OMAHA, Neb., Oct 18, 2011 (BUSINESS WIRE) --
Werner Enterprises, Inc. (NASDAQ: WERN) one of the nation's largest
transportation and logistics companies, reported improved revenues and
earnings for the third quarter ended September 30, 2011 compared to the
third quarter ended September 30, 2010.
Summarized financial results for third quarter and year-to-date 2011
compared to the same periods of 2010 are as follows (dollars in
thousands, except per share data):
|
|
3Q11
|
|
3Q10
|
|
% Change
|
|
YTD11
|
|
YTD10
|
|
% Change
|
Total revenues
|
|
$509,587
|
|
$463,262
|
|
10%
|
|
$1,494,913
|
|
$1,351,806
|
|
11%
|
Trucking revenues, net of fuel surcharge
|
|
$331,346
|
|
$329,200
|
|
1%
|
|
$981,502
|
|
$959,386
|
|
2%
|
Value Added Services ("VAS") revenues
|
|
$76,635
|
|
$64,683
|
|
18%
|
|
$211,435
|
|
$191,149
|
|
11%
|
Operating income
|
|
$50,066
|
|
$40,145
|
|
25%
|
|
$124,275
|
|
$93,955
|
|
32%
|
Net income
|
|
$29,578
|
|
$24,158
|
|
22%
|
|
$73,389
|
|
$55,924
|
|
31%
|
Earnings per diluted share
|
|
$0.40
|
|
$0.33
|
|
22%
|
|
$1.00
|
|
$0.77
|
|
30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Werner again produced strong earnings growth of 22% in third quarter
2011 compared to third quarter 2010. This was the Company's seventh
consecutive quarter of year-over-year earnings growth in excess of 20%.
We would like to take this opportunity to sincerely thank all of our
associates for this outstanding achievement.
Freight demand began the quarter in July 2011 with the typical seasonal
decline from June, with less strength the latter part of July during the
uncertainty of the U.S. debt negotiations in Congress. Freight demand in
early August returned to levels comparable to the same period in 2010
and weakened modestly in mid-August following heightened concerns about
the economy. In the latter part of August and throughout September, we
experienced seasonal strengthening in demand. In the aggregate for third
quarter 2011, our daily morning ratio of loads to trucks in our one-way
truckload network was nearly balanced. We continue to believe that
generally favorable truckload freight trends are caused to a greater
degree by supply side constraints limiting truckload capacity, as
opposed to demand generated by economic activity.
Our average revenues per total mile increased 3% in third quarter 2011
compared to third quarter 2010. Contractual rate increases and a better
freight mix were the principal reasons for the rate improvement. There
was some softness in spot market pricing during third quarter 2011, but
spot market pricing improved during September. We continue to be
successful in this tightening capacity environment by working jointly
with our customers to secure sustainable transportation solutions across
all modes. We remain committed to maintaining our fleet size at
approximately 7,300 trucks. We are continuing to strengthen and redesign
our truckload freight network to optimize and maximize increasing
freight opportunities without adding trucks. As a result, we are focused
on expanding our operating margin percentage to raise our returns on
assets, equity and invested capital, while staying true to our broad
transportation services portfolio for our customers.
Capacity in our industry remains constrained by both economic and safety
regulatory factors. From 2007 to 2010, the number of new class 8 trucks
built was well below historical replacement levels for our industry.
This led to the oldest average industry truck age in 40 years by the end
of 2010. Carriers were compelled to upgrade their aging truck fleets
which led to increased replacement purchases of new and later-model used
trucks in 2011. However, we do not believe that industry fleet growth is
occurring, as some carriers are already struggling to finance the
replacement truck upgrade due to the large pricing gap between the
significantly increased costs of EPA-complaint new trucks compared to
the low value of record-old trucks.
The most significant safety regulatory changes in our 55-year history
are occurring over the next few years. The federal Compliance Safety
Accountability program, proposed changes to the hours of service
regulations for commercial truck drivers and the proposed required use
of electronic on-board recorders on virtually all trucks are expected to
reduce, or have the effect of reducing, industry capacity.
We continue to diversify our business model with the goal of achieving a
balanced portfolio of revenues comprised of One-Way Truckload (which
includes the Regional, medium-to-long-haul Van and Expedited fleets),
Specialized Services and Logistics (VAS). Our Specialized Services unit,
primarily Dedicated, ended the quarter with 3,500 trucks (48% of our
total fleet).
Average diesel fuel prices were $0.91 per gallon higher in third quarter
2011 than in third quarter 2010 and were $0.11 lower than in second
quarter 2011. For the first 18 days of October 2011, the average diesel
fuel price per gallon was $0.62 higher than the average diesel fuel
price per gallon in the same period of 2010 and $0.55 higher than in
fourth quarter 2010.
We continued to effectively manage the impact of higher fuel costs by
improving our fuel miles per gallon ("mpg") by 4.9% in third quarter
2011 compared to third quarter 2010. We are controlling truck idling;
optimizing the speed, weight and specifications of our equipment; and
implementing fuel enhancing equipment changes to our fleet. We continue
to invest in environmentally friendly and fuel-saving equipment
solutions such as new trucks with EPA 2010 compliant engines, more
aerodynamic truck features, idle reduction systems, tire inflation
systems and trailer skirts (including the development of and EPA
approval for our own designed "Arrow Shield" trailer skirt) to reduce
our fuel gallons purchased and improve our mpg. However, savings from
the mpg improvement is partially offset by the additional cost of diesel
exhaust fluid and higher depreciation expense. Although our fuel
management programs require significant investment and research and
development, we remain committed to moving forward with these programs
to lower our carbon footprint, improve our operational efficiency and
deliver best-in-class performance for our customers.
The driver market is increasingly competitive. An improving freight
market, changing industry safety regulations and reduced tuition
financing options for driving school candidates continue to tighten
qualified and student driver supply. We continue to believe our position
in the driver market is better than that of many competitors because
over 70% of our driving jobs are in more attractive Regional and
Dedicated fleet operations that enable us to return these drivers to
their homes on a more frequent and consistent basis.
Gains on sales of equipment were $6.0 million in third quarter 2011
compared to $1.4 million in third quarter 2010 and compared to $5.6
million in second quarter 2011. Our premium used trucks are more
attractive to fleets that want to upgrade their older trucks without
incurring the higher cost of new trucks. Gains on sales are reflected as
a reduction of Other Operating Expenses in our income statement.
In 2011, we increased our purchases of new trucks and new trailers to
replace older equipment that we sell or trade. However, we have not
grown our fleet. Our net capital expenditures for the first nine months
of 2011 were $154 million. Net capital expenditures for the full year
2011 are estimated to be $210 to $240 million, compared to net capital
expenditures for 2010 of $119 million. During the nine months ended
September 30, 2011, we reduced the average age of our company truck
fleet from 2.8 years to 2.5 years. We remain committed to the ongoing
investment required to maintain a superior fleet while focusing on the
lowest-cost operating model for our customers.
To provide shippers with additional sources of managed capacity and
network analysis, we continue to develop the non-asset-based VAS
segment. VAS includes Brokerage, Freight Management, Intermodal and
Werner Global Logistics (International).
Value Added Services (amounts in 000's) |
|
3Q11
|
|
3Q10
|
Revenues
|
|
$76,635
|
|
100.0%
|
|
|
$64,683
|
|
100.0%
|
|
Rent and purchased transportation expense
|
|
64,648
|
|
84.4
|
|
|
55,032
|
|
85.1
|
|
Gross margin
|
|
11,987
|
|
15.6
|
|
|
9,651
|
|
14.9
|
|
Other operating expenses
|
|
7,913
|
|
10.3
|
|
|
6,838
|
|
10.6
|
|
Operating income
|
|
$4,074
|
|
5.3
|
|
|
$2,813
|
|
4.3
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table shows the change in shipment volume and average
revenue (excluding logistics fee revenue) per shipment for all VAS
shipments.
|
|
3Q11
|
|
3Q10
|
|
Difference
|
|
|
% Change
|
Total VAS shipments
|
|
65,343
|
|
63,709
|
|
1,634
|
|
|
3%
|
|
Less: Non-committed shipments to
Truckload segment
|
|
19,853
|
|
20,436
|
|
(583)
|
|
|
(3)%
|
|
Net VAS shipments
|
|
45,490
|
|
43,273
|
|
2,217
|
|
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
Average revenue per shipment
|
|
$1,556
|
|
$1,372
|
|
$184
|
|
|
13%
|
|
Brokerage revenues in third quarter 2011 increased 16% compared to third
quarter 2010 due to a 10% increase in shipment volume and a 5% increase
in the average revenue per shipment. Brokerage gross margin dollars
increased 14%, the gross margin percentage declined by 20 basis points
and Brokerage operating income dollars increased 9% year-over-year.
Intermodal revenues and gross margins increased 66% while Intermodal
operating income increased at a higher percentage rate, comparing third
quarter 2011 to third quarter 2010. Werner Global Logistics ("WGL")
revenues increased 21% while gross margins and operating income
increased at a higher percentage rate in third quarter 2011 compared to
third quarter 2010. WGL revenues increased 59% sequentially while gross
margins and operating income also improved sequentially over second
quarter 2011. Freight Management revenues and the number of shipments
declined significantly due to a reduction in customer project business
with a specific customer, however the gross margin dollars declined
slightly and operating income dollars decreased slightly.
Comparisons of the operating ratios (net of fuel surcharge revenues) for
the Truckload segment and VAS segment for third quarters 2011 and 2010
and year-to-date 2011 and 2010 are shown below.
Operating Ratios
|
|
3Q11
|
|
3Q10
|
|
Difference
|
Truckload Transportation Services
|
|
86.3%
|
|
|
88.8%
|
|
|
(2.5)%
|
|
Value Added Services
|
|
94.7
|
|
|
95.7
|
|
|
(1.0)
|
|
|
|
|
|
|
|
|
|
|
YTD11
|
|
YTD10
|
|
Difference
|
Truckload Transportation Services
|
|
88.4%
|
|
|
91.3%
|
|
|
(2.9)%
|
|
Value Added Services
|
|
94.7
|
|
|
95.7
|
|
|
(1.0)
|
|
|
|
|
|
|
|
|
|
|
|
Fluctuating fuel prices and fuel surcharge collections 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 2011 and third
quarter 2010 are 89.3% and 90.6%, respectively, and for year-to-date
2011 and 2010 are 91.0% and 92.7%, respectively, when fuel surcharge
revenues are reported as revenues instead of a reduction of operating
expenses.
Our financial position remains strong. We ended the quarter with no debt
and $56.9 million of cash.
|
|
INCOME STATEMENT DATA
|
|
|
|
(Unaudited)
|
|
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
% of
|
|
|
Quarter
|
|
|
% of
|
|
|
|
Ended
|
|
|
Operating
|
|
|
Ended
|
|
|
Operating
|
|
|
|
9/30/11
|
|
|
Revenues
|
|
|
9/30/10
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues
|
|
$509,587
|
|
|
100.0
|
|
|
$463,262
|
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
|
132,128
|
|
|
25.9
|
|
|
134,255
|
|
|
29.0
|
|
Fuel
|
|
103,777
|
|
|
20.4
|
|
|
75,986
|
|
|
16.4
|
|
Supplies and maintenance
|
|
44,334
|
|
|
8.7
|
|
|
40,730
|
|
|
8.8
|
|
Taxes and licenses
|
|
23,932
|
|
|
4.7
|
|
|
23,197
|
|
|
5.0
|
|
Insurance and claims
|
|
15,603
|
|
|
3.1
|
|
|
15,998
|
|
|
3.4
|
|
Depreciation
|
|
40,197
|
|
|
7.9
|
|
|
37,092
|
|
|
8.0
|
|
Rent and purchased transportation
|
|
100,081
|
|
|
19.6
|
|
|
91,795
|
|
|
19.8
|
|
Communications and utilities
|
|
3,846
|
|
|
0.8
|
|
|
4,013
|
|
|
0.9
|
|
Other
|
|
(4,377)
|
|
|
(0.9)
|
|
|
51
|
|
|
0.0
|
|
Total operating expenses
|
|
459,521
|
|
|
90.2
|
|
|
423,117
|
|
|
91.3
|
|
Operating income
|
|
50,066
|
|
|
9.8
|
|
|
40,145
|
|
|
8.7
|
|
|
|
|
|
|
|
Other expense (income):
|
|
|
|
|
|
Interest expense
|
|
5
|
|
|
0.0
|
|
|
5
|
|
|
0.0
|
|
Interest income
|
|
(337)
|
|
|
(0.1)
|
|
|
(432)
|
|
|
(0.1)
|
|
Other
|
|
52
|
|
|
0.0
|
|
|
(84)
|
|
|
(0.0)
|
|
Total other expense (income)
|
|
(280)
|
|
|
(0.1)
|
|
|
(511)
|
|
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
50,346
|
|
|
9.9
|
|
|
40,656
|
|
|
8.8
|
|
Income taxes
|
|
20,768
|
|
|
4.1
|
|
|
16,498
|
|
|
3.6
|
|
Net income
|
|
$29,578
|
|
|
5.8
|
|
|
$24,158
|
|
|
5.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares outstanding
|
|
73,231
|
|
|
|
|
|
72,922
|
|
|
|
|
Diluted earnings per share
|
|
$0.40
|
|
|
|
|
|
$0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING STATISTICS
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
Quarter Ended
|
|
|
|
|
|
|
9/30/11
|
|
|
% Change
|
|
|
9/30/10
|
|
|
|
|
Trucking revenues, net of fuel surcharge (1)
|
|
$331,346
|
|
|
0.7%
|
|
|
$329,200
|
|
|
|
|
Trucking fuel surcharge revenues (1)
|
|
94,326
|
|
|
49.1%
|
|
|
63,271
|
|
|
|
|
Non-trucking revenues, including VAS (1)
|
|
79,320
|
|
|
17.3%
|
|
|
67,593
|
|
|
|
|
Other operating revenues (1)
|
|
4,595
|
|
|
43.7%
|
|
|
3,198
|
|
|
|
|
Operating revenues (1)
|
|
$509,587
|
|
|
10.0%
|
|
|
$463,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average monthly miles per tractor
|
|
9,881
|
|
|
-2.0%
|
|
|
10,085
|
|
|
|
|
Average revenues per total mile (2)
|
|
$1.543
|
|
|
2.9%
|
|
|
$1.500
|
|
|
|
|
Average revenues per loaded mile (2)
|
|
$1.752
|
|
|
3.7%
|
|
|
$1.690
|
|
|
|
|
Average percentage of empty miles
|
|
11.94%
|
|
|
5.8%
|
|
|
11.29%
|
|
|
|
|
Average trip length in miles (loaded)
|
|
439
|
|
|
1.6%
|
|
|
432
|
|
|
|
|
Total miles (loaded and empty) (1)
|
|
214,792
|
|
|
-2.2%
|
|
|
219,527
|
|
|
|
|
Average tractors in service
|
|
7,246
|
|
|
-0.1%
|
|
|
7,256
|
|
|
|
|
Average revenues per tractor per week (2)
|
|
$3,518
|
|
|
0.8%
|
|
|
$3,490
|
|
|
|
|
Capital expenditures, net (1)
|
|
$47,660
|
|
|
|
|
|
$30,782
|
|
|
|
|
Cash flow from operations (1)
|
|
$83,309
|
|
|
|
|
|
$43,831
|
|
|
|
|
Return on assets (annualized)
|
|
9.5%
|
|
|
|
|
|
7.8%
|
|
|
|
|
Total tractors (at quarter end)
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
|
|
6,630
|
|
|
|
|
|
6,660
|
|
|
|
|
Independent contractor
|
|
620
|
|
|
|
|
|
690
|
|
|
|
|
Total tractors
|
|
7,250
|
|
|
|
|
|
7,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total trailers (truck and intermodal, quarter end)
|
|
22,925
|
|
|
|
|
|
24,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts in thousands.
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Net of fuel surcharge revenues.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME STATEMENT DATA
|
|
|
|
(Unaudited)
|
|
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
Nine Months
|
|
|
% of
|
|
|
Nine Months
|
|
|
% of
|
|
|
|
Ended
|
|
|
Operating
|
|
|
Ended
|
|
|
Operating
|
|
|
|
9/30/11
|
|
|
Revenues
|
|
|
9/30/10
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues
|
|
$1,494,913
|
|
|
100.0
|
|
|
$1,351,806
|
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
|
400,256
|
|
|
26.8
|
|
|
396,892
|
|
|
29.4
|
|
Fuel
|
|
312,210
|
|
|
20.9
|
|
|
228,319
|
|
|
16.9
|
|
Supplies and maintenance
|
|
128,608
|
|
|
8.6
|
|
|
117,418
|
|
|
8.7
|
|
Taxes and licenses
|
|
70,372
|
|
|
4.7
|
|
|
70,214
|
|
|
5.2
|
|
Insurance and claims
|
|
50,194
|
|
|
3.3
|
|
|
51,705
|
|
|
3.8
|
|
Depreciation
|
|
119,161
|
|
|
8.0
|
|
|
112,848
|
|
|
8.3
|
|
Rent and purchased transportation
|
|
287,183
|
|
|
19.2
|
|
|
268,361
|
|
|
19.9
|
|
Communications and utilities
|
|
11,612
|
|
|
0.8
|
|
|
11,256
|
|
|
0.8
|
|
Other
|
|
(8,958)
|
|
|
(0.6)
|
|
|
838
|
|
|
0.1
|
|
Total operating expenses
|
|
1,370,638
|
|
|
91.7
|
|
|
1,257,851
|
|
|
93.1
|
|
Operating income
|
|
124,275
|
|
|
8.3
|
|
|
93,955
|
|
|
6.9
|
|
|
|
|
|
|
|
|
Other expense (income):
|
|
|
|
|
|
|
Interest expense
|
|
43
|
|
|
0.0
|
|
|
17
|
|
|
0.0
|
|
Interest income
|
|
(1,027)
|
|
|
(0.1)
|
|
|
(1,124)
|
|
|
(0.1)
|
|
Other
|
|
341
|
|
|
0.0
|
|
|
(128)
|
|
|
(0.0)
|
|
Total other expense (income)
|
|
(643)
|
|
|
(0.1)
|
|
|
(1,235)
|
|
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
124,918
|
|
|
8.4
|
|
|
95,190
|
|
|
7.0
|
|
Income taxes
|
|
51,529
|
|
|
3.5
|
|
|
39,266
|
|
|
2.9
|
|
Net income
|
|
$73,389
|
|
|
4.9
|
|
|
$55,924
|
|
|
4.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares outstanding
|
|
73,203
|
|
|
|
|
|
72,747
|
|
|
|
|
Diluted earnings per share
|
|
$1.00
|
|
|
|
|
|
$0.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING STATISTICS
|
|
|
|
|
|
YTD 11
|
|
|
% Change
|
|
|
YTD 10
|
|
|
|
|
Trucking revenues, net of fuel surcharge (1)
|
|
$981,502
|
|
|
2.3%
|
|
|
$959,386
|
|
|
|
|
Trucking fuel surcharge revenues (1)
|
|
280,786
|
|
|
52.1%
|
|
|
184,575
|
|
|
|
|
Non-trucking revenues, including VAS (1)
|
|
219,725
|
|
|
11.2%
|
|
|
197,623
|
|
|
|
|
Other operating revenues (1)
|
|
12,900
|
|
|
26.2%
|
|
|
10,222
|
|
|
|
|
Operating revenues (1)
|
|
$1,494,913
|
|
|
10.6%
|
|
|
$1,351,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average monthly miles per tractor
|
|
9,882
|
|
|
-1.4%
|
|
|
10,026
|
|
|
|
|
Average revenues per total mile (2)
|
|
$1.520
|
|
|
3.5%
|
|
|
$1.469
|
|
|
|
|
Average revenues per loaded mile (2)
|
|
$1.721
|
|
|
3.7%
|
|
|
$1.660
|
|
|
|
|
Average percentage of empty miles
|
|
11.67%
|
|
|
1.4%
|
|
|
11.51%
|
|
|
|
|
Average trip length in miles (loaded)
|
|
444
|
|
|
-0.4%
|
|
|
446
|
|
|
|
|
Total miles (loaded and empty) (1)
|
|
645,568
|
|
|
-1.1%
|
|
|
652,981
|
|
|
|
|
Average tractors in service
|
|
7,259
|
|
|
0.3%
|
|
|
7,237
|
|
|
|
|
Average revenues per tractor per week (2)
|
|
$3,467
|
|
|
2.0%
|
|
|
$3,399
|
|
|
|
|
Capital expenditures, net (1)
|
|
$153,600
|
|
|
|
|
|
$83,097
|
|
|
|
|
Cash flow from operations (1)
|
|
$200,339
|
|
|
|
|
|
$155,247
|
|
|
|
|
Return on assets (annualized)
|
|
8.1%
|
|
|
|
|
|
6.1%
|
|
|
|
|
Total tractors (at quarter end)
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
|
|
6,630
|
|
|
|
|
|
6,660
|
|
|
|
|
Independent contractor
|
|
620
|
|
|
|
|
|
690
|
|
|
|
|
Total tractors
|
|
7,250
|
|
|
|
|
|
7,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total trailers (truck and intermodal, quarter end)
|
|
22,925
|
|
|
|
|
|
24,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Amounts in thousands.
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Net of fuel surcharge revenues.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET DATA
|
|
|
(In thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9/30/11
|
|
|
12/31/10
|
|
|
|
(Unaudited)
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$56,885
|
|
|
$13,966
|
|
Accounts receivable, trade, less allowance
|
|
|
|
|
|
|
of $10,500 and $9,484, respectively
|
|
213,505
|
|
|
190,264
|
|
Other receivables
|
|
7,679
|
|
|
10,431
|
|
Inventories and supplies
|
|
28,399
|
|
|
16,868
|
|
Prepaid taxes, licenses and permits
|
|
3,718
|
|
|
14,934
|
|
Current deferred income taxes
|
|
29,237
|
|
|
27,829
|
|
Other current assets
|
|
27,319
|
|
|
23,407
|
|
Total current assets
|
|
366,742
|
|
|
297,699
|
|
|
|
|
|
|
|
|
Property and equipment
|
|
1,581,120
|
|
|
1,549,637
|
|
Less - accumulated depreciation
|
|
693,694
|
|
|
708,582
|
|
Property and equipment, net
|
|
887,426
|
|
|
841,055
|
|
|
|
|
|
|
|
|
Other non-current assets
|
|
15,108
|
|
|
12,798
|
|
|
|
|
|
|
|
|
|
|
$1,269,276
|
|
|
$1,151,552
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
$67,831
|
|
|
$57,708
|
|
Insurance and claims accruals
|
|
64,702
|
|
|
71,857
|
|
Accrued payroll
|
|
24,597
|
|
|
18,838
|
|
Other current liabilities
|
|
19,119
|
|
|
20,037
|
|
Total current liabilities
|
|
176,249
|
|
|
168,440
|
|
|
|
|
|
|
|
|
Other long-term liabilities
|
|
10,707
|
|
|
10,380
|
|
|
|
|
|
|
|
|
Insurance and claims accruals, net of current portion
|
|
120,250
|
|
|
113,250
|
|
|
|
|
|
|
|
|
Deferred income taxes
|
|
226,764
|
|
|
190,507
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
Common stock, $.01 par value, 200,000,000 shares
|
|
|
|
|
|
|
authorized; 80,533,536 shares issued; 72,829,701
|
|
|
|
|
|
|
and 72,644,998 shares outstanding, respectively
|
|
805
|
|
|
805
|
|
Paid-in capital
|
|
93,680
|
|
|
91,872
|
|
Retained earnings
|
|
790,685
|
|
|
728,216
|
|
Accumulated other comprehensive loss
|
|
(4,660)
|
|
|
(3,420)
|
|
Treasury stock, at cost; 7,703,835 and 7,888,538
|
|
|
|
|
|
|
shares, respectively
|
|
(145,204)
|
|
|
(148,498)
|
|
Total stockholders' equity
|
|
735,306
|
|
|
668,975
|
|
|
|
$1,269,276
|
|
|
$1,151,552
|
|
|
|
|
|
|
|
|
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 local van;
expedited; temperature-controlled; and flatbed services. Werner's Value
Added Services 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,
2010. 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.
SOURCE: Werner Enterprises, Inc.
Werner Enterprises, Inc.
John J. Steele, 402-894-3036
Executive Vice President, Treasurer and
Chief Financial Officer