Werner Enterprises, Inc. (Nasdaq: WERN), one of the nation’s
largest transportation and logistics companies, today reported
record first quarter operating income and diluted earnings per
share for the quarter ended March 31, 2021.
“Werner achieved record first quarter operating
income and earnings per share through superior operational
execution,” said Derek J. Leathers, Vice Chairman, President and
Chief Executive Officer. “Our experienced and talented team
delivered outstanding safety and customer service performance,
despite the significant challenges of a disruptive winter and a
difficult driver market.
“We are increasingly positive on our outlook for
Werner for 2021 and beyond. Our continuing efforts toward
enhancement of our “5T’s plus S” strategy are producing structural
and durable improvements throughout our Company.”
Total revenues for the quarter were $616.4
million, an increase of $23.7 million compared to the prior year
quarter, due primarily to Logistics revenues growth of $25.7
million. Logistics revenues growth resulted primarily from higher
pricing in Truckload Logistics and Intermodal.
Operating income of $62.5 million increased
$31.4 million, or 101%, while operating margin of 10.1% increased
490 basis points. On a non-GAAP basis, adjusted operating income of
$62.7 million increased $25.4 million, or 68%. Adjusted operating
margin of 10.2% improved 390 basis points from 6.3% for the same
quarter last year. First quarter 2020 GAAP and non-GAAP results
included $10.0 million of insurance and claims expense for a
serious truck accident that occurred in first quarter 2020.
We generated margin expansion from significantly
higher revenues per total mile, strong safety performance,
effective cost management and improved gains on sales of trucks and
trailers. These improvements were partially offset by lower miles
per truck due to severe winter weather, a higher percentage of
Dedicated trucks to total trucks, fewer driver teams and higher
driver pay per mile.
Interest expense of $0.8 million decreased from
$1.6 million due to lower average borrowings. The effective income
tax rate during the quarter was 24.9% compared to 23.3% in first
quarter 2020.
Net income of $46.5 million increased 102%
compared to the prior-year quarter. On a non-GAAP basis, adjusted
net income increased 69% to $46.7 million compared to $27.7 million
for the same quarter last year. Diluted earnings per share (EPS)
for the quarter of $0.68 increased 106%. On a non-GAAP basis,
adjusted diluted EPS of $0.68 increased 72% compared to $0.40 in
first quarter 2020.
Key Consolidated Financial
Metrics
|
Three Months EndedMarch 31, |
(In thousands, except per
share amounts) |
2021 |
|
2020 |
|
Y/Y Change |
Total revenues |
$ |
616,446 |
|
|
$ |
592,703 |
|
|
4 |
% |
Truckload Transportation
Services revenues |
462,949 |
|
|
464,863 |
|
|
0 |
% |
Werner Logistics revenues |
137,853 |
|
|
112,164 |
|
|
23 |
% |
Operating income |
62,471 |
|
|
31,066 |
|
|
101 |
% |
Operating margin |
10.1 |
% |
|
5.2 |
% |
|
490 bps |
Net income |
46,492 |
|
|
23,058 |
|
|
102 |
% |
Diluted earnings per
share |
0.68 |
|
|
0.33 |
|
|
106 |
% |
|
|
|
|
|
|
Adjusted operating income
(1) |
62,716 |
|
|
37,278 |
|
|
68 |
% |
Adjusted operating margin
(1) |
10.2 |
% |
|
6.3 |
% |
|
390 bps |
Adjusted net income (1) |
46,674 |
|
|
27,686 |
|
|
69 |
% |
Adjusted diluted earnings per
share (1) |
0.68 |
|
|
0.40 |
|
|
72 |
% |
(1) See GAAP to non-GAAP reconciliation
schedule.
Noteworthy Developments In First Quarter
2021
- Made an equity investment in
TuSimple, an autonomous trucking technology company, to take an
active role in developing technologies that will enhance the lives
of our professional drivers and customers; announced customer
advisory partnerships with another autonomous technology company
and an electrified powertrain solutions company; continued to test
an OEM electric truck and will test an OEM electric hydrogen fuel
cell truck
- Completed the previously announced
sale of the Werner Global Logistics (WGL) freight forwarding
services for international ocean and air shipments in February 2021
to focus on providing superior truckload and logistics services in
North America; realized a gain of $1.0 million or $0.01 per
share
Truckload Transportation Services (TTS)
Segment
- Revenues of $462.9 million
decreased $1.9 million
- Operating income of $57.6 million
increased $28.5 million, or 98%; non-GAAP adjusted operating income
of $58.9 million increased $23.6 million, or 67%
- Operating margin of 12.4% increased
610 basis points from 6.3%; non-GAAP adjusted operating margin of
12.7% increased 510 basis points from 7.6%.
- Non-GAAP adjusted operating margin,
net of fuel, of 14.2% increased 570 basis points from 8.5%
- Average segment trucks in service
totaled 7,790, a decrease of 72 trucks year over year, or 0.9%
- Dedicated unit trucks at quarter
end totaled 4,920 or 64% of the total TTS segment fleet, compared
to 4,685 trucks, or 60%, a year ago
- 1.3% increase in TTS average
revenues per truck per week
In our Dedicated and One-Way Truckload fleets,
freight demand was seasonally strong in first quarter 2021. Freight
demand has continued to be strong so far in second quarter
2021.
As a result of a decrease in miles per truck
caused by winter weather, a higher percentage of Dedicated trucks
to total trucks and fewer trucks, in first quarter 2021, TTS
company truck miles decreased by approximately 12.0 million miles,
and independent contractor miles decreased by approximately 5.8
million miles.
Comparisons of key financial metrics for the TTS
segment, including operating ratios (actual and net of fuel
surcharge revenues), are shown in the table that follows.
Fluctuating fuel prices and fuel surcharge revenues impact the
total company operating ratio and the TTS 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.
Key Truckload Transportation Services
Segment Financial Metrics
|
Three Months EndedMarch 31, |
(In thousands) |
2021 |
|
2020 |
|
Y/Y Change |
Trucking revenues, net of fuel surcharge |
$ |
410,652 |
|
|
$ |
409,098 |
|
|
0 |
|
% |
Trucking fuel surcharge
revenues |
47,459 |
|
|
51,041 |
|
|
(7 |
) |
% |
Non-trucking and other
revenues |
4,838 |
|
|
4,724 |
|
|
2 |
|
% |
Total revenues |
$ |
462,949 |
|
|
$ |
464,863 |
|
|
0 |
|
% |
|
|
|
|
|
|
Operating income |
57,628 |
|
|
29,089 |
|
|
98 |
|
% |
Operating margin |
12.4 |
% |
|
6.3 |
% |
|
610 bps |
Operating ratio |
87.6 |
% |
|
93.7 |
% |
|
(610) bps |
|
|
|
|
|
|
Adjusted operating income |
58,886 |
|
|
35,301 |
|
|
67 |
|
% |
Adjusted operating margin |
12.7 |
% |
|
7.6 |
% |
|
510 bps |
Adjusted operating margin, net
of fuel surcharge |
14.2 |
% |
|
8.5 |
% |
|
570 bps |
Adjusted operating ratio |
87.3 |
% |
|
92.4 |
% |
|
(510) bps |
Adjusted operating ratio, net
of fuel surcharge |
85.8 |
% |
|
91.5 |
% |
|
(570) bps |
Werner Logistics Segment
- Revenues of $137.9 million
increased $25.7 million, or 23%
- Gross margin of 12.6% decreased 190
bps
- Operating income of $4.6 million
increased $3.5 million, or 322%
- Operating margin of 3.3% increased
230 bps
Truckload Logistics revenues (63% of total
Logistics revenues) increased 20%. Truckload Logistics volume
decreased 1%, and revenues per load increased 22%. Intermodal
revenues (24% of Logistics revenues) increased 30%, due to volume
growth of 23% and 6% higher revenues per load.
The gross margin percentage decreased 190 bps
due to higher spot truckload and dray rates which significantly
increased the cost of capacity for contractual brokerage shipments
and Intermodal shipments in first quarter 2021. The Logistics
adjusted operating margin increased 160 bps to 2.6% as gross
profits increased 7% while other operating expenses declined 9% due
to improved automation and efficiency.
Key Werner Logistics Segment Financial
Metrics
|
Three Months EndedMarch 31, |
(In thousands) |
2021 |
|
2020 |
|
Y/Y Change |
Total revenues |
$ |
137,853 |
|
|
$ |
112,164 |
|
|
23 |
|
% |
Rent and purchased
transportation expense |
120,527 |
|
|
95,932 |
|
|
26 |
|
% |
Gross profit |
17,326 |
|
|
16,232 |
|
|
7 |
|
% |
Other operating expenses |
12,752 |
|
|
15,147 |
|
|
(16 |
) |
% |
Operating income |
4,574 |
|
|
1,085 |
|
|
322 |
|
% |
Gross margin |
12.6 |
% |
|
14.5 |
% |
|
(190) bps |
Operating margin |
3.3 |
% |
|
1.0 |
% |
|
230 bps |
|
|
|
|
|
|
Adjusted operating income |
3,561 |
|
|
1,085 |
|
|
228 |
|
% |
Adjusted operating margin |
2.6 |
% |
|
1.0 |
% |
|
160 bps |
Cash Flow and Capital Allocation
Cash flow from operations in first quarter 2021
was $135.9 million compared to $133.4 million in first quarter
2020, an increase of 2%.
Net capital expenditures in the first quarter
2021 were $37.9 million compared to $18.8 million in first quarter
2020, an increase of 101%. We plan to continue to invest in new
trucks and trailers and our terminals to improve our driver
experience, increase operational efficiency and more effectively
manage our maintenance, safety and fuel costs. The average ages of
our truck and trailer fleets remain low by industry standards and
were 2.0 years and 4.0 years, respectively, as of March 31,
2021.
Gains on sales of equipment in first quarter
2021 were $10.5 million, or $0.11 per share, compared to $2.5
million, or $0.03 per share, in first quarter 2020. Year over year,
we sold significantly more trucks and more trailers and realized
substantially higher average gains per truck and trailer due to
improved pricing in the market for our used equipment. As a
reminder, gains on sales of assets are reflected as a reduction of
Other Operating Expenses in our income statement.
During the quarter, we repurchased 130,446
shares of common stock for a total cost of $5.5 million, or an
average price of $42.22 per share. As of March 31, 2021, we had 2.7
million shares remaining under our share repurchase
authorization.
As of March 31, 2021, we had $83 million of cash
and over $1.2 billion of stockholders’ equity. Total debt
outstanding decreased $25 million during the quarter to $175
million at March 31, 2021. After considering letters of credit
issued, we had available liquidity consisting of cash and available
borrowing capacity, of $357 million.
2021 Guidance Metrics and
Assumptions
The following table summarizes our updated 2021
guidance and assumptions:
2021 Guidance |
Prior(as of 2/4/21) |
Actual(as of 3/31/21) |
New(as of 4/28/21) |
Commentary |
TTS truck growth from BoY to EoY |
1% to 3%(annual) |
(1)%(1Q21) |
1% to 3%(annual) |
Continue to expect modest fleet growth for full year 2021 |
Gains on sales of equipment |
$12M to $15M(annual) |
$10.5M (1Q21) |
$7M to $10M(2Q21) |
Strong pricing market;expect lower unit sales in 2Q21 vs. 1Q21 |
Net capital expenditures |
$275M to $300M(annual) |
$38M(1Q21) |
$275M to $300M(annual) |
|
TTS Guidance |
|
|
|
|
Dedicated RPTPW*growth |
3% to 5%(1H21 vs. 1H20) |
2.1%(1Q21 vs. 1Q20) |
3% to 5%(annual) |
Temporary effect of winter weather lowered 1Q21 miles per
truck |
One-Way Truckload (OWT) RPTM* growth |
7% to 10%(1H21 vs. 1H20) |
9.5%(1Q21 vs. 1Q20) |
13% to 16%(2Q21 vs. 2Q20) |
Pricing market strengthened during 1Q21; expect continued strong
pricing and favorable YoY comparisons in 2Q21 vs. 2Q20 |
Assumptions |
|
|
|
|
Effective income tax rate |
24.5% to 25.5%(annual) |
24.9%(1Q21) |
24.5% to 25.5%(annual) |
|
Truck ageTrailer age |
2.0 yearsLow-to-mid “4” years |
2.0 years4.0 years |
2.0 yearsLow-to-mid “4” years |
Reinvesting to maintain young fleet |
* Net of fuel surcharge revenues
Conference Call Information
Werner Enterprises, Inc. will conduct a
conference call to discuss first quarter 2021 earnings today
beginning at 4:00 p.m. CT. The news release, live webcast of the
earnings conference call, and accompanying slide presentation will
be available at www.werner.com in the “Investors” section under
“News & Events” and then “Webcasts & Presentations.” To
participate in the conference call, please dial (844) 701-1165
(domestic) or (412) 317-5498 (international). Please mention to the
operator that you are dialing in for the Werner Enterprises
call.
A replay of the conference call will be
available on April 28, 2021 at approximately 6:00 p.m. CT through
May 28, 2021 by dialing (877) 344-7529 (domestic) or (412) 317-0088
(international) and using the access code 10150330. A replay of the
webcast will also be available at www.werner.com in the “Investors”
section under “News & Events” and then “Webcasts &
Presentations.”
About Werner Enterprises
Werner Enterprises, Inc. (Nasdaq: WERN) delivers
superior truckload transportation and logistics services to
customers across the United States, Mexico and Canada. With 2020
revenues of $2.4 billion, an industry-leading modern truck and
trailer fleet, nearly 13,000 talented associates and our innovative
Werner Edge technology, we are an essential solutions provider for
customers who value the integrity of their supply chain and require
safe and exceptional on-time service. Werner provides Dedicated and
One-Way Truckload services as well as Logistics services that
include truckload brokerage, freight management, intermodal and
final mile. As an industry leader, Werner is deeply committed to
promoting sustainability and supporting diversity, equity and
inclusion.
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, 2020.
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.
To supplement our financial results presented on
a GAAP basis, we provide certain non-GAAP financial measures,
including adjusted operating income, adjusted net income and
adjusted diluted earnings per share. We believe these non-GAAP
financial measures provide a more useful comparison of our
performance from period to period because they exclude the effect
of items that, in our opinion, do not reflect our core operating
performance. Our non-GAAP financial measures are not meant to be
considered in isolation or as a substitute for comparable GAAP
measures and should be read only in conjunction with our
consolidated financial statements prepared in accordance with GAAP.
There are limitations to using non-GAAP financial measures.
Although we believe that they improve comparability in analyzing
our period to period performance, they could limit comparability to
other companies in our industry if those companies define these
measures differently. Because of these limitations, our non-GAAP
financial measures should not be considered measures of income
generated by our business. Management compensates for these
limitations by primarily relying on GAAP results and using non-GAAP
financial measures on a supplemental basis.
Contact:John J. SteeleExecutive Vice President,
Treasurerand Chief Financial Officer(402) 894-3036
Source: Werner Enterprises, Inc.
|
INCOME STATEMENT |
|
(Unaudited) |
|
(In thousands, except per share amounts) |
|
|
|
Three Months EndedMarch 31, |
|
2021 |
|
2020 |
|
$ |
|
% |
|
$ |
|
% |
Operating revenues |
$ |
616,446 |
|
|
100.0 |
|
|
$ |
592,703 |
|
|
100.0 |
|
Operating expenses: |
|
|
|
|
|
|
|
Salaries, wages and benefits |
204,853 |
|
|
33.2 |
|
|
205,997 |
|
|
34.8 |
|
Fuel |
50,838 |
|
|
8.2 |
|
|
48,771 |
|
|
8.2 |
|
Supplies and maintenance |
46,147 |
|
|
7.5 |
|
|
45,721 |
|
|
7.7 |
|
Taxes and licenses |
23,233 |
|
|
3.8 |
|
|
22,850 |
|
|
3.9 |
|
Insurance and claims |
22,056 |
|
|
3.6 |
|
|
36,064 |
|
|
6.1 |
|
Depreciation |
63,951 |
|
|
10.4 |
|
|
68,837 |
|
|
11.6 |
|
Rent and purchased transportation |
146,493 |
|
|
23.8 |
|
|
126,442 |
|
|
21.3 |
|
Communications and utilities |
3,022 |
|
|
0.5 |
|
|
3,808 |
|
|
0.7 |
|
Other |
(6,618 |
) |
|
(1.1 |
) |
|
3,147 |
|
|
0.5 |
|
Total operating expenses |
553,975 |
|
|
89.9 |
|
|
561,637 |
|
|
94.8 |
|
Operating income |
62,471 |
|
|
10.1 |
|
|
31,066 |
|
|
5.2 |
|
Other expense (income): |
|
|
|
|
|
|
|
Interest expense |
838 |
|
|
0.1 |
|
|
1,591 |
|
|
0.2 |
|
Interest income |
(297 |
) |
|
— |
|
|
(626 |
) |
|
(0.1 |
) |
Other |
42 |
|
|
— |
|
|
45 |
|
|
— |
|
Total other expense (income) |
583 |
|
|
0.1 |
|
|
1,010 |
|
|
0.1 |
|
Income before income
taxes |
61,888 |
|
|
10.0 |
|
|
30,056 |
|
|
5.1 |
|
Income tax expense |
15,396 |
|
|
2.5 |
|
|
6,998 |
|
|
1.2 |
|
Net income |
$ |
46,492 |
|
|
7.5 |
|
|
$ |
23,058 |
|
|
3.9 |
|
Diluted shares
outstanding |
68,223 |
|
|
|
|
69,609 |
|
|
|
Diluted earnings per
share |
$ |
0.68 |
|
|
|
|
$ |
0.33 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP TO NON-GAAP RECONCILIATION |
|
(Unaudited) |
|
(In thousands, except per share amounts) |
|
|
|
|
|
Three Months EndedMarch 31, |
|
2021 |
|
2020 |
Operating revenues |
$ |
616,446 |
|
|
$ |
592,703 |
|
Operating expenses |
553,975 |
|
|
561,637 |
|
Operating income |
62,471 |
|
|
31,066 |
|
Total other expense
(income) |
583 |
|
|
1,010 |
|
Income before income
taxes |
61,888 |
|
|
30,056 |
|
Income tax expense |
15,396 |
|
|
6,998 |
|
Net income |
$ |
46,492 |
|
|
$ |
23,058 |
|
Diluted shares
outstanding |
68,223 |
|
|
69,609 |
|
Diluted earnings per
share |
$ |
0.68 |
|
|
$ |
0.33 |
|
|
|
|
|
Adjusted for: |
|
|
|
Operating expenses |
$ |
553,975 |
|
|
$ |
561,637 |
|
Insurance and claims (1) |
(1,258 |
) |
|
(1,198 |
) |
Gain on sale of Werner Global Logistics (2) |
1,013 |
|
|
— |
|
Depreciation (3) |
— |
|
|
(5,014 |
) |
Adjusted operating
expenses |
553,730 |
|
|
555,425 |
|
Adjusted operating income
(4) |
62,716 |
|
|
37,278 |
|
Total other expense
(income) |
583 |
|
|
1,010 |
|
Adjusted income before income
taxes |
62,133 |
|
|
36,268 |
|
Adjusted income tax
expense |
15,459 |
|
|
8,582 |
|
Adjusted net income (4) |
$ |
46,674 |
|
|
$ |
27,686 |
|
Diluted shares
outstanding |
68,223 |
|
|
69,609 |
|
Adjusted diluted earnings per
share (4) |
$ |
0.68 |
|
|
$ |
0.40 |
|
|
|
|
|
|
|
|
|
(1) During first quarter 2021 and 2020, we
accrued pre-tax insurance and claims expense for interest related
to a previously disclosed excess adverse jury verdict rendered on
May 17, 2018 in a lawsuit arising from a December 2014 accident.
The Company is appealing this verdict. Additional information about
the accident was included in our Current Report on Form 8-K dated
May 17, 2018. Under our insurance policies in effect on the date of
this accident, our maximum liability for this accident is $10.0
million (plus pre-judgment and post-judgment interest) with
premium-based insurance coverage that exceeds the jury verdict
amount. Interest is accrued at $0.4 million per month until such
time as the outcome of our appeal is finalized. Management believes
excluding the effect of this item provides a more useful comparison
of our performance from period to period. This item is included in
the Truckload Transportation Services segment in our Segment
Information table.
(2) During first quarter 2021, we sold Werner
Global Logistics (“WGL”) freight forwarding services for
international ocean and air shipments to Scan Global Logistics
Group, which resulted in the pre-tax gain on sale. Management
believes excluding the effect of this unusual and infrequent item
provides a more useful comparison of our performance from period to
period. This item is included in the Werner Logistics segment in
our Segment Information table.
(3) During first quarter 2020, we changed the
estimated life of certain trucks expected to be sold in 2020 to
more rapidly depreciate these trucks to their estimated residual
values due to the weak used truck market. These trucks
continued to depreciate at the same higher rate per truck, until
all were sold. Management believes excluding the effect of
this unusual and infrequent item provides a more useful comparison
of our performance from period to period. This item is included in
the Truckload Transportation Services segment in our Segment
Information table.
(4) Our definition of the non-GAAP measures
adjusted operating income, adjusted net income and adjusted diluted
earnings per share begins with (a) operating expenses, the most
comparable GAAP measure. We subtract the insurance and claims jury
verdict interest accrual and the additional depreciation expense
and add the gain on sale of WGL to (a) to arrive at adjusted
operating expenses, which we subtract from operating revenues to
arrive at (b) adjusted operating income. We subtract (c) total
other expense (income) from (b) adjusted operating income to arrive
at (d) adjusted income before income taxes. We calculate adjusted
income tax expense by applying the incremental income tax rate
excluding discrete items to the net pre-tax adjustments and adding
this additional income tax to GAAP income tax expense. We then
subtract adjusted income tax expense from adjusted income before
income taxes to arrive at adjusted net income. The adjusted net
income is divided by the diluted shares outstanding to calculate
the adjusted diluted earnings per share.
|
SEGMENT INFORMATION |
|
(Unaudited) |
|
(In thousands) |
|
|
|
Three Months EndedMarch 31, |
|
2021 |
|
2020 |
Revenues |
|
|
|
Truckload Transportation Services |
$ |
462,949 |
|
|
$ |
464,863 |
|
Werner Logistics |
137,853 |
|
|
112,164 |
|
Other (1) |
15,399 |
|
|
15,068 |
|
Corporate |
379 |
|
|
619 |
|
Subtotal |
616,580 |
|
|
592,714 |
|
Inter-segment eliminations
(2) |
(134 |
) |
|
(11 |
) |
Total |
$ |
616,446 |
|
|
$ |
592,703 |
|
|
|
|
|
Operating Income |
|
|
|
Truckload Transportation
Services |
$ |
57,628 |
|
|
$ |
29,089 |
|
Werner Logistics |
4,574 |
|
|
1,085 |
|
Other (1) |
866 |
|
|
2,900 |
|
Corporate |
(597 |
) |
|
(2,008 |
) |
Total |
$ |
62,471 |
|
|
$ |
31,066 |
|
|
|
|
|
|
|
|
|
(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 EndedMarch 31, |
|
|
|
2021 |
|
2020 |
|
% Chg |
Truckload
Transportation Services segment |
|
|
|
|
|
Average trucks in service |
7,790 |
|
|
|
7,862 |
|
|
|
(0.9 |
) |
% |
Average revenues per truck per week (1) |
$ |
4,055 |
|
|
|
$ |
4,003 |
|
|
|
1.3 |
|
% |
Total trucks (at quarter
end) |
|
|
|
|
|
Company |
7,360 |
|
|
|
7,350 |
|
|
|
0.1 |
|
% |
Independent contractor |
375 |
|
|
|
485 |
|
|
|
(22.7 |
) |
% |
Total trucks |
7,735 |
|
|
|
7,835 |
|
|
|
(1.3 |
) |
% |
Total trailers (at quarter
end) |
22,710 |
|
|
|
21,910 |
|
|
|
3.7 |
|
% |
|
|
|
|
|
|
One-Way
Truckload |
|
|
|
|
|
Trucking revenues, net of fuel
surcharge (in 000’s) |
$ |
156,839 |
|
|
|
$ |
177,849 |
|
|
|
(11.8 |
) |
% |
Average trucks in service |
2,856 |
|
|
|
3,271 |
|
|
|
(12.7 |
) |
% |
Total trucks (at quarter
end) |
2,815 |
|
|
|
3,150 |
|
|
|
(10.6 |
) |
% |
Average percentage of empty
miles |
11.35 |
|
% |
|
11.83 |
|
% |
|
(4.1 |
) |
% |
Average revenues per truck per
week (1) |
$ |
4,224 |
|
|
|
$ |
4,182 |
|
|
|
1.0 |
|
% |
Average % change YOY in
revenues per total mile (1) |
9.5 |
|
% |
|
(3.7 |
) |
% |
|
|
Average % change YOY in total
miles per truck per week |
(7.7 |
) |
% |
|
5.1 |
|
% |
|
|
Average completed trip length
in miles (loaded) |
853 |
|
|
|
863 |
|
|
|
(1.2 |
) |
% |
|
|
|
|
|
|
Dedicated |
|
|
|
|
|
Trucking revenues, net of fuel
surcharge (in 000’s) |
$ |
253,813 |
|
|
|
$ |
231,249 |
|
|
|
9.8 |
|
% |
Average trucks in service |
4,934 |
|
|
|
4,591 |
|
|
|
7.5 |
|
% |
Total trucks (at quarter
end) |
4,920 |
|
|
|
4,685 |
|
|
|
5.0 |
|
% |
Average revenues per truck per
week (1) |
$ |
3,957 |
|
|
|
$ |
3,874 |
|
|
|
2.1 |
|
% |
|
|
|
|
|
|
Werner Logistics
segment |
|
|
|
|
|
Average trucks in service |
39 |
|
|
|
32 |
|
|
|
21.9 |
|
% |
Total trucks (at quarter
end) |
39 |
|
|
|
30 |
|
|
|
30.0 |
|
% |
Total trailers (at quarter
end) |
1,440 |
|
|
|
1,625 |
|
|
|
(11.4 |
) |
% |
(1) Net of fuel surcharge revenues
|
SUPPLEMENTAL INFORMATION |
|
(Unaudited) |
|
(In thousands) |
|
|
|
Three Months EndedMarch 31, |
|
2021 |
|
2020 |
Capital expenditures, net |
$ |
37,866 |
|
|
$ |
18,840 |
|
Cash flow from operations |
135,867 |
|
|
133,376 |
|
Return on assets
(annualized) |
8.6 |
% |
|
4.4 |
% |
Return on equity
(annualized) |
15.4 |
% |
|
8.3 |
% |
|
CONDENSED BALANCE SHEET |
|
(In thousands, except share amounts) |
|
|
|
|
|
March 31,2021 |
|
December 31,2020 |
|
(Unaudited) |
|
|
|
|
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
83,130 |
|
|
$ |
29,334 |
|
Accounts receivable, trade, less allowance of $8,897 and $8,686,
respectively |
347,902 |
|
|
341,104 |
|
Other receivables |
44,363 |
|
|
23,491 |
|
Inventories and supplies |
11,919 |
|
|
12,062 |
|
Prepaid taxes, licenses and permits |
12,876 |
|
|
17,231 |
|
Other current assets |
32,719 |
|
|
33,694 |
|
Total current assets |
532,909 |
|
|
456,916 |
|
|
|
|
|
Property and equipment |
2,410,791 |
|
|
2,405,335 |
|
Less – accumulated
depreciation |
873,449 |
|
|
862,077 |
|
Property and equipment, net |
1,537,342 |
|
|
1,543,258 |
|
|
|
|
|
Other non-current assets
(1) |
159,275 |
|
|
156,502 |
|
Total assets |
$ |
2,229,526 |
|
|
$ |
2,156,676 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
113,064 |
|
|
$ |
83,263 |
|
Current portion of long-term debt |
— |
|
|
25,000 |
|
Insurance and claims accruals |
91,097 |
|
|
76,917 |
|
Accrued payroll |
41,912 |
|
|
35,594 |
|
Accrued expenses |
25,350 |
|
|
25,032 |
|
Income taxes payable |
19,226 |
|
|
7,824 |
|
Other current liabilities |
17,112 |
|
|
20,384 |
|
Total current liabilities |
307,761 |
|
|
274,014 |
|
|
|
|
|
Long-term debt, net of current
portion |
175,000 |
|
|
175,000 |
|
Other long-term
liabilities |
41,485 |
|
|
43,114 |
|
Insurance and claims accruals,
net of current portion (1) |
235,850 |
|
|
231,638 |
|
Deferred income taxes |
241,700 |
|
|
237,870 |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Common stock, $.01 par value, 200,000,000 shares authorized;
80,533,536 |
|
|
|
shares issued; 67,918,148 and 67,931,726 shares outstanding,
respectively |
805 |
|
|
805 |
|
Paid-in capital |
114,588 |
|
|
116,039 |
|
Retained earnings |
1,478,616 |
|
|
1,438,916 |
|
Accumulated other comprehensive loss |
(23,098 |
) |
|
(22,833 |
) |
Treasury stock, at cost; 12,615,388 and 12,601,810 shares,
respectively |
(343,181 |
) |
|
(337,887 |
) |
Total stockholders’ equity |
1,227,730 |
|
|
1,195,040 |
|
Total liabilities and
stockholders’ equity |
$ |
2,229,526 |
|
|
$ |
2,156,676 |
|
|
|
|
|
|
|
|
|
(1) Under the terms of our insurance policies,
we are the primary obligor of the damage award in the previously
mentioned adverse jury verdict, and as such, we have recorded a
$79.2 million receivable from our third party insurance providers
in other non-current assets and a corresponding liability of the
same amount in the long-term portion of insurance and claims
accruals in the unaudited condensed balance sheets as of March 31,
2021 and December 31, 2020.
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