We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Werner Enterprises Inc | NASDAQ:WERN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.34 | -0.97% | 34.74 | 34.57 | 35.81 | 35.35 | 34.57 | 34.88 | 561,027 | 00:58:58 |
[Mark | one] | ||||
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Nebraska | 47-0648386 | |||||||||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
|||||||||||||
14507 Frontier Road | ||||||||||||||
Post Office Box 45308 | ||||||||||||||
Omaha | , | Nebraska | 68145-0308 | |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.01 Par Value | WERN | The NASDAQ Stock Market LLC |
Large Accelerated Filer | ☒ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer |
☐
|
Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
PAGE | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 2. | ||||||||
Item 6. |
|
Three Months Ended
March 31, |
||||||||||
(In thousands, except per share amounts) | 2021 | 2020 | |||||||||
(Unaudited) | |||||||||||
Operating revenues | $ | 616,446 | $ | 592,703 | |||||||
Operating expenses: | |||||||||||
Salaries, wages and benefits | 204,853 | 205,997 | |||||||||
Fuel | 50,838 | 48,771 | |||||||||
Supplies and maintenance | 46,147 | 45,721 | |||||||||
Taxes and licenses | 23,233 | 22,850 | |||||||||
Insurance and claims | 22,056 | 36,064 | |||||||||
Depreciation | 63,951 | 68,837 | |||||||||
Rent and purchased transportation | 146,493 | 126,442 | |||||||||
Communications and utilities | 3,022 | 3,808 | |||||||||
Other | (6,618) | 3,147 | |||||||||
Total operating expenses | 553,975 | 561,637 | |||||||||
Operating income | 62,471 | 31,066 | |||||||||
Other expense (income): | |||||||||||
Interest expense | 838 | 1,591 | |||||||||
Interest income | (297) | (626) | |||||||||
Other | 42 | 45 | |||||||||
Total other expense (income) | 583 | 1,010 | |||||||||
Income before income taxes | 61,888 | 30,056 | |||||||||
Income taxes | 15,396 | 6,998 | |||||||||
Net income | $ | 46,492 | $ | 23,058 | |||||||
Earnings per share: | |||||||||||
Basic | $ | 0.68 | $ | 0.33 | |||||||
Diluted | $ | 0.68 | $ | 0.33 | |||||||
Weighted-average common shares outstanding: | |||||||||||
Basic | 67,932 | 69,253 | |||||||||
Diluted | 68,223 | 69,609 |
|
Three Months Ended
March 31, |
||||||||||
(In thousands) | 2021 | 2020 | |||||||||
(Unaudited) | |||||||||||
Net income | $ | 46,492 | $ | 23,058 | |||||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | (1,568) | (9,893) | |||||||||
Change in fair value of interest rate swaps, net of tax | 1,303 | (5,597) | |||||||||
Other comprehensive income (loss) | (265) | (15,490) | |||||||||
Comprehensive income | $ | 46,227 | $ | 7,568 |
(In thousands, except share amounts) |
March 31,
2021 |
December 31,
2020 |
|||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 83,130 | $ | 29,334 | |||||||
Accounts receivable, trade, less allowance of $8,897 and $8,686, respectively
|
347,902 | 341,104 | |||||||||
Other receivables | 44,363 | 23,491 | |||||||||
Inventories and supplies | 11,919 | 12,062 | |||||||||
Prepaid taxes, licenses and permits | 12,876 | 17,231 | |||||||||
Other current assets | 32,719 | 33,694 | |||||||||
Total current assets | 532,909 | 456,916 | |||||||||
Property and equipment | 2,410,791 | 2,405,335 | |||||||||
Less – accumulated depreciation | 873,449 | 862,077 | |||||||||
Property and equipment, net | 1,537,342 | 1,543,258 | |||||||||
Other non-current assets | 159,275 | 156,502 | |||||||||
Total assets | $ | 2,229,526 | $ | 2,156,676 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 113,064 | $ | 83,263 | |||||||
Current portion of long-term debt | — | 25,000 | |||||||||
Insurance and claims accruals | 91,097 | 76,917 | |||||||||
Accrued payroll | 41,912 | 35,594 | |||||||||
Accrued expenses | 25,350 | 25,032 | |||||||||
Income taxes payable | 19,226 | 7,824 | |||||||||
Other current liabilities | 17,112 | 20,384 | |||||||||
Total current liabilities | 307,761 | 274,014 | |||||||||
Long-term debt, net of current portion | 175,000 | 175,000 | |||||||||
Other long-term liabilities | 41,485 | 43,114 | |||||||||
Insurance and claims accruals, net of current portion | 235,850 | 231,638 | |||||||||
Deferred income taxes | 241,700 | 237,870 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.01 par value, 200,000,000 shares authorized; 80,533,536 shares
|
|||||||||||
issued; 67,918,148 and 67,931,726 shares outstanding, respectively
|
805 | 805 | |||||||||
Paid-in capital | 114,588 | 116,039 | |||||||||
Retained earnings | 1,478,616 | 1,438,916 | |||||||||
Accumulated other comprehensive loss | (23,098) | (22,833) | |||||||||
Treasury stock, at cost; 12,615,388 and 12,601,810 shares, respectively
|
(343,181) | (337,887) | |||||||||
Total stockholders’ equity | 1,227,730 | 1,195,040 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,229,526 | $ | 2,156,676 |
(In thousands, except share and per share amounts) |
Common
Stock |
Paid-In
Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Treasury
Stock |
Total
Stockholders’ Equity |
|||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2020 | $ | 805 | $ | 116,039 | $ | 1,438,916 | $ | (22,833) | $ | (337,887) | $ | 1,195,040 | |||||||||||||||||||||||
Comprehensive income | — | — | 46,492 | (265) | — | 46,227 | |||||||||||||||||||||||||||||
Purchases of 130,446 shares of common stock
|
— | — | — | — | (5,507) | (5,507) | |||||||||||||||||||||||||||||
Dividends on common stock ($0.10 per share)
|
— | — | (6,792) | — | — | (6,792) | |||||||||||||||||||||||||||||
Equity compensation activity, 116,868 shares
|
— | (3,953) | — | — | 213 | (3,740) | |||||||||||||||||||||||||||||
Non-cash equity compensation expense | — | 2,502 | — | — | — | 2,502 | |||||||||||||||||||||||||||||
BALANCE, March 31, 2021 | $ | 805 | $ | 114,588 | $ | 1,478,616 | $ | (23,098) | $ | (343,181) | $ | 1,227,730 |
BALANCE, December 31, 2019 | $ | 805 | $ | 112,649 | $ | 1,294,608 | $ | (14,728) | $ | (282,326) | $ | 1,111,008 | |||||||||||||||||||||||
Comprehensive income | — | — | 23,058 | (15,490) | — | 7,568 | |||||||||||||||||||||||||||||
Purchases of 282,992 shares of common stock
|
— | — | — | — | (8,798) | (8,798) | |||||||||||||||||||||||||||||
Dividends on common stock ($0.09 per share)
|
— | — | (6,218) | — | — | (6,218) | |||||||||||||||||||||||||||||
Equity compensation activity, 125,203 shares
|
— | (4,360) | — | — | 430 | (3,930) | |||||||||||||||||||||||||||||
Non-cash equity compensation expense | — | 2,406 | — | — | — | 2,406 | |||||||||||||||||||||||||||||
BALANCE, March 31, 2020 | $ | 805 | $ | 110,695 | $ | 1,311,448 | $ | (30,218) | $ | (290,694) | $ | 1,102,036 |
Three Months Ended
March 31, |
|||||||||||
2021 | 2020 | ||||||||||
Truckload Transportation Services | $ | 462,949 | $ | 464,863 | |||||||
Werner Logistics | 137,853 | 112,164 | |||||||||
Inter-segment eliminations | (134) | (11) | |||||||||
Transportation services | 600,668 | 577,016 | |||||||||
Other revenues | 15,778 | 15,687 | |||||||||
Total revenues | $ | 616,446 | $ | 592,703 |
Three Months Ended
March 31, |
|||||||||||
2021 | 2020 | ||||||||||
United States | $ | 555,239 | $ | 530,071 | |||||||
Mexico | 38,756 | 43,421 | |||||||||
Other | 22,451 | 19,211 | |||||||||
Total revenues | $ | 616,446 | $ | 592,703 |
(In thousands) | March 31, 2021 | ||||
Maturity of Lease Liabilities | |||||
2021 (remaining) | $ | 2,806 | |||
2022 | 2,934 | ||||
2023 | 1,910 | ||||
2024 | 1,507 | ||||
2025 | 969 | ||||
Thereafter | 473 | ||||
Total undiscounted operating lease payments | $ | 10,599 | |||
Less: Imputed interest | (633) | ||||
Present value of operating lease liabilities | $ | 9,966 | |||
Balance Sheet Classification | |||||
Right-of-use assets (recorded in other non-current assets) | $ | 9,506 | |||
Current lease liabilities (recorded in other current liabilities) | $ | 3,408 | |||
Long-term lease liabilities (recorded in other long-term liabilities) | 6,558 | ||||
Total operating lease liabilities | $ | 9,966 | |||
Other Information | |||||
Weighted-average remaining lease term for operating leases | 3.70 years | ||||
Weighted-average discount rate for operating leases | 3.30 | % |
(In thousands) | March 31, 2021 | ||||
2021 (remaining) | $ | 7,206 | |||
2022 | 2,111 | ||||
2023 | — | ||||
2024 | — | ||||
2025 | — | ||||
Thereafter | — | ||||
Total | $ | 9,317 |
2021 | $ | — | |||
2022 | — | ||||
2023 | — | ||||
2024 | 175,000 | ||||
2025 | — | ||||
Total | $ | 175,000 |
Three Months Ended
March 31, |
|||||||||||
2021 | 2020 | ||||||||||
Net income | $ | 46,492 | $ | 23,058 | |||||||
Weighted average common shares outstanding | 67,932 | 69,253 | |||||||||
Dilutive effect of stock-based awards | 291 | 356 | |||||||||
Shares used in computing diluted earnings per share | 68,223 | 69,609 | |||||||||
Basic earnings per share | $ | 0.68 | $ | 0.33 | |||||||
Diluted earnings per share | $ | 0.68 | $ | 0.33 | |||||||
Three Months Ended
March 31, |
|||||||||||
2021 | 2020 | ||||||||||
Restricted awards: | |||||||||||
Pre-tax compensation expense | $ | 1,549 | $ | 1,398 | |||||||
Tax benefit | 395 | 356 | |||||||||
Restricted stock expense, net of tax | $ | 1,154 | $ | 1,042 | |||||||
Performance awards: | |||||||||||
Pre-tax compensation expense | $ | 946 | $ | 1,010 | |||||||
Tax benefit | 241 | 258 | |||||||||
Performance award expense, net of tax | $ | 705 | $ | 752 |
Number of
Restricted Awards (in thousands) |
Weighted
Average Grant Date Fair Value ($) |
||||||||||
Nonvested at beginning of period | 367 | $ | 35.78 | ||||||||
Granted | 114 | 41.30 | |||||||||
Vested | (107) | 34.96 | |||||||||
Forfeited | (2) | 35.53 | |||||||||
Nonvested at end of period | 372 | 37.70 |
Number of
Performance Awards (in thousands) |
Weighted
Average Grant Date Fair Value ($) |
||||||||||
Nonvested at beginning of period | 262 | $ | 32.96 | ||||||||
Granted | 74 | 40.93 | |||||||||
Vested | (100) | 33.04 | |||||||||
Forfeited | — | — | |||||||||
Nonvested at end of period | 236 | 35.42 |
Three Months Ended
March 31, |
|||||||||||
2021 | 2020 | ||||||||||
Revenues | |||||||||||
Truckload Transportation Services | $ | 462,949 | $ | 464,863 | |||||||
Werner Logistics | 137,853 | 112,164 | |||||||||
Other | 15,399 | 15,068 | |||||||||
Corporate | 379 | 619 | |||||||||
Subtotal | 616,580 | 592,714 | |||||||||
Inter-segment eliminations | (134) | (11) | |||||||||
Total | $ | 616,446 | $ | 592,703 | |||||||
Operating Income | |||||||||||
Truckload Transportation Services | $ | 57,628 | $ | 29,089 | |||||||
Werner Logistics | 4,574 | 1,085 | |||||||||
Other | 866 | 2,900 | |||||||||
Corporate | (597) | (2,008) | |||||||||
Total | $ | 62,471 | $ | 31,066 |
Three Months Ended (3ME)
March 31, |
Percentage Change in Dollar Amounts | ||||||||||||||||||||||
2021 | 2020 | 3ME | |||||||||||||||||||||
(Amounts in thousands) | $ | % | $ | % | % | ||||||||||||||||||
Operating revenues | $ | 616,446 | 100.0 | $ | 592,703 | 100.0 | 4.0 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Salaries, wages and benefits | 204,853 | 33.2 | 205,997 | 34.8 | (0.6) | ||||||||||||||||||
Fuel | 50,838 | 8.2 | 48,771 | 8.2 | 4.2 | ||||||||||||||||||
Supplies and maintenance | 46,147 | 7.5 | 45,721 | 7.7 | 0.9 | ||||||||||||||||||
Taxes and licenses | 23,233 | 3.8 | 22,850 | 3.9 | 1.7 | ||||||||||||||||||
Insurance and claims | 22,056 | 3.6 | 36,064 | 6.1 | (38.8) | ||||||||||||||||||
Depreciation | 63,951 | 10.4 | 68,837 | 11.6 | (7.1) | ||||||||||||||||||
Rent and purchased transportation | 146,493 | 23.8 | 126,442 | 21.3 | 15.9 | ||||||||||||||||||
Communications and utilities | 3,022 | 0.5 | 3,808 | 0.7 | (20.6) | ||||||||||||||||||
Other | (6,618) | (1.1) | 3,147 | 0.5 | (310.3) | ||||||||||||||||||
Total operating expenses | 553,975 | 89.9 | 561,637 | 94.8 | (1.4) | ||||||||||||||||||
Operating income | 62,471 | 10.1 | 31,066 | 5.2 | 101.1 | ||||||||||||||||||
Total other expense (income) | 583 | 0.1 | 1,010 | 0.1 | (42.3) | ||||||||||||||||||
Income before income taxes | 61,888 | 10.0 | 30,056 | 5.1 | 105.9 | ||||||||||||||||||
Income taxes | 15,396 | 2.5 | 6,998 | 1.2 | 120.0 | ||||||||||||||||||
Net income | $ | 46,492 | 7.5 | $ | 23,058 | 3.9 | 101.6 |
Three Months Ended
March 31, |
|||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Truckload Transportation Services segment (amounts in thousands) | $ | % | $ | % | |||||||||||||||||||
Trucking revenues, net of fuel surcharge | $ | 410,652 | $ | 409,098 | |||||||||||||||||||
Trucking fuel surcharge revenues | 47,459 | 51,041 | |||||||||||||||||||||
Non-trucking and other operating revenues | 4,838 | 4,724 | |||||||||||||||||||||
Operating revenues | 462,949 | 100.0 | 464,863 | 100.0 | |||||||||||||||||||
Operating expenses | 405,321 | 87.6 | 435,774 | 93.7 | |||||||||||||||||||
Operating income | $ | 57,628 | 12.4 | $ | 29,089 | 6.3 |
Three Months Ended
March 31, |
|||||||||||||||||
Truckload Transportation Services segment | 2021 | 2020 | % Change | ||||||||||||||
Average tractors in service | 7,790 | 7,862 | (0.9) | % | |||||||||||||
Average revenues per tractor per week (1)
|
$ | 4,055 | $ | 4,003 | 1.3 | % | |||||||||||
Total tractors (at quarter end) | |||||||||||||||||
Company | 7,360 | 7,350 | 0.1 | % | |||||||||||||
Independent contractor | 375 | 485 | (22.7) | % | |||||||||||||
Total tractors | 7,735 | 7,835 | (1.3) | % | |||||||||||||
Total trailers (at quarter end) | 22,710 | 21,910 | 3.7 | % | |||||||||||||
One-Way Truckload | |||||||||||||||||
Trucking revenues, net of fuel surcharge (in 000’s) | $ | 156,839 | $ | 177,849 | (11.8) | % | |||||||||||
Average tractors in service | 2,856 | 3,271 | (12.7) | % | |||||||||||||
Total tractors (at quarter end) | 2,815 | 3,150 | (10.6) | % | |||||||||||||
Average percentage of empty miles | 11.35 | % | 11.83 | % | (4.1) | % | |||||||||||
Average revenues per tractor per week (1)
|
$ | 4,224 | $ | 4,182 | 1.0 | % | |||||||||||
Average % change in revenues per total mile (1)
|
9.5 | % | (3.7) | % | |||||||||||||
Average % change in total miles per tractor per week | (7.7) | % | 5.1 | % | |||||||||||||
Average completed trip length in miles (loaded) | 853 | 863 | (1.2) | % | |||||||||||||
Dedicated | |||||||||||||||||
Trucking revenues, net of fuel surcharge (in 000’s) | $ | 253,813 | $ | 231,249 | 9.8 | % | |||||||||||
Average tractors in service | 4,934 | 4,591 | 7.5 | % | |||||||||||||
Total tractors (at quarter end) | 4,920 | 4,685 | 5.0 | % | |||||||||||||
Average revenues per tractor per week (1)
|
$ | 3,957 | $ | 3,874 | 2.1 | % |
Three Months Ended
March 31, |
|||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Werner Logistics segment (amounts in thousands) | $ | % | $ | % | |||||||||||||||||||
Operating revenues | $ | 137,853 | 100.0 | $ | 112,164 | 100.0 | |||||||||||||||||
Rent and purchased transportation expense | 120,527 | 87.4 | 95,932 | 85.5 | |||||||||||||||||||
Gross margin | 17,326 | 12.6 | 16,232 | 14.5 | |||||||||||||||||||
Other operating expenses | 12,752 | 9.3 | 15,147 | 13.5 | |||||||||||||||||||
Operating income | $ | 4,574 | 3.3 | $ | 1,085 | 1.0 |
Three Months Ended
March 31, |
|||||||||||||||||
Werner Logistics segment | 2021 | 2020 | % Change | ||||||||||||||
Average tractors in service | 39 | 32 | 21.9 | % | |||||||||||||
Total tractors (at quarter end) | 39 | 30 | 30.0 | % | |||||||||||||
Total trailers (at quarter end) | 1,440 | 1,625 | (11.4) | % |
Period | Total Number of Shares (of Units) Purchased |
Average Price Paid per
Share (or Unit) |
Total Number of Shares
(or Units) Purchased as Part of Publicly Announced Plans or Programs |
Maximum Number (or
Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs |
||||||||||
January 1-31, 2021 | — | $ | — | 2,817,008 | ||||||||||
February 1-28, 2021 | 130,446 | $ | 42.22 | 130,446 | 2,686,562 | |||||||||
March 1-31, 2021 | — | $ | — | 2,686,562 | ||||||||||
Total | 130,446 | $ | 42.22 | 130,446 | 2,686,562 |
Exhibit No. | Exhibit | Incorporated by Reference to: | ||||||||||||
101 | The following unaudited financial information from Werner Enterprises’ Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, formatted in iXBRL (Inline Extensible Business Reporting Language) includes: (i) Consolidated Statements of Income for the three months ended March 31, 2021 and March 31, 2020, (ii) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2021 and March 31, 2020, (iii) Consolidated Condensed Balance Sheets as of March 31, 2021 and December 31, 2020, (iv) Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and March 31, 2020, (v) Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2021 and March 31, 2020, and (vi) the Notes to Consolidated Financial Statements (Unaudited) as of March 31, 2021. | |||||||||||||
104 | The cover page from this Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, formatted in Inline XBRL (included as Exhibit 101). |
WERNER ENTERPRISES, INC. | |||||||||||
Date: May 6, 2021
|
By: | /s/ John J. Steele | |||||||||
John J. Steele | |||||||||||
Executive Vice President, Treasurer and
Chief Financial Officer |
|||||||||||
Date: May 6, 2021
|
By: | /s/ James L. Johnson | |||||||||
James L. Johnson | |||||||||||
Executive Vice President, Chief Accounting
Officer and Corporate Secretary |
1 Year Werner Enterprises Chart |
1 Month Werner Enterprises Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions