The Omaha, Neb.-based transportation and logistics services provider’s net income increased 19 percent year-over-year during the quarter to $22.5 million amid an improved freight market, according to Werner Enterprises’ most recent financial statements.
Werner Enterprises, Inc. recorded a net income of $22.5 million for the third quarter of 2017, rising 19 percent year-over-year amid an improved freight market.
However, earnings per share of $0.31 were a penny below the street consensus, investment bank Stifel said.
Total revenues for the quarter ticked up 4 percent year-over-year to $528.6 million, according to the Omaha, Neb.-based trucking company’s latest financial statements.
Although hurricanes Harvey and Irma created some short-term costs for Werner in September, they also improved spot market pricing and further widened the positive gap between demand and capacity. Looking ahead, Werner believes that contractual rates will strengthen over the next few quarters, as freight market conditions improve and supply is expected to tighten once the electronic logging device mandate kicks into gear on Dec. 18.
As of Sept. 30, Werner had $75 million of debt outstanding and over $1 billion of stockholders’ equity. For the full year of 2017, Werner expects net capital expenditures to range between $175 million and $225 million.
Werner revs up earnings, revenues in Q3 2017
