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TheStreet Open House

Werner Enterprises Reports Third Quarter 2012 Revenues And Earnings

Our financial position remains strong. As of September 30, 2012 we had no debt and $796.2 million of stockholders' equity.

   
 
INCOME STATEMENT DATA
(Unaudited)
(In thousands, except per share amounts)
       
Quarter    

% of

Quarter

% of

Ended Operating Ended Operating
9/30/2012 Revenues 9/30/2011 Revenues
Operating revenues $ 506,504   100.0   $ 509,587   100.0  
Operating expenses:
Salaries, wages and benefits 134,923 26.6 132,128 25.9
Fuel 98,805 19.5 103,777 20.4
Supplies and maintenance 44,589 8.8 44,334 8.7
Taxes and licenses 22,251 4.4 23,932 4.7
Insurance and claims 14,469 2.8 15,603 3.1
Depreciation 41,901 8.3 40,197 7.9
Rent and purchased transportation 107,495 21.2 100,081 19.6
Communications and utilities 3,382 0.7 3,846 0.8
Other (3,116 ) (0.6 )   (4,377 ) (0.9 )
Total operating expenses 464,699   91.7     459,521   90.2  
Operating income 41,805   8.3     50,066   9.8  
Other expense (income):
Interest expense 18 5
Interest income (461 ) (0.1 ) (337 ) (0.1 )
Other 16       52    
Total other expense (income) (427 ) (0.1 )   (280 ) (0.1 )
Income before income taxes 42,232 8.4 50,346 9.9
Income taxes 17,104   3.4     20,768   4.1  
Net income $ 25,128   5.0   $ 29,578   5.8  
Diluted shares outstanding 73,445     73,231  
Diluted earnings per share $ 0.34   $ 0.40  
 
 
OPERATING STATISTICS
Quarter Ended Quarter Ended
9/30/12 % Change 9/30/11
Trucking revenues, net of fuel surcharge (1) $ 326,222 (1.5 )% $ 331,346
Trucking fuel surcharge revenues (1) 90,143 (4.4 )% 94,326
Non-trucking revenues, including VAS (1) 86,157 8.6 % 79,320
Other operating revenues (1) 3,982   (13.3 )%   4,595  
Operating revenues (1) $ 506,504   (0.6 )% $ 509,587  
Average monthly miles per tractor 9,575 (3.1 )% 9,881
Average revenues per total mile (2) $ 1.573 1.9 % $ 1.543
Average revenues per loaded mile (2) $ 1.797 2.6 % $ 1.752
Average percentage of empty miles 12.48 % 4.5 % 11.94 %
Average trip length in miles (loaded) (3) 477 (2.7 )% 490
Total miles (loaded and empty) (1) 207,446 (3.4 )% 214,792
Average tractors in service 7,222 (0.3 )% 7,246
Average revenues per tractor per week (2) $ 3,475 (1.2 )% $ 3,518
Capital expenditures, net (1) $ 58,321 $ 47,660
Cash flow from operations (1) $ 59,917 $ 83,309
Return on assets (annualized) 7.5 % 9.5 %
Total tractors (at quarter end)
Company 6,460 6,630
Independent contractor 650     620  
Total tractors 7,110 7,250
Total trailers (truck and intermodal, quarter end) 23,600 22,925
 

(1) Amounts in thousands.(2) Net of fuel surcharge revenues.(3) Quarter ended 9/30/11 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)
           
Nine Months % of Nine Months % of
Ended Operating Ended Operating
9/30/2012 Revenues 9/30/2011 Revenues
Operating revenues $ 1,526,692   100.0   $ 1,494,913   100.0  
Operating expenses:
Salaries, wages and benefits 407,283 26.7 400,256 26.8
Fuel 301,064 19.7 312,210 20.9
Supplies and maintenance 131,167 8.6 128,608 8.6
Taxes and licenses 67,750 4.4 70,372 4.7
Insurance and claims 48,796 3.2 50,194 3.3
Depreciation 124,078 8.1 119,161 8.0
Rent and purchased transportation 316,501 20.7 287,183 19.2
Communications and utilities 10,545 0.7 11,612 0.8
Other   (8,812 ) (0.5 )   (8,958 ) (0.6 )
Total operating expenses   1,398,372   91.6     1,370,638   91.7  
Operating income   128,320   8.4     124,275   8.3  
Other expense (income):
Interest expense 225 43
Interest income (1,316 ) (0.1 ) (1,027 ) (0.1 )
Other   (90 )     341    
Total other expense (income)   (1,181 ) (0.1 )   (643 ) (0.1 )
Income before income taxes 129,501 8.5 124,918 8.4
Income taxes   52,448   3.5     51,529   3.5  
Net income $ 77,053   5.0   $ 73,389   4.9  
Diluted shares outstanding   73,414     73,203  
Diluted earnings per share $ 1.05   $ 1.00  
 
 
OPERATING STATISTICS
YTD 12 % Change YTD 11
Trucking revenues, net of fuel surcharge (1) $ 979,422 (0.2 )% $ 981,502
Trucking fuel surcharge revenues (1) 280,739 % 280,786
Non-trucking revenues, including VAS (1) 253,380 15.3 % 219,725
Other operating revenues (1)   13,151   1.9 %   12,900  
Operating revenues (1) $ 1,526,692   2.1 % $ 1,494,913  
 
Average monthly miles per tractor 9,650 (2.3 )% 9,882
Average revenues per total mile (2) $ 1.556 2.4 % $ 1.520
Average revenues per loaded mile (2) $ 1.772 3.0 % $ 1.721
Average percentage of empty miles 12.20 % 4.5 %

11.67

%

 

Average trip length in miles (loaded) (3) 481 (2.8 )% 495
Total miles (loaded and empty) (1) 629,441 (2.5 )% 645,568
Average tractors in service 7,248 (0.2 )% 7,259
Average revenues per tractor per week (2) $ 3,465 (0.1 )% $ 3,467
Capital expenditures, net (1) $ 180,247 $ 153,600
Cash flow from operations (1) $ 198,715 $ 200,339
Return on assets (annualized) 7.7 %

8.1

%

 

Total tractors (at quarter end)
Company 6,460 6,630
Independent contractor   650     620  
Total tractors 7,110 7,250
Total trailers (truck and intermodal, quarter end) 23,600 22,925
 

(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)

   
9/30/12 12/31/11
(Unaudited)
ASSETS
 
Current assets:
Cash and cash equivalents $ 18,037 $ 12,412
Accounts receivable, trade, less allowance
of $10,530 and $10,154, respectively 217,758 218,712
Other receivables 9,957 9,213
Inventories and supplies 25,172 30,212
Prepaid taxes, licenses and permits 6,568 15,094
Current deferred income taxes 27,420 25,805
Other current assets 23,768   29,883  
Total current assets 328,680   341,331  
 
Property and equipment 1,689,927 1,625,008
Less – accumulated depreciation 691,418   682,872  
Property and equipment, net 998,509   942,136  
 
Other non-current assets 19,143   18,949  
$ 1,346,332   $ 1,302,416  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Current liabilities:
Checks issued in excess of cash balances $ $ 6,671
Accounts payable 74,216 93,486
Insurance and claims accruals 56,798 62,681
Accrued payroll 26,512 19,483
Other current liabilities 19,902   16,504  
Total current liabilities 177,428   198,825  
 
Other long-term liabilities 15,306 14,194
 
Insurance and claims accruals, net of current portion 121,200 121,250
 
Deferred income taxes 236,232 243,000
 
Stockholders’ equity:
Common stock, $.01 par value, 200,000,000 shares
authorized; 80,533,536 shares issued; 72,883,336
and 72,847,576 shares outstanding, respectively 805 805
Paid-in capital 97,404 94,396
Retained earnings 846,116 779,994
Accumulated other comprehensive loss (3,902 ) (5,170 )
Treasury stock, at cost; 7,650,200 and 7,685,960
shares, respectively (144,257 ) (144,878 )
Total stockholders’ equity 796,166   725,147  
$ 1,346,332   $ 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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