OMAHA, Neb.--(BUSINESS WIRE)--Jul. 21, 2014--
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, 2014.
Summarized financial results for second quarter 2014 compared to second
quarter 2013 are as follows (dollars in thousands, except per share
data):
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|
|
|
|
|
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|
|
|
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Three Months Ended June 30,
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Six Months Ended June 30,
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|
|
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2014
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2013
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% Change
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2014
|
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2013
|
|
% Change
|
|
Total revenues
|
|
|
|
$
|
542,120
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|
|
$
|
506,648
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7%
|
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|
$
|
1,034,142
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|
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$
|
999,535
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3%
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Trucking revenues, net of fuel surcharge
|
|
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332,025
|
|
|
320,000
|
|
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4%
|
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|
643,547
|
|
|
633,400
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2%
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|
Value Added Services (“VAS”) revenues
|
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|
100,501
|
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|
91,185
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10%
|
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|
185,655
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|
|
173,695
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7%
|
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|
Operating income
|
|
|
|
42,330
|
|
|
42,361
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0%
|
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|
65,771
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|
|
71,054
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|
(7)%
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|
Net income
|
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|
25,632
|
|
|
25,840
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|
(1)%
|
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|
39,971
|
|
|
43,351
|
|
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(8)%
|
|
|
Earnings per diluted share
|
|
|
|
0.35
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|
|
0.35
|
|
|
1%
|
|
|
0.55
|
|
|
0.59
|
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|
(7)%
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Positive freight demand trends continued from first quarter 2014 into
second quarter 2014. Freight demand (as measured by our daily morning
ratio of loads available to trucks available in our One-Way Truckload
network) showed consistent strength, and we were overbooked (more
available freight than available trucks at the start of each day)
throughout second quarter 2014. A tight capacity market combined with a
gradually firming economy were the primary contributing factors. This
trend has continued through the first three weeks of July 2014. Truck
capacity is being constrained by an extremely challenging driver market,
accelerating trucking company failures and heightened regulatory cost
increases for truck ownership and safety; thus, we expect this favorable
freight trend will continue.
Average revenues per tractor per week, net of fuel surcharge, increased
4.9% in second quarter 2014 compared to second quarter 2013. This was
achieved as a result of planned network design changes that enabled us
to increase our average trip length by 5.7% which improved average miles
per truck and reduced empty miles while also producing an expected
negative impact on revenue per mile. Even after these changes, average
revenues per total mile, excluding fuel surcharge, rose 2.1% in second
quarter 2014 compared to second quarter 2013. We made good progress
working with our customers on sustainable rate increases during second
quarter 2014. These efforts will continue 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 difficult
regulatory environment. Strategic customers understand the collective
capacity and service challenges facing our company and our industry and
are increasingly supportive of Werner's ongoing initiatives to provide
sustainable transportation solutions in support of their supply chain
needs.
We were pleased that our efforts to improve operational efficiency and
productivity gained momentum in second quarter 2014. Despite the final
quarter of an unfavorable headwind from the driver hours of service
(HOS) changes, which became effective on July 1, 2013, our average
monthly miles per truck increased 2.8% in second quarter 2014 compared
to second quarter 2013 and grew sequentially by 5.6% from first quarter
2014. Better load planning and improved freight choices caused a 79
basis point reduction in our empty mile percentage to 12.14% in second
quarter 2014 from 12.93% in second quarter 2013.
The Federal Motor Carrier Safety Administration's revised driver HOS
rules referenced above included more restrictive requirements covering
driver use of the 34-hour restart rule and a required 30-minute rest
period after 8 hours on duty. We believe that these HOS changes
negatively impacted our miles per truck by two to three percent. We are
working closely with customers and drivers to minimize the impact of
these changes and obtain adequate rate relief.
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 short-haul Regional, medium-to-long-haul Van and Expedited
fleets), Specialized Services and Logistics (VAS). In second quarter
2014, we averaged 7,055 trucks in service in the Truckload segment and
48 intermodal drayage trucks in the VAS segment. We ended the quarter
with 7,035 trucks in the Truckload segment and 55 intermodal drayage
trucks in the VAS segment. Our Specialized Services unit, primarily
Dedicated, ended the quarter with 3,515 trucks (or 50% of our total
Truckload segment fleet).
Diesel fuel prices were 5 cents per gallon higher in second quarter 2014
than in second quarter 2013 and were 6 cents per gallon lower than in
first quarter 2014. For the first 20 days of July 2014, the average
diesel fuel price per gallon was 8 cents lower than the average diesel
fuel price per gallon in the same period of 2013 and 15 cents lower than
in third quarter 2013. 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).
Capacity in the truckload industry remains constrained by economic and
safety regulatory factors. It is very costly for many smaller and medium
size private carriers to replace their older, lower-value trucks with
much more expensive, EPA-compliant new trucks, which significantly
reduces the risk of trucks being added to the market. We continue to
invest in equipment solutions including more aerodynamic truck features,
idle reduction systems, tire inflation systems and trailer skirts to
improve the mile per gallon efficiency of our fleet. Net capital
expenditures in second quarter 2014 were $47 million. We estimate net
capital expenditures for the year 2014 to be in the range of $210 to
$230 million which reflects our plan to reduce the average age of our
truck fleet during the second half of 2014. The average age of our truck
fleet as of June 30, 2014, was 2.4 years. 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 and retention market was extremely difficult
during second quarter 2014. Significant problematical factors include a
declining number of, and increased competition for, driver training
school graduates, a gradually declining national unemployment rate and
job competition from the housing construction and hydraulic fracturing
markets. We expect that competition for drivers will further intensify
in the coming months.
Gains on sales of assets were $5.2 million in second quarter 2014,
including a $1.6 million gain from the sale of real estate. This
compares to gains on sales of assets of $6.5 million in second quarter
2013, which included a $1.1 million gain from the sale of real estate,
and gains on sales of assets of $4.6 million in first quarter 2014. In
second quarter 2014, we realized lower average gains per truck and sold
more trucks and trailers compared to second quarter 2013. 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 June 30,
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Six Months Ended June 30,
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2014
|
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2013
|
|
|
2014
|
|
2013
|
Value Added Services (amounts in thousands)
|
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|
|
$
|
|
%
|
|
$
|
|
%
|
|
|
$
|
|
%
|
|
$
|
|
%
|
Operating revenues
|
|
|
|
$
|
100,501
|
|
|
100.0
|
|
|
$
|
91,185
|
|
|
100.0
|
|
|
|
$
|
185,655
|
|
|
100.0
|
|
|
$
|
173,695
|
|
|
100.0
|
Rent and purchased transportation expense
|
|
|
|
87,209
|
|
|
86.8
|
|
|
76,255
|
|
|
83.6
|
|
|
|
159,763
|
|
|
86.1
|
|
|
145,452
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|
|
83.7
|
Gross margin
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|
13,292
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|
13.2
|
|
|
14,930
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|
|
16.4
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|
25,892
|
|
|
13.9
|
|
|
28,243
|
|
|
16.3
|
Other operating expenses
|
|
|
|
11,037
|
|
|
11.0
|
|
|
10,441
|
|
|
11.5
|
|
|
|
21,782
|
|
|
11.7
|
|
|
20,141
|
|
|
11.6
|
Operating income
|
|
|
|
$
|
2,255
|
|
|
2.2
|
|
|
$
|
4,489
|
|
|
4.9
|
|
|
|
$
|
4,110
|
|
|
2.2
|
|
|
$
|
8,102
|
|
|
4.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
In second quarter 2014, VAS revenues increased $9.3 million or 10%, and
operating income dollars decreased $2.2 million or 50%, compared to
second quarter 2013. The increase in VAS revenues was due primarily to
growth in Intermodal and Werner Global Logistics revenues. Operating
income was impacted by a lower gross margin percentage for contractual
business due to rising third party carrier costs, as capacity was
tighter during second quarter 2014 compared to second quarter 2013.
Comparisons of the operating ratios for the Truckload segment (net of
fuel surcharge revenues of $92.7 million and $88.6 million in second
quarters 2014 and 2013, respectively, and $179.8 million and $180.2
million in the year-to-date 2014 and 2013 periods, respectively) and the
VAS segment are shown below.
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|
Three Months Ended June 30,
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Six Months Ended June 30,
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Operating Ratios
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2014
|
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2013
|
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Difference
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2014
|
|
2013
|
|
Difference
|
Truckload Transportation Services
|
|
|
|
88.6%
|
|
|
89.4%
|
|
|
(0.8)%
|
|
|
|
90.9%
|
|
|
91.0%
|
|
|
(0.1)%
|
|
Value Added Services
|
|
|
|
97.8%
|
|
|
95.1%
|
|
|
2.7%
|
|
|
|
97.8%
|
|
|
95.3%
|
|
|
2.5%
|
|
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 second quarter 2014 and second
quarter 2013 are 91.1% and 91.7%, respectively, and are 92.9% for both
the 2014 and 2013 year-to-date periods, when fuel surcharge revenues are
reported as revenues instead of a reduction of operating expenses.
Our financial position remains strong. As of June 30, 2014, we had $40.0
million of debt outstanding and $787.0 million of stockholders' equity.
During second quarter 2014, the Company purchased 500,000 shares of its
common stock for a total cost of $12.7 million.
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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 June 30,
|
|
Six Months Ended June 30,
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
$
|
|
%
|
|
$
|
|
%
|
|
$
|
|
%
|
|
$
|
|
%
|
Operating revenues
|
|
|
|
$
|
542,120
|
|
100.0
|
|
|
$
|
506,648
|
|
|
100.0
|
|
|
$
|
1,034,142
|
|
|
100.0
|
|
|
$
|
999,535
|
|
|
100.0
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries, wages and benefits
|
|
|
|
144,506
|
|
26.7
|
|
|
135,236
|
|
|
26.7
|
|
|
279,219
|
|
|
27.0
|
|
|
268,341
|
|
|
26.9
|
|
Fuel
|
|
|
|
92,131
|
|
17.0
|
|
|
90,191
|
|
|
17.8
|
|
|
183,206
|
|
|
17.7
|
|
|
186,984
|
|
|
18.7
|
|
Supplies and maintenance
|
|
|
|
45,887
|
|
8.5
|
|
|
43,934
|
|
|
8.7
|
|
|
91,741
|
|
|
8.9
|
|
|
87,062
|
|
|
8.7
|
|
Taxes and licenses
|
|
|
|
21,311
|
|
3.9
|
|
|
21,586
|
|
|
4.2
|
|
|
42,143
|
|
|
4.0
|
|
|
43,210
|
|
|
4.3
|
|
Insurance and claims
|
|
|
|
19,180
|
|
3.5
|
|
|
17,320
|
|
|
3.4
|
|
|
39,386
|
|
|
3.8
|
|
|
37,121
|
|
|
3.7
|
|
Depreciation
|
|
|
|
44,573
|
|
8.2
|
|
|
42,367
|
|
|
8.4
|
|
|
87,696
|
|
|
8.5
|
|
|
84,698
|
|
|
8.5
|
|
Rent and purchased transportation
|
|
|
|
128,239
|
|
23.7
|
|
|
115,060
|
|
|
22.7
|
|
|
239,885
|
|
|
23.2
|
|
|
221,378
|
|
|
22.2
|
|
Communications and utilities
|
|
|
|
3,409
|
|
0.6
|
|
|
3,187
|
|
|
0.6
|
|
|
6,908
|
|
|
0.7
|
|
|
6,329
|
|
|
0.6
|
|
Other
|
|
|
|
554
|
|
0.1
|
|
|
(4,594)
|
|
|
(0.9)
|
|
|
(1,813)
|
|
|
(0.2)
|
|
|
(6,642)
|
|
|
(0.7)
|
|
Total operating expenses
|
|
|
|
499,790
|
|
92.2
|
|
|
464,287
|
|
|
91.6
|
|
|
968,371
|
|
|
93.6
|
|
|
928,481
|
|
|
92.9
|
|
Operating income
|
|
|
|
42,330
|
|
7.8
|
|
|
42,361
|
|
|
8.4
|
|
|
65,771
|
|
|
6.4
|
|
|
71,054
|
|
|
7.1
|
|
Other expense (income):
|
|
|
|
|
|
|
Interest expense
|
|
|
|
136
|
|
—
|
|
|
91
|
|
|
—
|
|
|
230
|
|
|
—
|
|
|
235
|
|
|
—
|
|
Interest income
|
|
|
|
(660)
|
|
(0.1)
|
|
|
(535)
|
|
|
(0.1
|
|
|
(1,315)
|
|
|
(0.1)
|
|
|
(1,040)
|
|
|
(0.1)
|
|
Other
|
|
|
|
(45)
|
|
—
|
|
|
(82)
|
|
|
—
|
|
|
(41)
|
|
|
—
|
|
|
(92)
|
|
|
—
|
|
Total other expense (income)
|
|
|
|
(569)
|
|
(0.1)
|
|
|
(526)
|
|
|
(0.1)
|
|
|
(1,126)
|
|
|
(0.1)
|
|
|
(897)
|
|
|
(0.1)
|
|
Income before income taxes
|
|
|
|
42,899
|
|
7.9
|
|
|
42,887
|
|
|
8.5
|
|
|
66,897
|
|
|
6.5
|
|
|
71,951
|
|
|
7.2
|
|
Income taxes
|
|
|
|
17,267
|
|
3.2
|
|
|
17,047
|
|
|
3.4
|
|
|
26,926
|
|
|
2.6
|
|
|
28,600
|
|
|
2.9
|
|
Net income
|
|
|
|
$
|
25,632
|
|
4.7
|
|
|
$
|
25,840
|
|
|
5.1
|
|
|
$
|
39,971
|
|
|
3.9
|
|
|
$
|
43,351
|
|
|
4.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares outstanding
|
|
|
|
72,597
|
|
|
|
|
73,598
|
|
|
|
|
|
72,882
|
|
|
|
|
|
73,690
|
|
|
|
|
Diluted earnings per share
|
|
|
|
$
|
0.35
|
|
|
|
|
$
|
0.35
|
|
|
|
|
|
$
|
0.55
|
|
|
|
|
|
$
|
0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT INFORMATION
|
|
|
|
|
(Unaudited)
|
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload Transportation Services
|
|
|
|
$
|
429,390
|
|
|
$
|
412,869
|
|
|
$
|
832,575
|
|
|
$
|
821,769
|
|
Value Added Services
|
|
|
|
100,501
|
|
|
91,185
|
|
|
185,655
|
|
|
173,695
|
|
Other
|
|
|
|
12,258
|
|
|
2,083
|
|
|
16,247
|
|
|
4,127
|
|
Corporate
|
|
|
|
829
|
|
|
996
|
|
|
1,387
|
|
|
1,646
|
|
Subtotal
|
|
|
|
542,978
|
|
|
507,133
|
|
|
1,035,864
|
|
|
1,001,237
|
|
Inter-segment eliminations (1)
|
|
|
|
(858)
|
|
|
(485)
|
|
|
(1,72)2
|
|
|
(1,702)
|
|
Total
|
|
|
|
$
|
542,120
|
|
|
$
|
506,648
|
|
|
$
|
1,034,142
|
|
|
$
|
999,535
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Truckload Transportation Services
|
|
|
|
$
|
38,320
|
|
|
$
|
34,442
|
|
|
$
|
59,100
|
|
|
$
|
58,057
|
|
Value Added Services
|
|
|
|
2,255
|
|
|
4,489
|
|
|
4,110
|
|
|
8,102
|
|
Other
|
|
|
|
357
|
|
|
1,623
|
|
|
841
|
|
|
2,528
|
|
Corporate
|
|
|
|
1,398
|
|
|
1,807
|
|
|
1,720
|
|
|
2,367
|
|
Total
|
|
|
|
$
|
42,330
|
|
|
$
|
42,361
|
|
|
$
|
65,771
|
|
|
$
|
71,054
|
|
(1) Inter-segment eliminations represent transactions between reporting
segments that are eliminated in consolidation.
|
|
|
|
|
|
|
|
|
OPERATING STATISTICS BY SEGMENT
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
Six Months Ended June 30,
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
% Change
|
|
2014
|
|
2013
|
|
% Change
|
Truckload Transportation Services segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average percentage of empty miles
|
|
|
|
12.14%
|
|
|
12.93%
|
|
|
(6.1)%
|
|
12.06%
|
|
|
12.98%
|
|
|
(7.1)%
|
|
Average trip length in miles (loaded)
|
|
|
|
466
|
|
|
441
|
|
|
5.7%
|
|
466
|
|
|
453
|
|
|
2.9%
|
|
Average tractors in service
|
|
|
|
7,055
|
|
|
7,134
|
|
|
(1.1)%
|
|
7,029
|
|
|
7,146
|
|
|
(1.6)%
|
|
Average revenues per tractor per week (1)
|
|
|
|
$
|
3,620
|
|
|
$
|
3,450
|
|
|
4.9%
|
|
$
|
3,521
|
|
|
$
|
3,409
|
|
|
3.3%
|
|
Total trailers (at quarter end)
|
|
|
|
21,865
|
|
|
22,005
|
|
|
|
|
21,865
|
|
|
22,005
|
|
|
|
|
Total tractors (at quarter end)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company
|
|
|
|
6,375
|
|
|
6,480
|
|
|
|
|
6,375
|
|
|
6,480
|
|
|
|
|
Independent contractor
|
|
|
|
660
|
|
|
670
|
|
|
|
|
660
|
|
|
670
|
|
|
|
|
Total tractors
|
|
|
|
7,035
|
|
|
7,150
|
|
|
|
|
7,035
|
|
|
7,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value Added Services segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total VAS shipments
|
|
|
|
74,660
|
|
|
70,383
|
|
|
6.1%
|
|
136,952
|
|
|
134,749
|
|
|
1.6%
|
|
Less: Non-committed shipments to truckload segment
|
|
|
|
20,163
|
|
|
19,411
|
|
|
3.9%
|
|
36,660
|
|
|
39,357
|
|
|
(6.9)%
|
|
Net VAS shipments
|
|
|
|
54,497
|
|
|
50,972
|
|
|
6.9%
|
|
100,292
|
|
|
95,392
|
|
|
5.1%
|
|
Average revenue per shipment
|
|
|
|
$
|
1,699
|
|
|
$
|
1,632
|
|
|
4.1%
|
|
$
|
1,707
|
|
|
$
|
1,653
|
|
|
3.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average tractors in service
|
|
|
|
48
|
|
|
45
|
|
|
|
|
47
|
|
|
42
|
|
|
|
|
Total trailers (at quarter end)
|
|
|
|
1,730
|
|
|
1,755
|
|
|
|
|
1,730
|
|
|
1,755
|
|
|
|
|
Total tractors (at quarter end)
|
|
|
|
55
|
|
|
43
|
|
|
|
|
55
|
|
|
43
|
|
|
|
|
(1) Net of fuel surcharge revenues.
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION
|
|
|
|
|
(Unaudited)
|
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
Six Months Ended June 30,
|
|
|
|
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
Capital expenditures, net
|
|
|
|
$
|
46,761
|
|
|
$
|
13,223
|
|
|
|
$
|
62,807
|
|
|
$
|
34,529
|
|
Cash flow from operations
|
|
|
|
31,336
|
|
|
34,302
|
|
|
|
90,545
|
|
|
110,908
|
|
Return on assets (annualized)
|
|
|
|
7.4%
|
|
|
7.8%
|
|
|
|
5.8%
|
|
|
6.5%
|
|
Return on equity (annualized)
|
|
|
|
13.1%
|
|
|
14.0%
|
|
|
|
10.3%
|
|
|
11.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED BALANCE SHEET
|
|
|
|
|
(In thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2014
|
|
December 31, 2013
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
27,714
|
|
$
|
23,678
|
|
Accounts receivable, trade, less allowance of $10,166 and $9,939,
respectively
|
|
|
|
261,305
|
|
231,647
|
|
Other receivables
|
|
|
|
20,888
|
|
10,769
|
|
Inventories and supplies
|
|
|
|
15,088
|
|
15,743
|
|
Prepaid taxes, licenses and permits
|
|
|
|
6,894
|
|
15,064
|
|
Current deferred income taxes
|
|
|
|
26,389
|
|
25,315
|
|
Other current assets
|
|
|
|
32,248
|
|
27,445
|
|
Total current assets
|
|
|
|
390,526
|
|
349,661
|
|
|
|
|
|
|
|
|
|
Property and equipment
|
|
|
|
1,724,963
|
|
1,727,737
|
|
Less – accumulated depreciation
|
|
|
|
762,991
|
|
750,219
|
|
Property and equipment, net
|
|
|
|
961,972
|
|
977,518
|
|
|
|
|
|
|
|
|
|
Other non-current assets
|
|
|
|
38,372
|
|
26,918
|
|
Total assets
|
|
|
|
$
|
1,390,870
|
|
$
|
1,354,097
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
84,902
|
|
$
|
66,678
|
|
Insurance and claims accruals
|
|
|
|
62,301
|
|
59,811
|
|
Accrued payroll
|
|
|
|
27,250
|
|
22,785
|
|
Other current liabilities
|
|
|
|
20,292
|
|
18,457
|
|
Total current liabilities
|
|
|
|
194,745
|
|
167,731
|
|
|
|
|
|
|
|
|
|
Long-term debt, net of current portion
|
|
|
|
40,000
|
|
40,000
|
|
Other long-term liabilities
|
|
|
|
19,085
|
|
14,710
|
|
Insurance and claims accruals, net of current portion
|
|
|
|
132,250
|
|
131,900
|
|
Deferred income taxes
|
|
|
|
217,779
|
|
227,237
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
Common stock, $.01 par value, 200,000,000 shares authorized;
80,533,536
|
|
|
|
|
|
|
|
shares issued; 71,950,164 and 72,713,920 shares outstanding,
respectively
|
|
|
|
805
|
|
805
|
|
Paid-in capital
|
|
|
|
101,419
|
|
98,534
|
|
Retained earnings
|
|
|
|
863,596
|
|
830,842
|
|
Accumulated other comprehensive loss
|
|
|
|
(4,531)
|
|
(4,631)
|
|
Treasury stock, at cost; 8,583,372 and 7,819,616 shares, respectively
|
|
|
|
(174,278)
|
|
(153,031)
|
|
Total stockholders’ equity
|
|
|
|
787,011
|
|
772,519
|
|
Total liabilities and stockholders' equity
|
|
|
|
$
|
1,390,870
|
|
$
|
1,354,097
|
|
|
|
|
|
|
|
|
|
|
|
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,
2013.
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