| |
Three Months Ended
September 30, |
|
|
|
Nine Months Ended
September 30, |
|
|
| (In thousands, except per share amounts) |
2018 |
|
2017 |
|
% Change |
|
2018 |
|
2017 |
|
% Change |
| Total revenues |
$ |
629,735 |
|
|
$ |
528,643 |
|
|
19 |
% |
|
$ |
1,811,549 |
|
|
$ |
1,549,372 |
|
|
17 |
% |
| Trucking revenues, net of fuel surcharge |
409,306 |
|
|
351,114 |
|
|
17 |
% |
|
1,168,588 |
|
|
1,029,036 |
|
|
14 |
% |
| Werner Logistics revenues |
129,422 |
|
|
104,568 |
|
|
24 |
% |
|
380,854 |
|
|
305,225 |
|
|
25 |
% |
| Operating income |
63,386 |
|
|
35,874 |
|
|
77 |
% |
|
149,284 |
|
|
98,759 |
|
|
51 |
% |
| Net income |
47,514 |
|
|
22,517 |
|
|
111 |
% |
|
113,585 |
|
|
61,755 |
|
|
84 |
% |
| Earnings per diluted share |
0.66 |
|
|
0.31 |
|
|
114 |
% |
|
1.57 |
|
|
0.85 |
|
|
84 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
OMAHA, Neb., Oct. 18, 2018 (GLOBE NEWSWIRE) -- Werner Enterprises, Inc. (NASDAQ: WERN), one of the nation’s
largest transportation and logistics companies, reported improved revenues and earnings for the third quarter ended September 30,
2018. Earnings per diluted share increased 114% and were $0.66 for third quarter 2018 compared to earnings per diluted share of
$0.31 for third quarter 2017.
Third quarter 2018 freight demand in our One-Way Truckload fleet was much stronger than normal in July and was
stronger than normal in August and September. Freight demand thus far in October 2018 is stronger than normal.
Average revenues per tractor per week increased 10.3% in third quarter 2018 compared to third quarter 2017 due
to a 13.4% increase in average revenues per total mile, partially offset by a 2.7% decrease in average miles per truck. Our average
revenues per total mile increase expectation for the full year 2018 compared to 2017 is now in the high end of the 9% to 12% range
that we noted in our second quarter 2018 earnings release. The increase in average revenues per total mile was due primarily to
higher contractual rates, more freight choices with higher rates, support for customer surge business, lane mix changes and growth
in our Dedicated business. The growth in our shorter-haul Dedicated fleet is responsible for the decrease in our average miles per
truck, as the average miles per truck in our One-Way Truckload fleet increased slightly year over year.
Changing shipper freight replenishment patterns and faster on-time service requirements are occurring as some
customers shift freight from longer-haul one-way fleets to shorter length of haul dedicated fleets. As a result, more trucks are
needed to service an increasing amount of shorter-haul freight. Dedicated freight generally has lower miles per truck and higher
rate per total mile metrics than longer-haul one-way truckload freight. Our 5.7% growth in average trucks in service and 2.8%
growth in total fleet miles in third quarter 2018 was primarily due to the year-over-year growth in Dedicated.
In third quarter 2018, we averaged 7,728 trucks in service in the Truckload Transportation Services (Truckload)
segment and 43 intermodal drayage trucks in the Werner Logistics segment. We ended third quarter 2018 with 7,750 trucks in the
Truckload segment, a year-over-year increase of 375 trucks and a sequential increase of 50 trucks. Our Dedicated unit ended third
quarter 2018 with 4,400 trucks (or 57% of our total Truckload segment fleet) compared to 3,955 trucks (or 54% of our total
Truckload segment fleet) at the end of third quarter 2017.
We are continuing to invest in newer trucks and trailers in 2018 to improve our driver experience, raise
operational efficiency and more effectively manage our maintenance, safety and fuel costs. The average age of our truck fleet
remains low by industry standards and was 1.8 years as of September 30, 2018. Net capital expenditures in the first nine months of
2018 were $289 million compared to $121 million in the first nine months of 2017. We expect net capital expenditures for 2018 to be
in the range of $350 million to $375 million. As a result of our prior multi-year elevated capital expenditure investment, we
expect net capital expenditures in 2019 to be lower and below $300 million.
The driver recruiting market is increasingly difficult, which limited our sequential fleet growth in third
quarter 2018. Several ongoing market factors persist including a declining number of, and increased competition for, driver
training school graduates, an historically low national unemployment rate, aging truck driver demographics and increased truck
safety regulations including the regulation changes for electronic logging devices. We continue to take significant actions to
strengthen our driver recruiting and retention to make Werner a preferred choice for the best drivers, including raising driver
pay, maintaining a new truck and trailer fleet, purchasing best-in-class safety and training features for all new trucks, investing
in our driver training school network and collaborating with customers to improve or eliminate unproductive freight. These efforts
continue to have positive results on our driver turnover with our third quarter 2018 driver turnover percentage being one of the
lowest in the last 20 years.
Due to growth in company trucks and a decline in independent contractor trucks in third quarter 2018 compared to
third quarter 2017, company truck miles increased by approximately 8 million miles and independent contractor miles decreased by
approximately 2 million miles. This caused a shift in expense from rent and purchased transportation expense to most other
operating expense categories in third quarter 2018 compared to third quarter 2017.
Gains on sales of assets were $4.6 million in third quarter 2018 compared to $2.2 million in third quarter 2017.
In third quarter 2018 compared to third quarter 2017, we sold over 40% more trucks and a comparable number of trailers. We realized
higher average gains per truck and trailer in third quarter 2018 compared to third quarter 2017. The used truck pricing market for
the Company’s used trucks has improved over the last few quarters, while we continued to make progress increasing the number of our
late-model trucks sold via our proprietary retail network. We expect gains on sales of equipment to decline sequentially in fourth
quarter 2018 and in 2019 due to a planned reduction in the number of trailers to be sold. Gains on sales of assets are reflected as
a reduction of Other Operating Expenses in our income statement.
Diesel fuel prices were 52 cents per gallon higher in third quarter 2018 than in third quarter 2017 and were 2
cents per gallon higher than in second quarter 2018. For the first 18 days of October 2018, the average diesel fuel price per
gallon was 55 cents higher than the average diesel fuel price per gallon in the same period of 2017 and 48 cents higher than in
fourth quarter 2017. The components of our total fuel cost consist of and are recorded in our income statement as follows: (i) Fuel
(fuel expense for company trucks excluding federal and state fuel taxes); (ii) Taxes and Licenses (federal and state fuel taxes);
and (iii) Rent and Purchased Transportation (fuel component of our independent contractor costs, including the base cost of fuel
and additional fuel surcharge reimbursement for costs exceeding the fuel base).
Comparisons of the operating ratios for the Truckload segment (actual and net of fuel surcharge revenues of
$68.4 million and $50.2 million in third quarters 2018 and 2017, respectively, and $197.2 million and $147.6 million in the
year-to-date 2018 and 2017 periods, respectively) are shown below.
| |
Three Months Ended
September 30, |
|
|
|
Nine Months Ended
September 30, |
|
|
| Truckload Transportation Services |
2018 |
|
2017 |
|
Difference |
|
2018 |
|
2017 |
|
Difference |
| Operating ratio |
87.9 |
% |
|
91.7 |
% |
|
(3.8 |
)% |
|
90.2 |
% |
|
92.2 |
% |
|
(2.0 |
)% |
| Operating ratio, net of fuel surcharge |
85.9 |
% |
|
90.5 |
% |
|
(4.6 |
)% |
|
88.6 |
% |
|
91.1 |
% |
|
(2.5 |
)% |
Fluctuating fuel prices and fuel surcharge revenues impact the total company operating ratio and the Truckload
segment’s operating ratio when fuel surcharges are reported on a gross basis as revenues versus netting against fuel expenses.
Eliminating fuel surcharge revenues, which are generally a more volatile source of revenue, provides a more consistent basis for
comparing the results of operations from period to period.
During third quarter 2018, the court entered the final judgment on the apportionment of fault related to an
adverse jury verdict rendered May 17, 2018, which we are appealing. We incurred insurance and claims expense of $2.8 million
in third quarter 2018, or three cents per share, for accrued interest and legal fees related to this matter. For more information
on the claim see the Commitments and Contingencies footnote in our Form 10-Q for second quarter 2018. We expect to accrue $1.2
million of insurance and claims expense per quarter for post-judgment interest pursuant to this case, until such time as the
outcome of our appeal is finalized. We also reached a favorable settlement in third quarter 2018 related to a property tax dispute,
that reduced taxes and licenses expense by $4.9 million, or five cents per share, for property taxes that were previously expensed
and paid over a multi-year period.
To provide shippers with additional sources of managed capacity and network analysis, we continue to develop our
non-asset based Werner Logistics segment. Werner Logistics includes Brokerage, Freight Management, Intermodal, Werner Global
Logistics (International) and Werner Final Mile.
| |
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| Werner Logistics (amounts in thousands) |
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
| Operating revenues |
$ |
129,422 |
|
|
100.0 |
|
|
$ |
104,568 |
|
|
100.0 |
|
|
$ |
380,854 |
|
|
100.0 |
|
|
$ |
305,225 |
|
|
100.0 |
|
| Rent and purchased transportation expense |
108,870 |
|
|
84.1 |
|
|
89,507 |
|
|
85.6 |
|
|
322,064 |
|
|
84.6 |
|
|
259,277 |
|
|
84.9 |
|
| Gross margin |
20,552 |
|
|
15.9 |
|
|
15,061 |
|
|
14.4 |
|
|
58,790 |
|
|
15.4 |
|
|
45,948 |
|
|
15.1 |
|
| Other operating expenses |
15,776 |
|
|
12.2 |
|
|
13,743 |
|
|
13.1 |
|
|
45,655 |
|
|
12.0 |
|
|
39,296 |
|
|
12.9 |
|
| Operating income |
$ |
4,776 |
|
|
3.7 |
|
|
$ |
1,318 |
|
|
1.3 |
|
|
$ |
13,135 |
|
|
3.4 |
|
|
$ |
6,652 |
|
|
2.2 |
|
In third quarter 2018, Werner Logistics revenues increased $24.9 million, or 24%, and operating income dollars
increased $3.5 million, or 262%, compared to third quarter 2017. The Werner Logistics gross margin percentage in third quarter 2018
of 15.9% increased 148 basis points compared to the gross margin percentage of 14.4% in third quarter 2017. In third quarter 2018,
Werner Logistics achieved 39.7% revenue growth year over year in our truck brokerage solution, our largest logistics service
offering. Intermodal revenues also increased, while freight management and international had slightly lower revenues. The Werner
Logistics operating income percentage in third quarter 2018 of 3.7% improved 243 basis points from third quarter 2017 of 1.3%. We
continue to see strong customer acceptance of the value of the Werner Logistics portfolio of service offerings, particularly as the
market remains strong and shippers tend to consolidate their logistics business with the stability of larger asset-backed logistics
providers.
Our effective income tax rate in third quarter 2018 of 24.7% was slightly lower than our expected range of 25%
to 26% due primarily to favorable tax adjustments for the remeasurement of uncertain tax positions. We expect our effective income
tax rate to be in the range of 25% to 26% going forward.
Our financial position remains strong. As of September 30, 2018, we had $125 million of debt outstanding and
over $1.2 billion of stockholders’ equity. During third quarter 2018, we repurchased 649,449 shares of our common stock for a total
cost of $23.5 million.
| |
INCOME STATEMENT |
| |
(Unaudited) |
| |
(In thousands, except per share amounts) |
| |
|
|
|
|
|
|
|
|
|
| |
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| |
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
| Operating revenues |
$ |
629,735 |
|
|
100.0 |
|
|
$ |
528,643 |
|
|
100.0 |
|
|
$ |
1,811,549 |
|
|
100.0 |
|
|
$ |
1,549,372 |
|
|
100.0 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries, wages and benefits |
201,606 |
|
|
32.0 |
|
|
170,238 |
|
|
32.2 |
|
|
580,515 |
|
|
32.0 |
|
|
500,620 |
|
|
32.3 |
|
| Fuel |
67,072 |
|
|
10.6 |
|
|
50,266 |
|
|
9.5 |
|
|
191,769 |
|
|
10.6 |
|
|
140,551 |
|
|
9.1 |
|
| Supplies and maintenance |
47,136 |
|
|
7.5 |
|
|
41,986 |
|
|
7.9 |
|
|
138,556 |
|
|
7.7 |
|
|
120,276 |
|
|
7.8 |
|
| Taxes and licenses |
18,463 |
|
|
2.9 |
|
|
21,671 |
|
|
4.1 |
|
|
63,607 |
|
|
3.5 |
|
|
64,095 |
|
|
4.1 |
|
| Insurance and claims |
22,011 |
|
|
3.5 |
|
|
20,669 |
|
|
3.9 |
|
|
73,858 |
|
|
4.1 |
|
|
60,336 |
|
|
3.9 |
|
| Depreciation |
58,382 |
|
|
9.3 |
|
|
53,578 |
|
|
10.1 |
|
|
170,439 |
|
|
9.4 |
|
|
162,619 |
|
|
10.5 |
|
| Rent and purchased transportation |
147,870 |
|
|
23.5 |
|
|
126,087 |
|
|
23.9 |
|
|
435,225 |
|
|
24.0 |
|
|
377,146 |
|
|
24.3 |
|
| Communications and utilities |
3,993 |
|
|
0.6 |
|
|
4,199 |
|
|
0.8 |
|
|
12,028 |
|
|
0.7 |
|
|
12,158 |
|
|
0.8 |
|
| Other |
(184 |
) |
|
— |
|
|
4,075 |
|
|
0.8 |
|
|
(3,732 |
) |
|
(0.2 |
) |
|
12,812 |
|
|
0.8 |
|
| Total operating expenses |
566,349 |
|
|
89.9 |
|
|
492,769 |
|
|
93.2 |
|
|
1,662,265 |
|
|
91.8 |
|
|
1,450,613 |
|
|
93.6 |
|
| Operating income |
63,386 |
|
|
10.1 |
|
|
35,874 |
|
|
6.8 |
|
|
149,284 |
|
|
8.2 |
|
|
98,759 |
|
|
6.4 |
|
| Other expense (income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
870 |
|
|
0.2 |
|
|
492 |
|
|
0.1 |
|
|
1,842 |
|
|
0.1 |
|
|
1,892 |
|
|
0.1 |
|
| Interest income |
(646 |
) |
|
(0.1 |
) |
|
(766 |
) |
|
(0.1 |
) |
|
(2,079 |
) |
|
(0.1 |
) |
|
(2,556 |
) |
|
(0.1 |
) |
| Other |
41 |
|
|
— |
|
|
88 |
|
|
— |
|
|
172 |
|
|
— |
|
|
293 |
|
|
— |
|
| Total other expense (income) |
265 |
|
|
0.1 |
|
|
(186 |
) |
|
— |
|
|
(65 |
) |
|
— |
|
|
(371 |
) |
|
— |
|
| Income before income taxes |
63,121 |
|
|
10.0 |
|
|
36,060 |
|
|
6.8 |
|
|
149,349 |
|
|
8.2 |
|
|
99,130 |
|
|
6.4 |
|
| Income tax expense |
15,607 |
|
|
2.5 |
|
|
13,543 |
|
|
2.5 |
|
|
35,764 |
|
|
1.9 |
|
|
37,375 |
|
|
2.4 |
|
| Net income |
$ |
47,514 |
|
|
7.5 |
|
|
$ |
22,517 |
|
|
4.3 |
|
|
$ |
113,585 |
|
|
6.3 |
|
|
$ |
61,755 |
|
|
4.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted shares outstanding |
71,752 |
|
|
|
|
72,601 |
|
|
|
|
72,300 |
|
|
|
|
72,517 |
|
|
|
| Diluted earnings per share |
$ |
0.66 |
|
|
|
|
$ |
0.31 |
|
|
|
|
$ |
1.57 |
|
|
|
|
$ |
0.85 |
|
|
|
| |
SEGMENT INFORMATION |
| |
(Unaudited) |
| |
(In thousands) |
| |
|
|
|
|
|
| |
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| Revenues |
|
|
|
|
|
|
|
| Truckload Transportation Services |
$ |
484,782 |
|
|
$ |
407,566 |
|
|
$ |
1,386,615 |
|
|
$ |
1,196,071 |
|
| Werner Logistics |
129,422 |
|
|
104,568 |
|
|
380,854 |
|
|
305,225 |
|
| Other (1) |
15,107 |
|
|
16,020 |
|
|
42,788 |
|
|
47,257 |
|
| Corporate |
632 |
|
|
593 |
|
|
2,170 |
|
|
1,539 |
|
| Subtotal |
629,943 |
|
|
528,747 |
|
|
1,812,427 |
|
|
1,550,092 |
|
| Inter-segment eliminations (2) |
(208 |
) |
|
(104 |
) |
|
(878 |
) |
|
(720 |
) |
| Total |
$ |
629,735 |
|
|
$ |
528,643 |
|
|
$ |
1,811,549 |
|
|
$ |
1,549,372 |
|
| |
|
|
|
|
|
|
|
| Operating Income |
|
|
|
|
|
|
|
| Truckload Transportation Services |
$ |
58,894 |
|
|
$ |
34,009 |
|
|
$ |
135,748 |
|
|
$ |
93,511 |
|
| Werner Logistics |
4,776 |
|
|
1,318 |
|
|
13,135 |
|
|
6,652 |
|
| Other (1) |
576 |
|
|
1,001 |
|
|
433 |
|
|
605 |
|
| Corporate |
(860 |
) |
|
(454 |
) |
|
(32 |
) |
|
(2,009 |
) |
| Total |
$ |
63,386 |
|
|
$ |
35,874 |
|
|
$ |
149,284 |
|
|
$ |
98,759 |
|
(1) Other includes our driver training schools, transportation-related activities such as third-party equipment
maintenance and equipment leasing, and other business activities. On January 1, 2018, we adopted Accounting Standards Update
2014-09, “Revenue from Contracts with Customers”, using the modified retrospective transition method, and comparative information
has not been restated. Adoption of the new standard resulted in a $3.6 million and $10.7 million reduction of Other revenues for
the three-month and nine-month periods ended September 30, 2018, respectively, that would have been reported as Other operating
expense prior to the new standard with no impact to operating income.
(2) Inter-segment eliminations represent transactions between reporting segments that are eliminated in consolidation.
| |
OPERATING STATISTICS BY SEGMENT |
| |
(Unaudited) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended
September 30, |
|
|
|
Nine Months Ended
September 30, |
|
|
| |
2018 |
|
2017 |
|
% Change |
|
2018 |
|
2017 |
|
% Change |
| Truckload Transportation Services segment |
|
|
|
|
|
|
|
|
|
|
|
| Average percentage of empty miles |
12.27 |
% |
|
12.53 |
% |
|
(2.1 |
)% |
|
12.39 |
% |
|
12.40 |
% |
|
(0.1 |
)% |
| Average completed trip length in miles (loaded) |
451 |
|
|
469 |
|
|
(3.8 |
)% |
|
449 |
|
|
469 |
|
|
(4.3 |
)% |
| Average tractors in service |
7,728 |
|
|
7,314 |
|
|
5.7 |
% |
|
7,568 |
|
|
7,261 |
|
|
4.2 |
% |
| Average revenues per tractor per week (1) |
$ |
4,074 |
|
|
$ |
3,693 |
|
|
10.3 |
% |
|
$ |
3,959 |
|
|
$ |
3,634 |
|
|
9.0 |
% |
| Total trailers (at quarter end) |
23,345 |
|
|
22,435 |
|
|
|
|
23,345 |
|
|
22,435 |
|
|
|
| Total tractors (at quarter end) |
|
|
|
|
|
|
|
|
|
|
|
| Company |
7,135 |
|
|
6,700 |
|
|
|
|
7,135 |
|
|
6,700 |
|
|
|
| Independent contractor |
615 |
|
|
675 |
|
|
|
|
615 |
|
|
675 |
|
|
|
| Total tractors |
7,750 |
|
|
7,375 |
|
|
|
|
7,750 |
|
|
7,375 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Werner Logistics segment |
|
|
|
|
|
|
|
|
|
|
|
| Average tractors in service |
43 |
|
|
48 |
|
|
|
|
42 |
|
|
53 |
|
|
|
| Total trailers (at quarter end) |
1,415 |
|
|
1,655 |
|
|
|
|
1,415 |
|
|
1,655 |
|
|
|
| Total tractors (at quarter end) |
43 |
|
|
47 |
|
|
|
|
43 |
|
|
47 |
|
|
|
(1) Net of fuel surcharge revenues.
| |
SUPPLEMENTAL INFORMATION |
| |
(Unaudited) |
| |
(In thousands) |
| |
|
|
|
|
|
| |
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| Capital expenditures, net |
$ |
114,455 |
|
|
$ |
55,130 |
|
|
$ |
289,290 |
|
|
$ |
121,105 |
|
| Cash flow from operations (1) |
120,062 |
|
|
44,738 |
|
|
302,513 |
|
|
223,231 |
|
| Return on assets (annualized) |
9.5 |
% |
|
5.2 |
% |
|
8.0 |
% |
|
4.7 |
% |
| Return on equity (annualized) |
15.4 |
% |
|
8.6 |
% |
|
12.5 |
% |
|
8.1 |
% |
(1) On January 1, 2018, we adopted Accounting Standards Update 2016-18, “Statement of Cash Flows (Topic 230):
Restricted Cash”, by applying the retrospective transition method to each period presented. Adoption of the guidance resulted in a
$0.3 million increase to third quarter 2017 cash flow from operations and a $6.3 million increase to cash flow from operations for
the nine months ended September 30, 2017.
| |
CONDENSED BALANCE SHEET |
| |
(In thousands, except share amounts) |
| |
|
|
|
| |
September 30,
2018 |
|
December 31,
2017 |
| |
(Unaudited) |
|
|
| |
|
|
|
| ASSETS |
|
|
|
| Current assets: |
|
|
|
| Cash and cash equivalents |
$ |
9,650 |
|
|
$ |
13,626 |
|
| Accounts receivable, trade, less allowance of $8,750 and $8,250,
respectively |
324,911 |
|
|
304,174 |
|
| Other receivables |
27,559 |
|
|
26,491 |
|
| Inventories and supplies |
11,805 |
|
|
11,694 |
|
| Prepaid taxes, licenses and permits |
7,327 |
|
|
15,972 |
|
| Other current assets |
38,595 |
|
|
28,272 |
|
| Total current assets |
419,847 |
|
|
400,229 |
|
| |
|
|
|
| Property and equipment |
2,249,911 |
|
|
2,114,337 |
|
| Less – accumulated depreciation |
781,262 |
|
|
767,474 |
|
| Property and equipment, net |
1,468,649 |
|
|
1,346,863 |
|
| |
|
|
|
| Other non-current assets (1) |
144,640 |
|
|
60,899 |
|
| Total assets |
$ |
2,033,136 |
|
|
$ |
1,807,991 |
|
| |
|
|
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
| Current liabilities: |
|
|
|
| Checks issued in excess of cash balances |
$ |
3,299 |
|
|
$ |
21,539 |
|
| Accounts payable |
90,013 |
|
|
73,802 |
|
| Current portion of long-term debt |
75,000 |
|
|
— |
|
| Insurance and claims accruals |
65,021 |
|
|
79,674 |
|
| Accrued payroll |
37,787 |
|
|
32,520 |
|
| Other current liabilities |
26,757 |
|
|
24,642 |
|
| Total current liabilities |
297,877 |
|
|
232,177 |
|
| |
|
|
|
| Long-term debt, net of current portion |
50,000 |
|
|
75,000 |
|
| Other long-term liabilities |
11,646 |
|
|
12,575 |
|
| Insurance and claims accruals, net of current portion (1) |
208,560 |
|
|
108,270 |
|
| Deferred income taxes |
221,552 |
|
|
195,187 |
|
| |
|
|
|
| Stockholders’ equity: |
|
|
|
| Common stock, $.01 par value, 200,000,000 shares authorized;
80,533,536 |
|
|
|
| shares issued; 71,194,303 and 72,409,222 shares outstanding,
respectively |
805 |
|
|
805 |
|
| Paid-in capital |
106,904 |
|
|
102,563 |
|
| Retained earnings |
1,365,523 |
|
|
1,267,871 |
|
| Accumulated other comprehensive loss |
(13,659 |
) |
|
(15,835 |
) |
| Treasury stock, at cost; 9,339,233 and 8,124,314 shares,
respectively |
(216,072 |
) |
|
(170,622 |
) |
| Total stockholders’ equity |
1,243,501 |
|
|
1,184,782 |
|
| Total liabilities and stockholders’ equity |
$ |
2,033,136 |
|
|
$ |
1,807,991 |
|
(1) Under the terms of our insurance policies, we are the primary obligor of the damage award in the previously
mentioned adverse jury verdict, and as such, we have recorded a $79.2 million receivable from our third party insurance providers
in other non-current assets and a corresponding liability of the same amount in the long-term portion of insurance and claims
accruals in the unaudited condensed balance sheet as of September 30, 2018.
Werner Enterprises, Inc. was founded in 1956 and is a premier transportation and logistics company, with
coverage throughout North America, Asia, Europe, South America, Africa and Australia. Werner maintains its global headquarters in
Omaha, Nebraska and maintains offices in the United States, Canada, Mexico and China. Werner is among the five largest truckload
carriers in the United States, with a diversified portfolio of transportation services that includes dedicated;
medium-to-long-haul, regional and expedited van; and temperature-controlled. The Werner Logistics portfolio includes truck
brokerage, freight management, intermodal, international and final mile services. International services are provided through
Werner’s domestic and global subsidiary companies and include ocean, air and ground transportation; freight forwarding; and customs
brokerage.
Werner Enterprises, Inc.’s common stock trades on The NASDAQ Global Select MarketSM under the symbol
“WERN”. For further information about Werner, visit the Company’s website at www.werner.com.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on
information presently available to the Company’s management and are current only as of the date made. Actual results could also
differ materially from those anticipated as a result of a number of factors, including, but not limited to, those discussed in the
Company’s Annual Report on Form 10-K for the year ended December 31, 2017.
For those reasons, undue reliance should not be placed on any forward-looking statement. The Company assumes no
duty or obligation to update or revise any forward-looking statement, although it may do so from time to time as management
believes is warranted or as may be required by applicable securities law. Any such updates or revisions may be made by filing
reports with the U.S. Securities and Exchange Commission, through the issuance of press releases or by other methods of public
disclosure.
Contact:
John J. Steele
Executive Vice President, Treasurer
and Chief Financial Officer
(402) 894-3036
