Business
Werner Enterprises Reports Second Quarter 2023 Results
Second Quarter 2023 Highlights (all metrics compared to second quarter 2022) Total revenues of $811.1 million, down 3% Operating income of $47.2 million,
About this update from Werner Enterprises, Inc.
[{"type":"text","content":"\nSecond Quarter 2023 Highlights (all metrics compared to second quarter 2022)\n\n\n\nTotal revenues of $811.1 million, down 3%\n\n\n\n\nOperating income of $47.2 million, down 37%; non-GAAP adjusted operating income of $51.1 million, down 34%\n\n\n\n\nOperating margin of 5.8%, down 320 basis points; non-GAAP adjusted operating margin of 6.3%, down 300 basis points\n\n\n\n\nDiluted EPS of $0.47, down 58%; non-GAAP adjusted diluted EPS of $0.52, down 40%\n\n\n\n OMAHA, Neb.--(BUSINESS WIRE)--\nWerner Enterprises, Inc. (Nasdaq: WERN), a premier transportation and logistics provider, today reported results for the second quarter ended June 30, 2023.\n\n\n“While macroeconomic conditions and continued softness in the freight market remained challenging in the second quarter 2023, we grew total revenue net of fuel year-over-year led by our Logistics segment that grew for the 11th-straight quarter, and our Dedicated business that remained steady with continued revenue-per-truck growth,” said Derek J. Leathers, Chairman, President and CEO. “We are progressing our cost savings program with moderating expense trends emerging. Our results continue to reflect a business model that is durable, diversified and resilient. The combination of our talented associates, operational scale, reputation for service excellence and innovation positions us well as the freight market strengthens.”\n\n\nTotal revenues for the quarter were $811.1 million, a decrease of $25.2 million compared to the prior year quarter, due to a $43.4 million decrease in Truckload Transportation Services (“TTS”) revenues, partially offset by Logistics revenues growth of $20.7 million or 10%. The TTS revenue decline was largely due to $42.0 million lower fuel surcharge revenues. Net of fuel surcharges, consolidated total revenues grew during the quarter by $16.8 million or 2%.\n\n\nOperating income of $47.2 million decreased $27.7 million, or 37%, while operating margin of 5.8% decreased 320 basis points. On a non-GAAP basis, adjusted operating income of $51.1 million decreased $26.5 million, or 34%. Adjusted operating margin of 6.3% declined 300 basis points from 9.3% for the same quarter last year.\n\n\nTTS operating income decreased by $18.8 million and TTS adjusted operating income decreased by $18.3 million. Logistics operating income decreased $8.1 million and adjusted op...