |
) |
|
(185 |
) |
|
— |
|
|
(907 |
) |
|
(0.1 |
) |
Income before income
taxes |
37,013 |
|
|
7.1 |
|
|
30,009 |
|
|
6.0 |
|
|
63,070 |
|
|
6.2 |
|
|
62,947 |
|
|
6.4 |
|
Income taxes |
13,794 |
|
|
2.6 |
|
|
11,703 |
|
|
2.3 |
|
|
23,832 |
|
|
2.4 |
|
|
24,549 |
|
|
2.5 |
|
Net income |
$ |
23,219 |
|
|
4.5 |
|
|
$ |
18,306 |
|
|
3.7 |
|
|
$ |
39,238 |
|
|
3.8 |
|
|
$ |
38,398 |
|
|
3.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
outstanding |
72,492 |
|
|
|
|
72,366 |
|
|
|
|
72,469 |
|
|
|
|
72,349 |
|
|
|
Diluted earnings per
share |
$ |
0.32 |
|
|
|
|
$ |
0.25 |
|
|
|
|
$ |
0.54 |
|
|
|
|
$ |
0.53 |
|
|
|
|
SEGMENT INFORMATION |
|
(Unaudited) |
|
(In thousands) |
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenues |
|
|
|
|
|
|
|
Truckload
Transportation Services |
$ |
403,502 |
|
|
$ |
379,249 |
|
|
$ |
788,505 |
|
|
$ |
752,166 |
|
Werner Logistics |
100,804 |
|
|
103,965 |
|
|
200,657 |
|
|
200,542 |
|
Other (1) |
15,127 |
|
|
15,166 |
|
|
31,237 |
|
|
28,344 |
|
Corporate |
524 |
|
|
614 |
|
|
946 |
|
|
987 |
|
Subtotal |
519,957 |
|
|
498,994 |
|
|
1,021,345 |
|
|
982,039 |
|
Inter-segment
eliminations (2) |
(449 |
) |
|
(313 |
) |
|
(616 |
) |
|
(556 |
) |
Total |
$ |
519,508 |
|
|
$ |
498,681 |
|
|
$ |
1,020,729 |
|
|
$ |
981,483 |
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
Truckload
Transportation Services |
$ |
36,036 |
|
|
$ |
22,766 |
|
|
$ |
59,502 |
|
|
$ |
55,125 |
|
Werner Logistics |
2,285 |
|
|
6,573 |
|
|
5,334 |
|
|
11,608 |
|
Other (1) |
(541 |
) |
|
(1,839 |
) |
|
(396 |
) |
|
(3,773 |
) |
Corporate |
(867 |
) |
|
2,053 |
|
|
(1,555 |
) |
|
(920 |
) |
Total |
$ |
36,913 |
|
|
$ |
29,553 |
|
|
$ |
62,885 |
|
|
$ |
62,040 |
|
(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 June 30, |
|
|
|
Six Months Ended June 30, |
|
|
|
2017 |
|
2016 |
|
% Change |
|
2017 |
|
2016 |
|
% Change |
Truckload
Transportation Services segment |
|
|
|
|
|
|
|
|
|
|
|
Average percentage of
empty miles |
12.30 |
% |
|
13.41 |
% |
|
(8.3 |
)% |
|
12.34 |
% |
|
13.34 |
% |
|
(7.5 |
)% |
Average trip length in
miles (loaded) |
470 |
|
|
459 |
|
|
2.4 |
% |
|
469 |
|
|
465 |
|
|
0.9 |
% |
Average tractors in
service |
7,270 |
|
|
7,306 |
|
|
(0.5 |
)% |
|
7,235 |
|
|
7,329 |
|
|
(1.3 |
)% |
Average revenues per
tractor per week (1) |
$ |
3,676 |
|
|
$ |
3,531 |
|
|
4.1 |
% |
|
$ |
3,604 |
|
|
$ |
3,527 |
|
|
2.2 |
% |
Total trailers (at
quarter end) |
22,020 |
|
|
22,575 |
|
|
|
|
22,020 |
|
|
22,575 |
|
|
|
Total tractors (at
quarter end) |
|
|
|
|
|
|
|
|
|
|
|
Company |
6,615 |
|
|
6,355 |
|
|
|
|
6,615 |
|
|
6,355 |
|
|
|
Independent
contractor |
700 |
|
|
900 |
|
|
|
|
700 |
|
|
900 |
|
|
|
Total
tractors |
7,315 |
|
|
7,255 |
|
|
|
|
7,315 |
|
|
7,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Werner Logistics
segment |
|
|
|
|
|
|
|
|
|
|
|
Average tractors in
service |
48 |
|
|
70 |
|
|
|
|
55 |
|
|
69 |
|
|
|
Total trailers (at
quarter end) |
1,840 |
|
|
1,630 |
|
|
|
|
1,840 |
|
|
1,630 |
|
|
|
Total tractors (at
quarter end) |
48 |
|
|
72 |
|
|
|
|
48 |
|
|
72 |
|
|
|
(1) Net of fuel surcharge revenues.
|
SUPPLEMENTAL INFORMATION |
|
(Unaudited) |
|
(In thousands) |
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Capital expenditures,
net |
$ |
55,266 |
|
|
$ |
158,923 |
|
|
$ |
69,860 |
|
|
$ |
260,526 |
|
Cash flow from
operations |
101,399 |
|
|
79,703 |
|
|
176,346 |
|
|
171,022 |
|
Return on assets
(annualized) |
5.4 |
% |
|
4.4 |
% |
|
4.5 |
% |
|
4.7 |
% |
Return on equity
(annualized) |
9.1 |
% |
|
7.6 |
% |
|
7.8 |
% |
|
8.1 |
% |
|
CONDENSED BALANCE SHEET |
|
(In thousands, except share amounts) |
|
|
|
|
|
June 30, 2017 |
|
December 31, 2016 |
|
(Unaudited) |
|
|
|
|
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
22,610 |
|
|
$ |
16,962 |
|
Accounts
receivable, trade, less allowance of $8,434 and $9,183,
respectively |
250,402 |
|
|
261,372 |
|
Other
receivables |
15,654 |
|
|
15,168 |
|
Inventories and supplies |
11,589 |
|
|
12,768 |
|
Prepaid
taxes, licenses and permits |
7,365 |
|
|
15,374 |
|
Income
taxes receivable |
8,468 |
|
|
21,497 |
|
Other
current assets |
30,979 |
|
|
29,987 |
|
Total
current assets |
347,067 |
|
|
373,128 |
|
|
|
|
|
Property and
equipment |
2,077,051 |
|
|
2,109,991 |
|
Less – accumulated
depreciation |
746,822 |
|
|
747,353 |
|
Property
and equipment, net |
1,330,229 |
|
|
1,362,638 |
|
|
|
|
|
Other non-current
assets |
54,159 |
|
|
57,237 |
|
Total assets |
$ |
1,731,455 |
|
|
$ |
1,793,003 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
70,717 |
|
|
$ |
66,618 |
|
Current
portion of long-term debt |
— |
|
|
20,000 |
|
Insurance
and claims accruals |
75,001 |
|
|
83,404 |
|
Accrued
payroll |
30,885 |
|
|
26,189 |
|
Other
current liabilities |
22,309 |
|
|
18,650 |
|
Total
current liabilities |
198,912 |
|
|
214,861 |
|
|
|
|
|
Long-term debt, net of
current portion |
75,000 |
|
|
160,000 |
|
Other long-term
liabilities |
15,321 |
|
|
16,711 |
|
Insurance and claims
accruals, net of current portion |
110,610 |
|
|
113,875 |
|
Deferred income
taxes |
300,082 |
|
|
292,769 |
|
|
|
|
|
Stockholders’
equity: |
|
|
|
Common
stock, $.01 par value, 200,000,000 shares authorized;
80,533,536 |
|
|
|
shares
issued; 72,249,924 and 72,166,969 shares outstanding,
respectively |
805 |
|
|
805 |
|
Paid-in
capital |
102,553 |
|
|
101,035 |
|
Retained
earnings |
1,114,351 |
|
|
1,084,796 |
|
Accumulated other comprehensive loss |
(12,851 |
) |
|
(16,917 |
) |
Treasury
stock, at cost; 8,283,612 and 8,366,567 shares, respectively |
(173,328 |
) |
|
(174,932 |
) |
Total
stockholders’ equity |
1,031,530 |
|
|
994,787 |
|
Total liabilities and
stockholders’ equity |
$ |
1,731,455 |
|
|
$ |
1,793,003 |
|
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;
medium-to-long-haul, regional and expedited van; and
temperature-controlled. The Werner Logistics portfolio includes
truck brokerage, freight management, intermodal, international and
final mile 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, 2016.
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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