Werner Enterprises Inc. said its third-quarter profit will be about 11.8% to 20.6% lower than the previous year, citing increased costs, lower income from equipment sales and the recent change to the hours-of-service rule for truck drivers, among other factors.
“Cost increases are currently exceeding rate increases,” the truckload carrier said in a Sept. 16 statement. It expects earnings of 27 cents to 30 cents a share, down from 34 cents a share in 2012.
At the same time, freight demand has increased in recent weeks when compared with a year ago, Werner said.
The same day, Old Dominion Freight Line Inc. said it expected per-day tonnage to increase 7% to 7.5% in the third quarter compared with last year. It had previously estimated a 6% to 6.5% growth.
Tonnage increased on a per-day basis by 6.2% in July compared to the previous year, and 8.6% in August, Old Dominion said in a statement.
Werner is ranked No. 13 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers, while Old Dominion is ranked No. 11.