Werner’s Third-Quarter Profit Slips
Werner Enterprises said its third-quarter net income fell 15% from a year ago due to softer freight demand and higher expenses.
Net income declined to $25.1 million, or 34 cents per share, from $29.6 million, or 40 cents, a year ago.
Revenue slipped 1% to $506.5 million, the truckload carrier said late Wednesday.
The downturn resulted from “softer freight demand, rising fuel prices and other cost increases that exceeded rate increases,” Werner said.
Its “customers generally chose to keep their inventory levels leaner in a market with economic and political uncertainty,” the carrier said.
Werner last month estimated its third-quarter earnings would be between $24.2 million and $26.4 million, citing higher costs.
Werner’s Value Added Services, including brokerage, freight management, intermodal and Werner Global Logistics increased income by 8% to 82.5 million.
Werner Enterprises is ranked No. 11 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
