Trucking and logistics provider Werner Enterprises’ net income for the second quarter of 2017 shot up 27 percent year-over-year to $23.2 million on the back of improved freight volume metrics, according to the company’s most recent financial statements.
Werner Enterprises, Inc.’s net income for the second quarter of 2017 shot up 27 percent year-over-year to $23.2 million as freight volume metrics had improved.
The Omaha, Neb.-based trucking and logistics provider’s diluted earnings per share stood at $0.32 for the quarter, up from $0.25 per share for the second quarter of 2016, according to the company’s latest financial statements.
Revenues ticked up 4 percent year-over-year for the second quarter of 2017 to $519 million.
Revenues in the Truckload Transportation Services segment rose 6.4 percent from last year’s second quarter. However, revenues in the Werner Logistics segment slipped 3 percent year-over-year to $100.8 million.
The Werner Logistics segment experienced revenues growth in its truckload brokerage solution, but its intermodal and international solutions saw a decline in revenues due to more challenging market conditions.
During the quarter, the Truckload Transportation Services segment averaged 7,270 trucks in service, while Werner Logistics averaged 48 intermodal drayage trucks in service.
“Over the last two and one-half years, we completed a significant reinvestment in our fleet to reduce the average age of our trucks and trailers,” Werner said. The average age of Werner’s truck fleet as of June 30 totaled 1.9 years.
As of June 30, Werner has $75 million of debt outstanding, a huge improvement from the $130 million of debt outstanding as of March 31.
For the full year of 2017, Werner expects net capital expenditures to range between $175 million and $225 million, substantially lower than the $430 million of net capital expenditures in 2016.
Werner increases earnings 27% in Q2 2017
