OMAHA, Neb.--(BUSINESS WIRE)--
Werner Enterprises, Inc. (NASDAQ: WERN):
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Three Months Ended
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Six Months Ended
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(In thousands, except per share amounts)
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June 30,
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June 30,
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2016
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2015
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% Change
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2016
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2015
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% Change
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Total revenues
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$
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498,681
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$
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534,644
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(7)%
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$
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981,483
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$
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1,030,298
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(5)%
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Trucking revenues, net of fuel surcharge
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335,358
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353,051
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(5)%
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672,065
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682,185
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(1)%
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Werner Logistics (1) revenue
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103,965
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103,450
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— %
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200,542
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194,310
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3 %
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Operating income
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29,553
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52,210
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(43)%
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62,040
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90,395
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(31)%
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Net income
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18,306
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31,848
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(43)%
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38,398
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54,990
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(30)%
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Earnings per diluted share
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0.25
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0.44
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(42)%
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0.53
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0.76
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(30)%
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(1) Formerly Value Added Services (VAS)
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Werner Enterprises, Inc. (NASDAQ: WERN), one of the nation’s largest
transportation and logistics companies, reported revenues and earnings
for the second quarter ended June 30, 2016. Earnings per diluted share
were $0.25 for second quarter 2016, at the upper end of the earnings
guidance range of $0.21 to $0.25 per share announced on June 20, 2016.
Both the actual second quarter 2016 earnings and the aforementioned
second quarter 2016 earnings guidance range include a pre-tax gain on
sale of real estate of $3.4 million. The principal reasons for the
earnings decline in second quarter 2016 compared to second quarter 2015
were (i) sluggish freight market conditions, (ii) the cost of driver pay
increases implemented in first quarter 2016 and independent contractor
per mile increases in fourth quarter 2015 and (iii) a soft used truck
market.
Second quarter 2016 freight demand was significantly softer than freight
demand in the second quarters of the prior two years. Demand was weakest
in April 2016 and showed some modest seasonal improvement in May and
June. Freight volumes and transactional spot market pricing in the
One-Way Truckload market were disappointing relative to expectations.
During June 2016, we shifted approximately 150 trucks from One-Way
Truckload into Dedicated to lessen the impact in the more difficult
One-Way Truckload market. Freight demand thus far in July 2016 has been
better than most comparable July-to-date time periods, and this has
begun to help improve transactional spot market pricing.
Average revenues per tractor per week, net of fuel surcharge, decreased
5.8% in second quarter 2016 compared to second quarter 2015 due to a
3.8% decrease in average miles per truck combined with a 2.1% decrease
in average revenues per total mile, net of fuel surcharge.
The contractual rate market became increasingly challenging as second
quarter 2016 progressed, particularly in One-Way Truckload. An excess
supply of industry trucks relative to sluggish freight demand created a
market in which customers began to push harder for contractual rate
decreases. During the recent contractual bid season, we chose to exit
from certain contractual business that would have required significant
contractual rate decreases for the next year, since we believe that this
pricing is not sustainable and that freight market conditions will begin
to show improvement during the next year. This decision resulted in a
greater than normal percentage of One-Way Truckload trucks in the
transactional spot market during second quarter 2016; however, this spot
market percentage began to decline from May to June. While truckload
capacity is currently available in the market, we believe significantly
lower truck orders and lower truck builds in recent months combined with
the upcoming changes in trucking regulations should begin to tighten the
supply side of the market in the next few quarters. We are continuing to
work with our customers to explain the cost increases associated with
more expensive equipment, a shrinking supply of qualified drivers and an
increasingly challenging regulatory environment. Based on the current
rate and freight market, we believe it may be difficult to sustain rate
per total mile on a year-over-year basis, or achieve increases, in the
next few quarters.
In second quarter 2016, we averaged 7,306 trucks in service in the
Truckload segment and 70 intermodal drayage trucks in the Werner
Logistics segment. We ended second quarter 2016 with 7,255 trucks in the
Truckload segment, a year-over-year decrease of 20 trucks and a
sequential decrease of 75 trucks. Our Specialized Services unit,
primarily Dedicated, ended second quarter 2016 with 3,855 trucks (or 53%
of our total Truckload segment fleet). We reduced our average trucks in
service by 46 trucks from first quarter 2016 to second quarter 2016, in
response to the softer than expected freight market conditions. We are
not growing our truck fleet until we see meaningful improvement in the
freight and rate markets.
We are continuing to reinvest in our fleet to reduce the average age of
our trucks and trailers. Our investment in newer trucks and trailers
improves our driver experience, raises operational efficiency and helps
us to better manage our maintenance, safety and fuel costs. The average
age of our truck fleet was 1.7 years as of June 30, 2016, which compares
to an average age of 2.0 years as of June 30, 2015. Net capital
expenditures in the first half of 2016 were $261 million compared to
$159 million in the first half of 2015. We revised our capital
expenditure plans and currently estimate net capital expenditures for
2016 to be in the range of $350 million to $400 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 challenging but more manageable
during second quarter 2016. Several ongoing 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. Our driver turnover rate continues to trend lower,
achieving a 17-year low in second quarter 2016.
Gains on sales of assets were $6.8 million in second quarter 2016, which
includes the aforementioned real estate gain of $3.4 million. This
compares to gains on sales of assets of $6.7 million in second quarter
2015. In second quarter 2016, we sold fewer trucks and more trailers
than in second quarter 2015. We realized significantly lower average
gains per truck and higher average gains per trailer in second quarter
2016 compared to second quarter 2015. Gains on sales of assets are
reflected as a reduction of Other Operating Expenses in our income
statement.
Diesel fuel prices were 45 cents per gallon lower in second quarter 2016
than in second quarter 2015 however were 33 cents per gallon higher than
in first quarter 2016. For the first 21 days of July 2016, the average
diesel fuel price per gallon was 30 cents lower than the average diesel
fuel price per gallon in the same period of 2015 and 17 cents lower than
in third quarter 2015. The components of our total fuel cost consist of
and are recorded in our income statement as follows: (i) Fuel (fuel
expense for company trucks excluding federal and state fuel taxes); (ii)
Taxes and Licenses (federal and state fuel taxes); and (iii) Rent and
Purchased Transportation (fuel component of our independent contractor
costs, including the base cost of fuel and additional fuel surcharge
reimbursement for costs exceeding the fuel base).
To provide shippers with additional sources of managed capacity and
network analysis, we continue to develop our non-asset based Werner
Logistics segment. Werner Logistics includes Brokerage, Freight
Management, Intermodal and Werner Global Logistics (International).
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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2016
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2015
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2016
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2015
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Werner Logistics (amounts in thousands)
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$
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%
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$
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%
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$
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%
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$
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%
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Operating revenues
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$
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103,965
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100.0
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$
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103,450
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100.0
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$
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200,542
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100.0
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$
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194,310
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100.0
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Rent and purchased transportation expense
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84,875
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81.6
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87,448
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84.5
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164,259
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81.9
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165,321
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85.1
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Gross margin
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19,090
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18.4
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16,002
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15.5
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36,283
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18.1
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28,989
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14.9
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Other operating expenses
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12,517
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12.1
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10,998
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10.7
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24,675
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12.3
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21,536
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11.1
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Operating income
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$
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6,573
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6.3
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$
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5,004
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4.8
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$
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11,608
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5.8
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$
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7,453
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3.8
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In second quarter 2016, Werner Logistics revenues increased $0.5
million, and operating income dollars increased $1.6 million or 31%,
compared to second quarter 2015. The Werner Logistics gross margin
percentage in second quarter 2016 of 18.4% improved 289 basis points
compared to the gross margin percentage of 15.5% in second quarter 2015.
The Werner Logistics operating income percentage in second quarter 2016
of 6.3% improved 148 basis points from second quarter 2015 of 4.8%.
Comparisons of the operating ratios for the Truckload segment (net of
fuel surcharge revenues of $38.3 million and $58.3 million in second
quarters 2016 and 2015, respectively, and $69.0 million and $114.7
million in the year-to-date 2016 and 2015 periods, respectively) and the
Werner Logistics segment are shown below.
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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Operating Ratios
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2016
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2015
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Difference
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2016
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2015
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Difference
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Truckload Transportation Services
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93.3 %
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86.8 %
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6.5 %
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91.9 %
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88.0 %
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3.9 %
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Werner Logistics
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93.7 %
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95.2 %
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(1.5)%
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94.2 %
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96.2 %
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(2.0)%
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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 2016 and second
quarter 2015 are 94.0% and 88.7% respectively, and for year-to-date 2016
and 2015 are 92.7% and 89.7%, 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, 2016, we had
$145.0 million of debt outstanding and $963.1 million of stockholders’
equity.
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INCOME STATEMENT
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(Unaudited)
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(In thousands, except per share amounts)
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Three Months Ended
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Six Months Ended
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June 30,
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June 30,
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2016
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2015
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2016
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2015
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$
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%
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$
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%
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$
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%
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$
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%
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Operating revenues
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$
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498,681
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|
|
100.0
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$
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534,644
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|
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100.0
|
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$
|
981,483
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|
100.0
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$
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1,030,298
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100.0
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Operating expenses:
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Salaries, wages and benefits
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159,699
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32.0
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160,376
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30.0
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316,436
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32.2
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311,841
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30.3
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Fuel
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39,336
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7.9
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57,381
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10.7
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71,396
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7.3
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110,141
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10.7
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Supplies and maintenance
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42,417
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8.5
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46,388
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8.7
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|
89,532
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9.1
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94,045
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9.1
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Taxes and licenses
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21,826
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4.4
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22,763
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4.3
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|
42,813
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4.4
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43,843
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4.3
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Insurance and claims
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21,931
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4.4
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20,615
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3.8
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|
40,278
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4.1
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|
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42,662
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4.1
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Depreciation
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50,904
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10.2
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|
|
48,264
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9.0
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|
|
101,068
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10.3
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|
|
93,984
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9.1
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Rent and purchased transportation
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127,303
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25.5
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|
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124,952
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23.4
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245,279
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25.0
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238,700
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23.2
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Communications and utilities
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3,995
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0.8
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|
|
3,837
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|
|
0.7
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|
7,904
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|
|
0.8
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|
|
7,515
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|
|
0.7
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Other
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1,717
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|
|
0.4
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|
(2,142
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)
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(0.4
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)
|
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4,737
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|
0.5
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|
(2,828
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)
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(0.3
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)
|
Total operating expenses
|
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469,128
|
|
|
94.1
|
|
|
482,434
|
|
|
90.2
|
|
|
919,443
|
|
|
93.7
|
|
|
939,903
|
|
|
91.2
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|
Operating income
|
|
29,553
|
|
|
5.9
|
|
|
52,210
|
|
|
9.8
|
|
|
62,040
|
|
|
6.3
|
|
|
90,395
|
|
|
8.8
|
|
Other expense (income):
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
596
|
|
|
0.1
|
|
|
583
|
|
|
0.1
|
|
|
1,090
|
|
|
0.1
|
|
|
1,058
|
|
|
0.1
|
|
Interest income
|
|
(1,109
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)
|
|
(0.2
|
)
|
|
(697
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)
|
|
(0.1
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)
|
|
(2,099
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)
|
|
(0.2
|
)
|
|
(1,328
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)
|
|
(0.1
|
)
|
Other
|
|
57
|
|
|
—
|
|
|
135
|
|
|
—
|
|
|
102
|
|
|
—
|
|
|
225
|
|
|
—
|
|
Total other expense (income)
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(456
|
)
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|
(0.1
|
)
|
|
21
|
|
|
—
|
|
|
(907
|
)
|
|
(0.1
|
)
|
|
(45
|
)
|
|
—
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Income before income taxes
|
|
30,009
|
|
|
6.0
|
|
|
52,189
|
|
|
9.8
|
|
|
62,947
|
|
|
6.4
|
|
|
90,440
|
|
|
8.8
|
|
Income taxes
|
|
11,703
|
|
|
2.3
|
|
|
20,341
|
|
|
3.8
|
|
|
24,549
|
|
|
2.5
|
|
|
35,450
|
|
|
3.5
|
|
Net income
|
|
$
|
18,306
|
|
|
3.7
|
|
|
$
|
31,848
|
|
|
6.0
|
|
|
$
|
38,398
|
|
|
3.9
|
|
|
$
|
54,990
|
|
|
5.3
|
|
Diluted shares outstanding
|
|
72,366
|
|
|
|
|
72,424
|
|
|
|
|
72,349
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|
|
|
|
72,482
|
|
|
|
Diluted earnings per share
|
|
$
|
0.25
|
|
|
|
|
$
|
0.44
|
|
|
|
|
$
|
0.53
|
|
|
|
|
$
|
0.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SEGMENT INFORMATION
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|
(Unaudited)
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|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Revenues
|
|
|
|
|
|
|
|
|
Truckload Transportation Services
|
|
$
|
379,249
|
|
|
$
|
417,015
|
|
|
$
|
752,166
|
|
|
$
|
807,578
|
|
Werner Logistics
|
|
103,965
|
|
|
103,450
|
|
|
200,542
|
|
|
194,310
|
|
Other
|
|
15,166
|
|
|
13,924
|
|
|
28,344
|
|
|
27,909
|
|
Corporate
|
|
614
|
|
|
725
|
|
|
987
|
|
|
1,246
|
|
Subtotal
|
|
498,994
|
|
|
535,114
|
|
|
982,039
|
|
|
1,031,043
|
|
Inter-segment eliminations (1)
|
|
(313
|
)
|
|
(470
|
)
|
|
$
|
(556
|
)
|
|
(745
|
)
|
Total
|
|
$
|
498,681
|
|
|
$
|
534,644
|
|
|
$
|
981,483
|
|
|
$
|
1,030,298
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
Truckload Transportation Services
|
|
$
|
22,766
|
|
|
$
|
47,312
|
|
|
$
|
55,125
|
|
|
$
|
83,154
|
|
Werner Logistics
|
|
6,573
|
|
|
5,004
|
|
|
11,608
|
|
|
7,453
|
|
Other
|
|
(1,839
|
)
|
|
(239
|
)
|
|
(3,773
|
)
|
|
(684
|
)
|
Corporate
|
|
2,053
|
|
|
133
|
|
|
(920
|
)
|
|
472
|
|
Total
|
|
$
|
29,553
|
|
|
$
|
52,210
|
|
|
$
|
62,040
|
|
|
$
|
90,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Inter-segment eliminations represent transactions between reporting
segments that are eliminated in consolidation.
|
|
OPERATING STATISTICS BY SEGMENT
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
|
|
June 30,
|
|
|
|
|
2016
|
|
2015
|
|
% Change
|
|
2016
|
|
2015
|
|
% Change
|
Truckload Transportation Services segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Average percentage of empty miles
|
|
|
13.41
|
%
|
|
|
12.21
|
%
|
|
9.8 %
|
|
|
13.34
|
%
|
|
|
12.18
|
%
|
|
9.5 %
|
Average trip length in miles (loaded)
|
|
|
459
|
|
|
|
476
|
|
|
(3.6)%
|
|
|
465
|
|
|
|
479
|
|
|
(2.9)%
|
Average tractors in service
|
|
|
7,306
|
|
|
|
7,247
|
|
|
0.8 %
|
|
|
7,329
|
|
|
|
7,130
|
|
|
2.8 %
|
Average revenues per tractor per week (1)
|
|
$
|
3,531
|
|
|
$
|
3,748
|
|
|
(5.8)%
|
|
$
|
3,527
|
|
|
$
|
3,680
|
|
|
(4.2)%
|
Total trailers (at quarter end)
|
|
|
22,575
|
|
|
|
22,070
|
|
|
|
|
|
22,575
|
|
|
|
22,070
|
|
|
|
Total tractors (at quarter end)
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
|
|
|
6,355
|
|
|
|
6,615
|
|
|
|
|
|
6,355
|
|
|
|
6,615
|
|
|
|
Independent contractor
|
|
|
900
|
|
|
|
660
|
|
|
|
|
|
900
|
|
|
|
660
|
|
|
|
Total tractors
|
|
|
7,255
|
|
|
|
7,275
|
|
|
|
|
|
7,255
|
|
|
|
7,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Werner Logistics segment
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tractors in service
|
|
|
70
|
|
|
|
51
|
|
|
|
|
|
69
|
|
|
|
51
|
|
|
|
Total trailers (at quarter end)
|
|
|
1,630
|
|
|
|
1,695
|
|
|
|
|
|
1,630
|
|
|
|
1,695
|
|
|
|
Total tractors (at quarter end)
|
|
|
72
|
|
|
|
57
|
|
|
|
|
|
72
|
|
|
|
57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Net of fuel surcharge revenues.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION
|
|
|
(Unaudited)
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Capital expenditures, net
|
|
$
|
158,923
|
|
|
$
|
74,541
|
|
|
$
|
260,526
|
|
|
$
|
159,406
|
|
Cash flow from operations
|
|
79,703
|
|
|
72,586
|
|
|
171,022
|
|
|
193,572
|
|
Return on assets (annualized) (1)
|
|
4.4
|
%
|
|
8.5
|
%
|
|
4.7
|
%
|
|
7.5
|
%
|
Return on equity (annualized)
|
|
7.6
|
%
|
|
14.7
|
%
|
|
8.1
|
%
|
|
12.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Pursuant to the Company’s early adoption of Accounting Standards
Update 2015-17 (see explanatory note on the Condensed Balance Sheet),
return on assets for all periods presented reflects the impact of
reclassifying the current deferred tax asset into the non-current
deferred tax liability.
|
|
CONDENSED BALANCE SHEET
|
|
|
(In thousands, except share amounts)
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
2016
|
|
2015
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
15,237
|
|
|
$
|
31,833
|
|
Accounts receivable, trade, less allowance of $8,970 and $10,298,
respectively
|
|
239,108
|
|
|
251,023
|
|
Other receivables
|
|
20,947
|
|
|
17,241
|
|
Inventories and supplies
|
|
14,823
|
|
|
16,415
|
|
Prepaid taxes, licenses and permits
|
|
7,620
|
|
|
15,657
|
|
Income taxes receivable
|
|
23,321
|
|
|
20,052
|
|
Other current assets
|
|
27,532
|
|
|
27,281
|
|
Total current assets
|
|
348,588
|
|
|
379,502
|
|
|
|
|
|
|
Property and equipment
|
|
2,057,986
|
|
|
1,908,600
|
|
Less – accumulated depreciation
|
|
743,768
|
|
|
754,130
|
|
Property and equipment, net
|
|
1,314,218
|
|
|
1,154,470
|
|
|
|
|
|
|
Other non-current assets
|
|
64,061
|
|
|
51,675
|
|
Total assets
|
|
$
|
1,726,867
|
|
|
$
|
1,585,647
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Checks issued in excess of cash balances
|
|
$
|
6,941
|
|
|
$
|
—
|
|
Accounts payable
|
|
85,547
|
|
|
70,643
|
|
Insurance and claims accruals
|
|
72,992
|
|
|
64,106
|
|
Accrued payroll
|
|
28,447
|
|
|
25,233
|
|
Other current liabilities
|
|
18,006
|
|
|
23,720
|
|
Total current liabilities
|
|
211,933
|
|
|
183,702
|
|
|
|
|
|
|
Long-term debt, net of current portion
|
|
145,000
|
|
|
75,000
|
|
Other long-term liabilities
|
|
21,061
|
|
|
19,832
|
|
Insurance and claims accruals, net of current portion
|
|
116,725
|
|
|
125,195
|
|
Deferred income taxes (1)
|
|
269,012
|
|
|
246,264
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
Common stock, $.01 par value, 200,000,000 shares authorized;
80,533,536 shares issued; 72,050,173 and 71,998,750 shares
outstanding, respectively
|
|
805
|
|
|
805
|
|
Paid-in capital
|
|
102,489
|
|
|
102,734
|
|
Retained earnings
|
|
1,052,718
|
|
|
1,022,966
|
|
Accumulated other comprehensive loss
|
|
(15,954
|
)
|
|
(13,063
|
)
|
Treasury stock, at cost; 8,483,363 and 8,534,786 shares, respectively
|
|
(176,922
|
)
|
|
(177,788
|
)
|
Total stockholders’ equity
|
|
963,136
|
|
|
935,654
|
|
Total liabilities and stockholders’ equity
|
|
$
|
1,726,867
|
|
|
$
|
1,585,647
|
|
|
|
|
|
|
|
|
|
|
(1) In November 2015, the Financial Accounting Standards Board issued
Accounting Standards Update 2015-17, which requires presentation of
deferred tax assets and liabilities as non-current in the balance sheet
beginning January 1, 2017. The Company early-adopted the guidance in
2016 and retrospectively adjusted the December 31, 2015 presentation by
reclassifying a $28.0 million current deferred tax asset into the
non-current liability “Deferred income taxes”.
Werner Enterprises, Inc. was founded in 1956 and is a premier
transportation and logistics company, with coverage throughout North
America, Asia, Europe, South America, Africa and Australia. Werner
maintains its global headquarters in Omaha, Nebraska and maintains
offices in the United States, Canada, Mexico, China and Australia.
Werner is among the five largest truckload carriers in the United
States, with a diversified portfolio of transportation services that
includes dedicated van, temperature-controlled and flatbed;
medium-to-long-haul, regional and local van; and expedited services. The
Werner Logistics portfolio includes freight management, truck brokerage,
intermodal, and international services. International services are
provided through Werner’s domestic and global subsidiary companies and
include ocean, air and ground transportation; freight forwarding; and
customs brokerage.
Werner Enterprises, Inc.’s common stock trades on The NASDAQ Global
Select MarketSM under the symbol “WERN”. For further
information about Werner, visit the Company’s website at www.werner.com.
This press release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended. Such forward-looking
statements are based on information presently available to the Company’s
management and are current only as of the date made. Actual results
could also differ materially from those anticipated as a result of a
number of factors, including, but not limited to, those discussed in the
Company’s Annual Report on Form 10-K for the year ended December 31,
2015.
For those reasons, undue reliance should not be placed on any
forward-looking statement. The Company assumes no duty or obligation to
update or revise any forward-looking statement, although it may do so
from time to time as management believes is warranted or as may be
required by applicable securities law. Any such updates or revisions may
be made by filing reports with the U.S. Securities and Exchange
Commission, through the issuance of press releases or by other methods
of public disclosure.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160721006332/en/
Source: Werner Enterprises, Inc.