Business
Werner Enterprises Reports Second Quarter 2024 Results
Second Quarter 2024 Highlights (all metrics compared to second quarter 2023) Total revenues of $760.8 million, down 6% Operating income of $19.6 million,
About this update from Werner Enterprises, Inc.
[{"type":"text","content":"\nSecond Quarter 2024 Highlights (all metrics compared to second quarter 2023)\n\n\n\nTotal revenues of $760.8 million, down 6%\n\n\n\nOperating income of $19.6 million, down 58%; non-GAAP adjusted operating income of $21.3 million, down 58%\n\n\n\nOperating margin of 2.6%, down 320 basis points; non-GAAP adjusted operating margin of 2.8%, down 350 basis points\n\n\n\nDiluted EPS of $0.15, down 68%; non-GAAP adjusted diluted EPS of $0.17, down 67%\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, 2024.\n\n\n“While industry-wide headwinds remain, second quarter earnings improved sequentially, and we made progress on controlling the controllables. One-Way Truckload production increased for the fifth consecutive quarter. Mexico and cross-border related business is growing double-digits. Dedicated revenue per truck was up, and Logistics segment returned to positive operating income,” said Derek Leathers, Chairman and CEO. “We continue to make structural changes to reduce operating cost and advance our technology strategy, and we opportunistically repurchased 1.6 million shares during the quarter. We are positioning Werner for strength when the market turns and remain focused on creating long-term value for our shareholders.”\n\n\nTotal revenues for the quarter were $760.8 million, a decrease of $50.3 million compared to the prior year quarter, due to a $33.1 million, or 6%, decrease in Truckload Transportation Services (“TTS”) revenues and a decline in Logistics revenues of $15.6 million, or 7%. A portion of the TTS revenue decline was due to $6.7 million lower fuel surcharge revenues. Net of trucking fuel surcharge revenues, consolidated total revenues decreased $43.6 million, or 6%, during the quarter.\n\n\nOperating income of $19.6 million decreased $27.6 million, or 58%, while operating margin of 2.6% decreased 320 basis points. On a non-GAAP basis, adjusted operating income of $21.3 million decreased $29.8 million, or 58%. Adjusted operating margin of 2.8% declined 350 basis points from 6.3% for the same quarter last year.\n\n\nTTS operating income decreased $24.2 million, and TTS adjusted operating income decreased $24.6 million. Logistics had operating income of $0.5 million, a decrease ...