Business
Werner Enterprises Reports Record Third Quarter 2021 Revenues and Earnings
Third Quarter 2021 Highlights (all metrics compared to third quarter 2020) Total revenues of $702.9 million, up 19%Operating income of $71.3 million, up 15%;
About this update from Werner Enterprises, Inc.
[{"type":"text","content":"Third Quarter 2021 Highlights (all metrics compared to third quarter 2020) Total revenues of $702.9 million, up 19%Operating income of $71.3 million, up 15%; non-GAAP adjusted operating income of $73.9 million, up 15%Operating margin of 10.1%, down 40 bps; non-GAAP adjusted operating margin of 10.5%, down 40 bpsDiluted EPS of $0.94, up 41%; non-GAAP adjusted diluted EPS of $0.79, up 14% OMAHA, Neb., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Werner Enterprises, Inc. (Nasdaq: WERN), a premier transportation and logistics provider, today reported third quarter operating income, net income attributable to Werner and diluted earnings per share for the quarter ended September 30, 2021. “Werner once again achieved record third quarter earnings per share in a strong freight market with unprecedented supply chain and labor challenges,” said Derek J. Leathers, Chairman, President and Chief Executive Officer. “We made strategic investments in driver pay and driver sourcing that enabled us to organically grow our Werner fleet this quarter in an ultra-competitive driver market. At the same time, we are successfully integrating the ECM truckload fleet acquisition we made at the beginning of the quarter, and ECM is performing very well. “While there were some unusual cost and mileage productivity challenges in the quarter, I am confident that our strategic actions are positioning Werner for long-term success. We remain committed to growing revenues, expanding margins, generating free cash flow and providing superior safety and service to our customers across our diversified North America truckload and logistics portfolio.” Total revenues for the quarter were $702.9 million, an increase of $112.7 million compared to the prior year quarter, due primarily to Truckload Transportation Services revenues growth of $69.4 million and Logistics revenues growth of $40.6 million. Operating income of $71.3 million increased $9.2 million, or 15%, while operating margin of 10.1% decreased 40 basis points. On a non-GAAP basis, adjusted operating income of $73.9 million increased $9.6 million, or 15%. Adjusted operating margin of 10.5% declined 40 basis points from 10.9% for the same quarter last year. Operating income increased as a result of significantly higher revenues per total mile and gains on sales of trucks and trailers, both due to improved pricing. Our Logi...