Werner Enterprises Revenue, Net Income Rise in 1Q
Werner Enterprises Inc., a transportation and logistics company, said its total revenue for the first quarter ending March 31 increased 6% to $596.1 million versus the prior year quarter, primarily attributable to dedicated fleet expansion, higher contractual rates and lane-mix changes.
Omaha, Neb.-based Werner said operating income was $48 million, an increase of $12.9 million, or 37%.
Leathers
Revenue increases exceeded cost increases, leading to an 8.1% boost in operating margin, according to an April 25 earnings release.
Keeping costs in line were a newer fleet and low driver turnover, Werner officials said.
Adjusted operating income of $49.2 million was an increase of $14.1 million, or 40%, from the same quarter last year.
Taxes actually were higher for Werner in 2019, with the company paying an effective income tax rate during the quarter of 25.1%, compared with 21.3% in the first quarter of 2018.
Net income was $36.1 million, an increase of 30%. Earnings per share for the quarter were $0.51, an increase of 34%.
CEO Derek Leathers said the company overcame challenges of seasonal freight changes, prolonged winter weather and localized flooding in eastern Nebraska.
Werner Enterprises ranks No. 15 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.
