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Werner Enterprises Reports Improved Second Quarter 2012 Revenues And Earnings

Brokerage revenues in second quarter 2012 increased 11% compared to second quarter 2011 due to a 10% increase in shipment volume and a 1% increase in average revenue per shipment. Brokerage gross margin percentage declined 80 basis points due to rising capacity costs and lower special project business, which in turn caused Brokerage operating income to be essentially flat compared to second quarter 2011. Intermodal revenues increased 20%, and Intermodal operating income was slightly lower comparing second quarter 2012 to second quarter 2011. Werner Global Logistics revenues increased 57% in second quarter 2012 compared to second quarter 2011 and had a larger percentage increase in operating income.

Comparisons of the operating ratios (net of fuel surcharge revenues) for the Truckload segment and VAS segment for second quarters 2012 and 2011 and year-to-date 2012 and 2011 are shown below.
Operating Ratios     2Q12     2Q11     Difference
Truckload Transportation Services 86.6 % 86.7 % (0.1 )%
Value Added Services 94.9 94.8 0.1
YTD12 YTD11 Difference
Truckload Transportation Services 88.4 % 89.5 % (1.1 )%
Value Added Services 94.8 94.7 0.1

Fluctuating fuel prices and fuel surcharge collections 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. The Truckload segment’s operating ratios for second quarter 2012 and second quarter 2011 are 89.6% and 89.8%, respectively, and for year-to- date 2012 and 2011 are 91.0% and 91.8%, respectively, when fuel surcharge revenues are reported as revenues instead of a reduction of operating expenses.

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