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Werner first look: Revenues down, OR in truckload segment deteriorates

Earnings per share and revenue both fell short of SeekingAlpha consensus

John Kingston
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A first look at Werner earnings. (Photo: Jim Allen/FreightWaves)

These are some highlights from the second-quarter earnings of Werner Enterprises (NASDAQ: WERN), prior to its earnings call with analysts late Tuesday.

  • Total revenues were down 6% from the second quarter of 2023. Revenues of $760.8 million were about $9 million short of consensus forecasts, according to SeekingAlpha.
  • Operating income was $19.6 million, down 58%. Non-GAAP adjusted operating income was $21.3 million, also down 58%.
  • Bottom line was a diluted earnings per share of 15 cents, down 68%. The non-GAAP earnings of 17 cents per share missed consensus by 3 cents, according to SeekingAlpha.
  • The operating ratio in the company’s Truckload Transportation Services segment, which is about 70% of company revenue, was 96.1%, deteriorating 400 basis points from a year ago.

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John Kingston

John has an almost 40-year career covering commodities, most of the time at S&P Global Platts. He created the Dated Brent benchmark, now the world’s most important crude oil marker. He was Director of Oil, Director of News, the editor in chief of Platts Oilgram News and the “talking head” for Platts on numerous media outlets, including CNBC, Fox Business and Canada’s BNN. He covered metals before joining Platts and then spent a year running Platts’ metals business as well. He was awarded the International Association of Energy Economics Award for Excellence in Written Journalism in 2015. In 2010, he won two Corporate Achievement Awards from McGraw-Hill, an extremely rare accomplishment, one for steering coverage of the BP Deepwater Horizon disaster and the other for the launch of a public affairs television show, Platts Energy Week.