OMAHA, Neb.--(BUSINESS WIRE)--
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, 2015.
Summarized financial results for third quarter and year-to-date 2015
compared to third quarter and year-to-date 2014 are as follows (dollars
in thousands, except per share data):
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2015
|
|
2014
|
|
% Change
|
|
|
2015
|
|
2014
|
|
% Change
|
Total revenues
|
|
$
|
534,448
|
|
|
$
|
551,961
|
|
|
(3)%
|
|
|
$
|
1,564,746
|
|
|
$
|
1,586,103
|
|
|
(1)%
|
Trucking revenues, net of fuel surcharge
|
|
|
360,124
|
|
|
|
334,520
|
|
|
8 %
|
|
|
|
1,042,309
|
|
|
|
978,067
|
|
|
7 %
|
Value Added Services (“VAS”) revenues
|
|
|
102,149
|
|
|
|
106,490
|
|
|
(4)%
|
|
|
|
296,459
|
|
|
|
292,145
|
|
|
1 %
|
Operating income
|
|
|
52,800
|
|
|
|
41,690
|
|
|
27 %
|
|
|
|
143,195
|
|
|
|
107,461
|
|
|
33 %
|
Net income
|
|
|
32,076
|
|
|
|
25,970
|
|
|
24 %
|
|
|
|
87,066
|
|
|
|
65,941
|
|
|
32 %
|
Earnings per diluted share
|
|
|
0.44
|
|
|
|
0.36
|
|
|
23 %
|
|
|
|
1.20
|
|
|
|
0.91
|
|
|
32 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
During third quarter 2015, we accrued a total of $3.9 million of expense
($2.4 million after tax), or three cents per share, related to a class
action suit involving an employment-related claim and a separation
agreement for an executive resignation previously disclosed in third
quarter 2015.
Freight demand in third quarter 2015 and so far in October 2015 has been
similar to historical standards and not as strong as the robust freight
market during the same periods in 2014.
Constrained truck capacity combined with a gradually improving economy
in the retail, consumer products and grocery products markets primarily
served by us are contributing to freight demand trends. Truckload
industry capacity is challenged by an extremely competitive driver
recruiting market and heightened regulatory cost increases for safety
and truck ownership. We expect this favorable trend will continue. There
are numerous pending and proposed federal safety initiatives that could
further limit truckload and driver capacity in the next few years,
including mandatory electronic logging devices (ELD’s), a national drug
and alcohol driver database, increased minimum liability insurance
requirements for carriers, more sophisticated drug screening procedures
for drivers and mandatory truck speed limiter devices. It is expected
that the final rule for ELD’s will be issued in fourth quarter 2015.
Average revenues per tractor per week, net of fuel surcharge, increased
2.1% in third quarter 2015 compared to third quarter 2014. Third quarter
2014 average revenues per tractor per week were 7.4% higher than third
quarter 2013. Our continued focus on securing driver friendly, highly
productive freight and improved freight selection using our proprietary
freight optimization system enabled us to essentially maintain our
average miles per truck in a freight market that is not as stellar as
third quarter 2014. Our average miles per truck declined slightly by
0.7% in third quarter 2015 compared to third quarter 2014.
Average revenues per total mile, net of fuel surcharge, increased 2.8%
in third quarter 2015 compared to third quarter 2014, despite a 49 basis
point increase in the empty mile percentage from 12.04% to 12.53%. Our
average length of haul in third quarter 2015 was 2% higher than third
quarter 2014.
We are making continued progress implementing sustainable rate increases
with our customers. These efforts are ongoing as we move forward and
work to recoup the cost increases associated with more expensive
equipment, a shrinking supply of qualified drivers and an increasingly
challenging regulatory environment. Strategic customers understand the
collective capacity and service challenges facing our company and our
industry and are supportive of Werner's ongoing initiatives to provide
sustainable transportation solutions in support of their supply chain
needs.
In third quarter 2015, we averaged 7,355 trucks in service in the
Truckload segment and 60 intermodal drayage trucks in the VAS segment.
Following an ongoing and intense company-wide focus to improve our
driver recruiting and retention, we ended third quarter 2015 with 7,415
trucks in the Truckload segment, a sequential improvement of 140 trucks
compared to the end of second quarter 2015 and a year-over-year
improvement of 355 trucks compared to the end of third quarter 2014. Our
Specialized Services unit, primarily Dedicated, ended the quarter with
3,710 trucks (or 50% of our total Truckload segment fleet).
Diesel fuel prices were $1.25 per gallon lower in third quarter 2015
than in third quarter 2014 and were 26 cents per gallon lower than in
second quarter 2015. For the first 20 days of October 2015, the average
diesel fuel price per gallon was $1.00 lower than the average diesel
fuel price per gallon in the same period of 2014 and 79 cents lower than
in fourth quarter 2014. The components of the Company's 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).
The significantly lower fuel prices in third quarter 2015 compared to
third quarter 2014 primarily caused a reduction in fuel surcharge
revenues by $36 million in the Truckload segment and revenues by an
estimated $7 million in the VAS segment. This had the effect of reducing
total consolidated revenues by an estimated 8 percentage points in third
quarter 2015 compared to third quarter 2014.
We continue to invest in equipment solutions to improve the driver
experience, raise operational efficiency and better manage maintenance
and safety costs. We increased our capital expenditures in the last 12
months to lower the average age of our truck fleet and attained an
average age of 1.9 years as of September 30, 2015, which compares to an
average age of 2.3 years as of September 30, 2014. Net capital
expenditures in the first nine months of 2015 were $251 million compared
to $147 million in the first nine months of 2014. We estimate net
capital expenditures for the full year of 2015 to be in the range of
$300 to $325 million. We remain committed to investing in a best in
class fleet for the benefit of our customers, our drivers and the Werner
brand.
The driver recruiting market remained very challenging during third
quarter 2015. Several difficult market factors persist including a
declining number of, and increased competition for, driver training
school graduates, a gradually declining national unemployment rate,
aging truck driver demographics and increased truck safety regulations.
Gains on sales of assets were $6.7 million in third quarter 2015,
including a $0.7 million gain from a real estate sale. This compares to
gains on sales of assets of $4.5 million in third quarter 2014 and gains
on sales of assets of $6.7 million in second quarter 2015. In third
quarter 2015, we sold more trucks and trailers than in third quarter
2014. We realized lower average gains per truck and higher average gains
per trailer in third quarter 2015 compared to third quarter 2014. Gains
on sales of assets are reflected as a reduction of Other Operating
Expenses in our income statement.
To provide shippers with additional sources of managed capacity and
network analysis, we continue to develop our non-asset-based VAS
segment. VAS includes Brokerage, Freight Management, Intermodal and
Werner Global Logistics (International).
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Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
Value Added Services (amounts in thousands)
|
|
$
|
|
%
|
|
$
|
|
%
|
|
|
$
|
|
%
|
|
$
|
|
%
|
Operating revenues
|
|
$
|
102,149
|
|
|
100.0
|
|
|
$
|
106,490
|
|
|
100.0
|
|
|
|
$
|
296,459
|
|
|
100.0
|
|
|
$
|
292,145
|
|
|
100.0
|
|
Rent and purchased transportation expense
|
|
|
86,085
|
|
|
84.3
|
|
|
|
93,762
|
|
|
88.0
|
|
|
|
|
251,406
|
|
|
84.8
|
|
|
|
253,525
|
|
|
86.8
|
|
Gross margin
|
|
|
16,064
|
|
|
15.7
|
|
|
|
12,728
|
|
|
12.0
|
|
|
|
|
45,053
|
|
|
15.2
|
|
|
|
38,620
|
|
|
13.2
|
|
Other operating expenses
|
|
|
11,043
|
|
|
10.8
|
|
|
|
11,706
|
|
|
11.0
|
|
|
|
|
32,579
|
|
|
11.0
|
|
|
|
33,488
|
|
|
11.4
|
|
Operating income
|
|
$
|
5,021
|
|
|
4.9
|
|
|
$
|
1,022
|
|
|
1.0
|
|
|
|
$
|
12,474
|
|
|
4.2
|
|
|
$
|
5,132
|
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
In third quarter 2015, VAS revenues decreased $4.3 million or 4%, and
operating income dollars increased $4.0 million or 391%, compared to
third quarter 2014. Adjusting for lower fuel prices that reduced
operating revenues by an estimated $7 million, operating revenues would
have increased 3%. The VAS gross margin percentage in third quarter 2015
of 15.7% improved year over year compared to the gross margin percentage
of 12.0% in third quarter 2014. The VAS operating income percentage in
third quarter 2015 of 4.9% improved from third quarter 2014 of 1.0%.
Comparisons of the operating ratios for the Truckload segment (net of
fuel surcharge revenues of $52.4 million and $88.8 million in third
quarters 2015 and 2014, respectively, and $167.2 million and $268.6
million in the year-to-date 2015 and 2014 periods, respectively) and the
VAS segment are shown below.
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|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
Operating Ratios
|
|
2015
|
|
2014
|
|
Difference
|
|
2015
|
|
2014
|
|
Difference
|
Truckload Transportation Services
|
|
86.7
|
%
|
|
88.5
|
%
|
|
(1.8)%
|
|
87.5
|
%
|
|
90.1
|
%
|
|
(2.6)%
|
Value Added Services
|
|
95.1
|
%
|
|
99.0
|
%
|
|
(3.9)%
|
|
95.8
|
%
|
|
98.2
|
%
|
|
(2.4)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 2015 and third
quarter 2014 are 88.3% and 90.9%, respectively, and for year-to-date
2015 and 2014 are 89.2% and 92.2%, 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, 2015, we had
$75.0 million of debt outstanding and $903.2 million of stockholders'
equity.
|
|
|
|
|
INCOME STATEMENT
|
|
|
(Unaudited)
|
|
|
(In thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
$
|
|
%
|
|
$
|
|
%
|
|
|
$
|
|
%
|
|
$
|
|
%
|
Operating revenues
|
|
$
|
534,448
|
|
|
100.0
|
|
|
$
|
551,961
|
|
|
100.0
|
|
|
|
$
|
1,564,746
|
|
|
100.0
|
|
|
$
|
1,586,103
|
|
|
100.0
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
|
|
167,301
|
|
|
31.3
|
|
|
|
149,206
|
|
|
27.0
|
|
|
|
|
479,142
|
|
|
30.6
|
|
|
|
428,425
|
|
|
27.0
|
|
Fuel
|
|
|
50,855
|
|
|
9.5
|
|
|
|
86,820
|
|
|
15.7
|
|
|
|
|
160,996
|
|
|
10.3
|
|
|
|
270,026
|
|
|
17.0
|
|
Supplies and maintenance
|
|
|
50,283
|
|
|
9.4
|
|
|
|
48,527
|
|
|
8.8
|
|
|
|
|
144,328
|
|
|
9.2
|
|
|
|
140,268
|
|
|
8.8
|
|
Taxes and licenses
|
|
|
22,616
|
|
|
4.2
|
|
|
|
21,420
|
|
|
3.9
|
|
|
|
|
66,459
|
|
|
4.3
|
|
|
|
63,563
|
|
|
4.0
|
|
Insurance and claims
|
|
|
17,372
|
|
|
3.3
|
|
|
|
19,789
|
|
|
3.6
|
|
|
|
|
60,034
|
|
|
3.8
|
|
|
|
59,175
|
|
|
3.7
|
|
Depreciation
|
|
|
49,081
|
|
|
9.2
|
|
|
|
44,182
|
|
|
8.0
|
|
|
|
|
143,065
|
|
|
9.1
|
|
|
|
131,878
|
|
|
8.3
|
|
Rent and purchased transportation
|
|
|
122,006
|
|
|
22.8
|
|
|
|
133,893
|
|
|
24.2
|
|
|
|
|
360,706
|
|
|
23.1
|
|
|
|
373,778
|
|
|
23.6
|
|
Communications and utilities
|
|
|
3,786
|
|
|
0.7
|
|
|
|
3,689
|
|
|
0.7
|
|
|
|
|
11,301
|
|
|
0.7
|
|
|
|
10,597
|
|
|
0.7
|
|
Other
|
|
|
(1,652
|
)
|
|
(0.3
|
)
|
|
|
2,745
|
|
|
0.5
|
|
|
|
|
(4,480
|
)
|
|
(0.3
|
)
|
|
|
932
|
|
|
0.1
|
|
Total operating expenses
|
|
|
481,648
|
|
|
90.1
|
|
|
|
510,271
|
|
|
92.4
|
|
|
|
|
1,421,551
|
|
|
90.8
|
|
|
|
1,478,642
|
|
|
93.2
|
|
Operating income
|
|
|
52,800
|
|
|
9.9
|
|
|
|
41,690
|
|
|
7.6
|
|
|
|
|
143,195
|
|
|
9.2
|
|
|
|
107,461
|
|
|
6.8
|
|
Other expense (income):
|
|
|
|
|
|
|
Interest expense
|
|
|
511
|
|
|
0.1
|
|
|
|
140
|
|
|
—
|
|
|
|
|
1,569
|
|
|
0.1
|
|
|
|
370
|
|
|
—
|
|
Interest income
|
|
|
(760
|
)
|
|
(0.1
|
)
|
|
|
(614
|
)
|
|
—
|
|
|
|
|
(2,088
|
)
|
|
(0.1
|
)
|
|
|
(1,929
|
)
|
|
(0.1
|
)
|
Other
|
|
|
32
|
|
|
—
|
|
|
|
43
|
|
|
—
|
|
|
|
|
257
|
|
|
—
|
|
|
|
2
|
|
|
—
|
|
Total other expense (income)
|
|
|
(217
|
)
|
|
—
|
|
|
|
(431
|
)
|
|
—
|
|
|
|
|
(262
|
)
|
|
—
|
|
|
|
(1,557
|
)
|
|
(0.1
|
)
|
Income before income taxes
|
|
|
53,017
|
|
|
9.9
|
|
|
|
42,121
|
|
|
7.6
|
|
|
|
|
143,457
|
|
|
9.2
|
|
|
|
109,018
|
|
|
6.9
|
|
Income taxes
|
|
|
20,941
|
|
|
3.9
|
|
|
|
16,151
|
|
|
2.9
|
|
|
|
|
56,391
|
|
|
3.6
|
|
|
|
43,077
|
|
|
2.7
|
|
Net income
|
|
$
|
32,076
|
|
|
6.0
|
|
|
$
|
25,970
|
|
|
4.7
|
|
|
|
$
|
87,066
|
|
|
5.6
|
|
|
$
|
65,941
|
|
|
4.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares outstanding
|
|
|
72,478
|
|
|
|
|
|
72,364
|
|
|
|
|
|
|
|
72,546
|
|
|
|
|
|
72,706
|
|
|
|
Diluted earnings per share
|
|
$
|
0.44
|
|
|
|
|
$
|
0.36
|
|
|
|
|
|
|
$
|
1.20
|
|
|
|
|
$
|
0.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT INFORMATION
|
|
|
(Unaudited)
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
Revenues
|
|
|
|
|
|
|
|
|
|
Truckload Transportation Services
|
|
$
|
417,861
|
|
|
$
|
428,619
|
|
|
|
$
|
1,225,439
|
|
|
$
|
1,261,194
|
|
Value Added Services
|
|
|
102,149
|
|
|
|
106,490
|
|
|
|
|
296,459
|
|
|
|
292,145
|
|
Other
|
|
|
14,087
|
|
|
|
16,868
|
|
|
|
|
41,996
|
|
|
|
33,115
|
|
Corporate
|
|
|
634
|
|
|
|
688
|
|
|
|
|
1,880
|
|
|
|
2,075
|
|
Subtotal
|
|
|
534,731
|
|
|
|
552,665
|
|
|
|
|
1,565,774
|
|
|
|
1,588,529
|
|
Inter-segment eliminations (1)
|
|
|
(283
|
)
|
|
|
(704
|
)
|
|
|
|
(1,028
|
)
|
|
|
(2,426
|
)
|
Total
|
|
$
|
534,448
|
|
|
$
|
551,961
|
|
|
|
$
|
1,564,746
|
|
|
$
|
1,586,103
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
Truckload Transportation Services
|
|
$
|
48,747
|
|
|
$
|
39,138
|
|
|
|
$
|
131,901
|
|
|
$
|
98,238
|
|
Value Added Services
|
|
|
5,021
|
|
|
|
1,022
|
|
|
|
|
12,474
|
|
|
|
5,132
|
|
Other
|
|
|
(1,354
|
)
|
|
|
404
|
|
|
|
|
(2,038
|
)
|
|
|
1,245
|
|
Corporate
|
|
|
386
|
|
|
|
1,126
|
|
|
|
|
858
|
|
|
|
2,846
|
|
Total
|
|
$
|
52,800
|
|
|
$
|
41,690
|
|
|
|
$
|
143,195
|
|
|
$
|
107,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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,
|
|
|
|
|
2015
|
|
2014
|
|
% Change
|
|
|
2015
|
|
2014
|
|
% Change
|
Truckload Transportation Services segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average percentage of empty miles
|
|
|
12.53
|
%
|
|
|
12.04
|
%
|
|
4.1%
|
|
|
|
12.30
|
%
|
|
|
12.05
|
%
|
|
2.1%
|
Average trip length in miles (loaded)
|
|
|
483
|
|
|
|
475
|
|
|
1.7%
|
|
|
|
480
|
|
|
|
469
|
|
|
2.3%
|
Average tractors in service
|
|
|
7,355
|
|
|
|
6,974
|
|
|
5.5%
|
|
|
|
7,205
|
|
|
|
7,011
|
|
|
2.8%
|
Average revenues per tractor per week (1)
|
|
$
|
3,767
|
|
|
$
|
3,690
|
|
|
2.1%
|
|
|
$
|
3,710
|
|
|
$
|
3,577
|
|
|
3.7%
|
Total trailers (at quarter end)
|
|
|
22,495
|
|
|
|
22,005
|
|
|
|
|
|
|
22,495
|
|
|
|
22,005
|
|
|
|
Total tractors (at quarter end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
|
|
|
6,710
|
|
|
|
6,395
|
|
|
|
|
|
|
6,710
|
|
|
|
6,395
|
|
|
|
Independent contractor
|
|
|
705
|
|
|
|
665
|
|
|
|
|
|
|
705
|
|
|
|
665
|
|
|
|
Total tractors
|
|
|
7,415
|
|
|
|
7,060
|
|
|
|
|
|
|
7,415
|
|
|
|
7,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value Added Services segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tractors in service
|
|
|
60
|
|
|
|
50
|
|
|
|
|
|
|
54
|
|
|
|
48
|
|
|
|
Total trailers (at quarter end)
|
|
|
1,405
|
|
|
|
1,750
|
|
|
|
|
|
|
1,405
|
|
|
|
1,750
|
|
|
|
Total tractors (at quarter end)
|
|
|
70
|
|
|
|
55
|
|
|
|
|
|
|
70
|
|
|
|
55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net of fuel surcharge revenues.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION
|
|
|
(Unaudited)
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
Capital expenditures, net
|
|
$
|
91,703
|
|
|
$
|
84,032
|
|
|
|
$
|
251,109
|
|
|
$
|
146,839
|
|
Cash flow from operations
|
|
|
89,200
|
|
|
|
74,666
|
|
|
|
|
282,772
|
|
|
|
165,211
|
|
Return on assets (annualized)
|
|
|
8.2
|
%
|
|
|
7.4
|
%
|
|
|
|
7.6
|
%
|
|
|
6.4
|
%
|
Return on equity (annualized)
|
|
|
14.4
|
%
|
|
|
13.0
|
%
|
|
|
|
13.4
|
%
|
|
|
11.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED BALANCE SHEET
|
|
|
(In thousands, except share amounts)
|
|
|
|
|
|
|
|
|
September 30, 2015
|
|
|
December 31, 2014
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
45,921
|
|
|
|
$
|
22,604
|
|
Accounts receivable, trade, less allowance of $9,710 and $10,017,
respectively
|
|
|
250,878
|
|
|
|
|
266,727
|
|
Other receivables
|
|
|
20,463
|
|
|
|
|
20,316
|
|
Inventories and supplies
|
|
|
16,355
|
|
|
|
|
17,824
|
|
Prepaid taxes, licenses and permits
|
|
|
6,974
|
|
|
|
|
14,914
|
|
Current deferred income taxes
|
|
|
29,541
|
|
|
|
|
34,066
|
|
Income taxes receivable
|
|
|
1,765
|
|
|
|
|
23,435
|
|
Other current assets
|
|
|
28,936
|
|
|
|
|
26,458
|
|
Total current assets
|
|
|
400,833
|
|
|
|
|
426,344
|
|
|
|
|
|
|
|
Property and equipment
|
|
|
1,885,532
|
|
|
|
|
1,786,229
|
|
Less – accumulated depreciation
|
|
|
761,200
|
|
|
|
|
772,447
|
|
Property and equipment, net
|
|
|
1,124,332
|
|
|
|
|
1,013,782
|
|
|
|
|
|
|
|
Other non-current assets
|
|
|
46,807
|
|
|
|
|
40,336
|
|
Total assets
|
|
$
|
1,571,972
|
|
|
|
$
|
1,480,462
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
83,436
|
|
|
|
$
|
64,827
|
|
Insurance and claims accruals
|
|
|
61,298
|
|
|
|
|
73,814
|
|
Accrued payroll
|
|
|
37,057
|
|
|
|
|
28,121
|
|
Other current liabilities
|
|
|
28,095
|
|
|
|
|
19,768
|
|
Total current liabilities
|
|
|
209,886
|
|
|
|
|
186,530
|
|
|
|
|
|
|
|
Long-term debt, net of current portion
|
|
|
75,000
|
|
|
|
|
75,000
|
|
Other long-term liabilities
|
|
|
21,073
|
|
|
|
|
20,021
|
|
Insurance and claims accruals, net of current portion
|
|
|
129,895
|
|
|
|
|
123,445
|
|
Deferred income taxes
|
|
|
232,878
|
|
|
|
|
241,606
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
Common stock, $.01 par value, 200,000,000 shares authorized;
80,533,536
|
|
|
|
|
|
|
|
|
|
shares issued; 71,892,934 and 72,038,368 shares outstanding,
respectively
|
|
|
805
|
|
|
|
|
805
|
|
Paid-in capital
|
|
|
104,619
|
|
|
|
|
101,803
|
|
Retained earnings
|
|
|
990,638
|
|
|
|
|
915,085
|
|
Accumulated other comprehensive loss
|
|
|
(13,321
|
)
|
|
|
|
(9,375
|
)
|
Treasury stock, at cost; 8,640,602 and 8,495,168 shares, respectively
|
|
|
(179,501
|
)
|
|
|
|
(174,458
|
)
|
Total stockholders’ equity
|
|
|
903,240
|
|
|
|
|
833,860
|
|
Total liabilities and stockholders' equity
|
|
$
|
1,571,972
|
|
|
|
$
|
1,480,462
|
|
|
|
|
|
|
|
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.
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,
2014.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151020006724/en/
Source: Werner Enterprises, Inc.