Driver turnover percentage the lowest in 20 years.
Werner Enterprises Inc.’s net income and revenues for the second quarter of 2018 saw big year-over-year growth with both of the company’s segments performing significantly better during the quarter from a year prior.
The Omaha, Neb.-based transportation and logistics company posted a net income of $38.3 million on revenues of $619.1 million for the second quarter of 2018, soaring 64.8 percent and 19.2 percent year-over-year, respectively.
The Truckload Transportation Services segment had revenues of $470.3 million, up 16.5 percent from last year’s second quarter, while the Werner Logistics segment had revenues of $134 million, up 32.9 percent.
Werner said it has taken significant actions to strengthen its driver recruiting and retention. Consequently, the company’s second-quarter driver turnover percentage was the lowest in 20 years.
Net capital expenditures for 2018 are expected to range between $325 million and $375 million. “A majority of our capital expenditures go to trucks and trailers; however, we are also investing in our terminal network, information technology and other fixed assets,” Werner EVP, treasurer and chief financial officer John Steele told American Shipper.
Werner said the average age of its truck fleet “remains low by industry standards,” averaging 1.9 years at the close of the second quarter.
The Truckload segment had 22,870 trailers and 7,700 tractors (625 from independent contractors) at the end of the quarter, while the Werner Logistics segment had 1,620 trailers and 43 tractors.
Werner drives up net income nearly 65 percent
