Earnings News Updates

Greenbrier Cos. reported earnings of $35.4 million, or $1.12 per share, in the fiscal third quarter ended May 31, a 17.4% drop from the $42.8 million, or $1.33, in the prior year period.

Werner Enterprises Inc. said difficult rate negotiations, lower spot-market prices and other factors in a sluggish freight market would reduce its second-quarter earnings to a range of 21 cents to 25 cents per share, which is below the average estimate of 40 cents per share based on Bloomberg’s analyst survey.

Danish firm Maersk Group, owner of the largest ocean carrier, earlier this month reported first-quarter earnings plummeted nearly 90% to $224 million, weighed down by an even greater profit decline at Maersk Line due to downward pressure on container freight rates.

Commercial vehicle supplier Meritor Inc. reported weaker results for its fiscal second quarter.

Five more trucking and logistics companies have announced weaker results, capping a first-quarter earnings season when the slow freight market led more than two-thirds of publicly traded companies to produce lower results year-over-year.

USA Truck Inc. reported a restructuring-related loss of $1.8 million, or 19 cents, as trucking and logistics performance was affected by the tough freight market.

Quarterly earnings reports last week were divided between four logistics operators that reported improved operating results and four truckload fleets whose profits fell due to pressure on rates and minimal freight shipment growth.

YRC Worldwide Inc.’s first quarter net loss narrowed to $12.0 million, or 37 cents per share, while earnings declined 3.6% to $60.3 million, or 72 cents, at LTL competitor Old Dominion Freight Line Inc.

Earnings performance generally was weaker at the five companies that announced earnings on April 27 in a freight market described by one of the reporting companies as “difficult.”

Booming sales of dry and refrigerated vans enabled trailer maker Wabash National Corp. to post first-quarter records for sales and operating income as well as gains in net income and earnings per share, the company said April 26.