Werner Enterprises profit rises, beats Wall St. view

Werner said that productivity improvements, such as the reduction of “empty miles” and fuel consumption, as well as steadily falling fuel prices also boosted results.

The Associated Press

10/16/2008

OMAHA, Neb. — Trucking company Werner Enterprises Inc. said Thursday its third-quarter earnings rose 3 percent, beating Wall Street’s expectations, as it offset “lackluster” freight demand with a wider array of services for customers.

The company earned $22.4 million, or 31 cents per share, compared with $21.9 million, or 30 cents per share, in the year-ago period.

Revenue rose 15 percent to $584.1 million, from $510.3 million.

Analysts were expecting a profit of 26 cents per share on revenue of $581.1 million, according to a poll by Thomson Reuters.

The company said the “ongoing diversification of its service offerings...helped lessen the impact of a lackluster freight market in (the) third quarter.”

Werner added that productivity improvements, such as the reduction of “empty miles” and fuel consumption, as well as steadily falling fuel prices also boosted results.

And in the midst of the growing credit crisis, Werner assured that its financial position remains strong. The company ended the quarter with no debt and $136.3 million of cash.