Werner’s 1Q Income Drops
Truckload carrier Werner Enterprises said its first-quarter profit declined to $6.9 million, or 10 cents per share, from $8.4 million, or 12 cents, a year ago.
Revenue fell 23% to $394.5 million, while trucking revenue excluding fuel surcharges declined 12% to $308 million, the company said late Thursday.
“The already soft freight market weakened further during [the] first quarter,” Werner said in a statement.
Werner said it further reduced its fleet size by 4% in the quarter — a 150-truck reduction in January and a 175-truck reduction in March — but the decline in freight shipments exceeded its fleet reduction efforts, it said.
Werner is ranked No. 13 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
