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TheStreet Open House

Werner Enterprises Reports Improved Second Quarter 2012 Revenues And Earnings

Stocks in this article: WERN

Diesel fuel prices were 16 cents per gallon lower in second quarter 2012 than in second quarter 2011 and were 15 cents per gallon lower than in first quarter 2012. For the first 18 days of July 2012, the average diesel fuel price per gallon was 26 cents lower than the average diesel fuel price per gallon in the same period of 2011 and 20 cents lower than in third quarter 2011.

Our financial position remains strong. As of June 30, 2012 we had no debt and $772.8 million of stockholders’ equity.

 
    INCOME STATEMENT DATA
(Unaudited)
(In thousands, except per share amounts)
 
Quarter     % of     Quarter     % of
Ended Operating Ended Operating
6/30/12 Revenues 6/30/11 Revenues

 

Operating revenues $ 521,812 100.0 $ 515,897 100.0
 
Operating expenses:
Salaries, wages and benefits 138,512 26.5 135,265 26.2
Fuel 99,322 19.0 110,502 21.4
Supplies and maintenance 44,741 8.6 43,085 8.4
Taxes and licenses 22,967 4.4 23,414 4.5
Insurance and claims 15,103 2.9 16,531 3.2
Depreciation 41,506 8.0 39,246 7.6
Rent and purchased transportation 108,496 20.8 98,605 19.1
Communications and utilities 3,344 0.6 3,843 0.8
Other   (3,292 ) (0.6 )   (1,361 ) (0.3 )
Total operating expenses   470,699 90.2   469,130 90.9
Operating income   51,113 9.8   46,767 9.1
 
Other expense (income):
Interest expense 65 0.0 10 0.0
Interest income (433 ) (0.1 ) (345 ) (0.1 )
Other   (82 ) (0.0 )   263 0.1
Total other expense (income)   (450 ) (0.1 )   (72 ) (0.0 )
Income before income taxes 51,563 9.9 46,839 9.1
Income taxes   20,883 4.0   19,321 3.8  
Net income $ 30,680 5.9 $ 27,518 5.3  
 
Diluted shares outstanding   73,412   73,239
Diluted earnings per share $ 0.42 $ 0.38
 
OPERATING STATISTICS
Quarter Ended Quarter Ended
6/30/12 % Change 6/30/11
Trucking revenues, net of fuel surcharge (1) $ 331,974 -0.5% $ 333,709
Trucking fuel surcharge revenues (1) 97,389 -5.6% 103,187
Non-trucking revenues, including VAS (1) 87,440 17.8% 74,240
Other operating revenues (1)   5,009 5.2%   4,761
Operating revenues (1) $ 521,812 1.1% $ 515,897
 
Average monthly miles per tractor 9,713 -3.4% 10,059
Average revenues per total mile (2) $ 1.555 2.6% $ 1.516
Average revenues per loaded mile (2) $ 1.772 3.1% $ 1.719
Average percentage of empty miles 12.23 % 3.6% 11.80 %
Average trip length in miles (loaded) (3) 476 -3.4% 493
Total miles (loaded and empty) (1) 213,488 -3.0% 220,142
Average tractors in service 7,327 0.4% 7,295
Average revenues per tractor per week (2) $ 3,485 -1.0% $ 3,519
Capital expenditures, net (1) $ 39,377 $ 85,886
Cash flow from operations (1) $ 54,799 $ 63,230
Return on assets (annualized) 9.2 % 9.1 %
Total tractors (at quarter end)
Company 6,675 6,675
Independent contractor   650   625
Total tractors 7,325 7,300
 
Total trailers (truck and intermodal, quarter end) 23,355 23,320
 

(1) Amounts in thousands.(2) Net of fuel surcharge revenues.(3) Quarter ended 6/30/11 trip length corrected. See www.werner.com (“Investors tab” under “Featured     Documents”) for correction of prior quarterly and annual trip length data.

 
    INCOME STATEMENT DATA
(Unaudited)
(In thousands, except per share amounts)
 
Six Months     % of     Six Months     % of
Ended Operating Ended Operating
6/30/12 Revenues 6/30/11 Revenues

 

Operating revenues $ 1,020,188 100.0 $ 985,326 100.0
 
Operating expenses:
Salaries, wages and benefits 272,360 26.7 268,128 27.2
Fuel 202,259 19.8 208,433 21.2
Supplies and maintenance 86,578 8.5 84,274 8.6
Taxes and licenses 45,499 4.5 46,440 4.7
Insurance and claims 34,327 3.4 34,591 3.5
Depreciation 82,177 8.0 78,964 8.0
Rent and purchased transportation 209,006 20.5 187,102 19.0
Communications and utilities 7,163 0.7 7,766 0.8
Other   (5,696 ) (0.6 )   (4,581 ) (0.5 )
Total operating expenses   933,673 91.5   911,117 92.5
Operating income   86,515 8.5   74,209 7.5
 
Other expense (income):
Interest expense 207 0.0 38 0.0
Interest income (855 ) (0.1 ) (690 ) (0.0 )
Other   (106 ) (0.0 )   289 0.0
Total other expense (income)   (754 ) (0.1 )   (363 ) (0.0 )
Income before income taxes 87,269 8.6 74,572 7.5
Income taxes   35,344 3.5   30,761 3.1
Net income $ 51,925 5.1 $ 43,811 4.4
 
Diluted shares outstanding   73,401   73,190
Diluted earnings per share $ 0.71 $ 0.60
 
OPERATING STATISTICS
YTD 12 % Change   YTD 11
Trucking revenues, net of fuel surcharge (1) $ 653,200 0.5 % $ 650,156
Trucking fuel surcharge revenues (1) 190,596 2.2 % 186,460
Non-trucking revenues, including VAS (1) 167,223 19.1 % 140,405
Other operating revenues (1)   9,169 10.4 %   8,305
Operating revenues (1) $ 1,020,188 3.5 % $ 985,326
 
Average monthly miles per tractor 9,687 -2.0 % 9,882
Average revenues per total mile (2) $ 1.548 2.6 % $ 1.509
Average revenues per loaded mile (2) $ 1.760 3.2 % $ 1.706
Average percentage of empty miles 12.06 % 4.5 % 11.54 %
Average trip length in miles (loaded) (3) 483 -2.8 % 497
Total miles (loaded and empty) (1) 421,995 -2.0 % 430,776
Average tractors in service 7,261 -0.0 % 7,265
Average revenues per tractor per week (2) $ 3,460 0.5 % $ 3,442
Capital expenditures, net (1) $ 121,926 $ 105,940
Cash flow from operations (1) $ 138,798 $ 117,030
Return on assets (annualized) 7.8 % 7.4 %
Total tractors (at quarter end)
Company 6,675 6,675
Independent contractor   650   625
Total tractors 7,325 7,300
 
Total trailers (truck and intermodal, quarter end) 23,355 23,320
 

(1) Amounts in thousands.(2) Net of fuel surcharge revenues.(3) YTD 2011 trip length data corrected. See www.werner.com (“Investors tab” under “Featured     Documents”) for correction of prior quarterly and annual trip length data.

 

BALANCE SHEET DATA
(In thousands, except share amounts)
 
 
       
6/30/12 12/31/11
(Unaudited)
ASSETS
 
Current assets:
Cash and cash equivalents $ 18,184 $ 12,412
Accounts receivable, trade, less allowance
of $10,457 and $10,154, respectively 219,635 218,712
Other receivables 9,693 9,213
Inventories and supplies 26,070 30,212
Prepaid taxes, licenses and permits 7,037 15,094
Current deferred income taxes 26,901 25,805
Other current assets   15,907   29,883
Total current assets   323,427   341,331
 
Property and equipment 1,666,943 1,625,008
Less – accumulated depreciation   686,737   682,872
Property and equipment, net   980,206   942,136
 
Other non-current assets   21,927   18,949
 
$ 1,325,560 $ 1,302,416
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Current liabilities:
Checks issued in excess of cash balances $ 0 $ 6,671
Accounts payable 77,153 93,486
Insurance and claims accruals 55,274 62,681
Accrued payroll 23,328 19,483
Other current liabilities   23,017   16,504
Total current liabilities   178,772   198,825
 
Other long-term liabilities 15,074 14,194
 
Insurance and claims accruals, net of current portion 120,950 121,250
 
Deferred income taxes 237,978 243,000
 
Stockholders’ equity:
Common stock, $.01 par value, 200,000,000 shares
authorized; 80,533,536 shares issued; 72,869,626
and 72,847,576 shares outstanding, respectively 805 805
Paid-in capital 96,628 94,396
Retained earnings 824,633 779,994
Accumulated other comprehensive loss (4,804 ) (5,170 )
Treasury stock, at cost; 7,663,910 and 7,685,960
shares, respectively   (144,476 )   (144,878 )
Total stockholders’ equity   772,786   725,147
$ 1,325,560 $ 1,302,416
 

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, China and Australia. Werner is among the five largest truckload carriers in the United States, with a diversified portfolio of transportation services that includes dedicated van, temperature-controlled and flatbed; medium-to-long-haul, regional and local van; and expedited services. Werner's Value Added Services portfolio includes freight management, truck brokerage, intermodal, and international 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.

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