Business
Werner Enterprises Reports Fourth Quarter and Full Year 2019 Results
Fourth Quarter 2019 Highlights (all metrics compared to fourth quarter 2018 unless otherwise noted) Total revenues of $621.8 million, down $24.6 million, or
About this update from Werner Enterprises, Inc.
[{"type":"text","content":"Fourth Quarter 2019 Highlights (all metrics compared to fourth quarter 2018 unless otherwise noted)\n Total revenues of $621.8 million, down $24.6 million, or 4%Operating income of $65.7 million, down 12%; non-GAAP adjusted operating income of $63.4 million, down 14%Operating margin of 10.6%, down 100 basis points (bps); non-GAAP adjusted operating margin of 10.2%, down 120 bpsDiluted EPS of $0.70, down 9%; non-GAAP adjusted diluted EPS of $0.67, down 11% OMAHA, Neb., Feb. 05, 2020 (GLOBE NEWSWIRE) -- Werner Enterprises, Inc. (NASDAQ: WERN), one of the nation’s largest transportation and logistics companies, today reported financial results for the fourth quarter and full year ended December 31, 2019. “We are pleased to report good results for the quarter, despite a challenging operating environment compared to the stronger freight and market conditions in the prior-year quarter. In fourth quarter 2019, freight volumes were comparable to fourth quarter 2018 and showed improvement sequentially from third quarter 2019; however, the rate environment in fourth quarter 2019 was meaningfully softer due to a decline in One-Way Truckload project and surge pricing,” said Derek J. Leathers, President and Chief Executive Officer. “With respect to the full year comparisons, 2019 was a more difficult year than 2018, due to slower growth in the domestic economy and increased truckload capacity, both of which led to lower freight volumes and less attractive pricing. Despite these challenges, we delivered higher earnings per share in 2019 than 2018. Our exceptional execution, effective cost management and our balanced revenue model of Dedicated, One-Way Truckload and Logistics, allowed us to weather the storm. I am extremely proud and grateful for the contributions of our entire Werner team to produce these strong results.” Total revenues for the quarter decreased 4% to $621.8 million versus the prior year quarter, primarily attributable to lower Logistics and fuel surcharge revenues, partially offset by dedicated fleet growth. Operating income of $65.7 million decreased $9.3 million, or 12%. Operating margin of 10.6% decreased 100 basis points due to a more challenging freight and rate market in one-way truckload and logistics. On a non-GAAP basis, adjusted operating income of $63.4 million decreased $10.2 million, or 14%. Adjusted operating m...