Werner Enterprises announced that its total revenues in the second quarter were 9 percent higher than in the same 2007 period, but excluding fuel surcharges results in a 3 percent drop in core operating revenues. However, Werner said demand in the final weeks of the quarter were better than the first part of the quarter.
Earnings per share totaled 25 cents in second quarter – 5 cents below the 2007 quarter but 13 cents higher than in the first quarter this year.
Werner said freight demand for its 4,800-truck van fleet benefited from the normal seasonal improvement from the first quarter to the second, but that improvement was stronger toward the end of the quarter. “Although the domestic economy remains sluggish, Werner experienced improving freight demand over the last five weeks of second quarter 2008 due to the tightening of capacity.”
Werner said its management believes the primary reason for the freight improvement during June 2008 is due to trucking company failures and shipper concerns about the potential for further trucking company failures. Likewise, the overall rate market has shifted from a rate decrease market to a rate stable market, Werner said.
In mid-March 2007, Werner began reducing its van fleet to better match declining load volumes with fewer trucks.