SPY383.63+6.93 1.84%
DIA315.24+5.66 1.83%
IXIC12,920.15+196.68 1.55%

Press Release: Werner Enterprises Reports Record -3-

· 02/04/2021 16:05
INCOME STATEMENT (Unaudited) (In thousands, except per share amounts) Three Months Ended Year Ended December 31, December 31, ----------------------------------- ------------------------------------------ 2020 2019 2020 2019 ---------------- ----------------- $ % $ % $ % $ % --------- ----- --------- ------ ----------- ------ ----------- -------- Operating revenues $620,302 100.0 $621,787 100.0 $2,372,178 100.0 $2,463,701 100.0 ------- ----- ------- ----- --------- ----- --------- ----- Operating expenses: Salaries, wages and benefits 197,718 31.9 200,101 32.2 795,847 33.6 818,487 33.2 Fuel 39,743 6.4 59,208 9.5 157,124 6.6 235,928 9.6 Supplies and maintenance 42,763 6.9 45,946 7.4 175,842 7.4 182,909 7.4 Taxes and licenses 24,911 4.0 24,737 4.0 95,746 4.0 95,525 3.9 Insurance and claims 24,656 4.0 23,282 3.7 109,816 4.6 88,913 3.6 Depreciation 63,799 10.3 64,711 10.4 263,286 11.1 249,527 10.1 Rent and purchased transportation 140,195 22.6 135,629 21.8 519,184 21.9 549,438 22.3 Communications and utilities 3,333 0.5 3,497 0.6 14,474 0.6 15,303 0.6 Other 1,733 0.3 (978) (0.2) 13,421 0.6 2,199 0.1 -------- ----- -------- ----- ---------- ----- ---------- ----- Total operating expenses 538,851 86.9 556,133 89.4 2,144,740 90.4 2,238,229 90.8 -------- ----- -------- ----- ---------- ----- ---------- ----- Operating income 81,451 13.1 65,654 10.6 227,438 9.6 225,472 9.2 -------- ----- -------- ----- ---------- ----- ---------- ----- Other expense (income): Interest expense 576 -- 2,159 0.4 4,215 0.2 6,854 0.3 Interest income (308) -- (678) (0.1) (1,634) (0.1) (3,326) (0.1) Other 40 -- 49 -- 163 -- 38 -- -------- ----- -------- ----- ---------- ----- ---------- ----- Total other expense (income) 308 -- 1,530 0.3 2,744 0.1 3,566 0.2 -------- ----- -------- ----- ---------- ----- ---------- ----- Income before income taxes 81,143 13.1 64,124 10.3 224,694 9.5 221,906 9.0 Income tax expense 20,587 3.3 15,628 2.5 55,616 2.4 54,962 2.2 -------- ----- -------- ----- ---------- ----- ---------- ----- Net income $ 60,556 9.8 $ 48,496 7.8 $ 169,078 7.1 $ 166,944 6.8 ======= ===== ======= ===== ========= ===== ========= ===== Diluted shares outstanding 69,052 69,723 69,427 70,026 ======== ======== ========== ========== Diluted earnings per share $ 0.88 $ 0.70 $ 2.44 $ 2.38 ======= ======= ========= ========= GAAP TO NON-GAAP RECONCILIATION (Unaudited) (In thousands, except per share amounts) Three Months Ended Year Ended December 31, December 31, -------------------- -------------------------- 2020 2019 2020 2019 --------- --------- ----------- ------------- Operating revenues $620,302 $621,787 $2,372,178 $2,463,701 Operating expenses 538,851 556,133 2,144,740 2,238,229 -------- -------- ---------- ---------- Operating income 81,451 65,654 227,438 225,472 Total other expense (income) 308 1,530 2,744 3,566 -------- -------- ---------- ---------- Income before income taxes 81,143 64,124 224,694 221,906 Income tax expense 20,587 15,628 55,616 54,962------------ ---------------- ------------------ -------------- ----------------- Truck age 2.0 years 2.0 years 2.0 years Reinvest to Trailer age Low-to-mid "4" 4.0 years Low-to-mid "4" maintain young years years fleet ------------ ---------------- ------------------ -------------- -----------------

* Net of fuel surcharge revenues

Conference Call Information

Werner Enterprises, Inc. will conduct a conference call to discuss fourth quarter 2020 earnings today beginning at 4:00 p.m. CT. The news release, live webcast of the earnings conference call, and accompanying slide presentation will be available at www.werner.com in the "Investors" section under "News and Events" and then "Webcasts & Presentations." To participate in the conference call, please dial (844) 701-1165 (domestic) or (412) 317-5498 (international). Please mention to the operator that you are dialing in for the Werner Enterprises call.

A replay of the conference call will be available on February 4, 2021 at approximately 6:00 p.m. CT through March 4, 2021 by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international) and using the access code 10150328. A replay of the webcast will also be available at www.werner.com in the "Investors" section under "News and Events" and then "Webcasts & Presentations."

About Werner Enterprises

Werner Enterprises, Inc. was founded in 1956 and is a premier transportation and logistics company, with coverage throughout North America. Werner maintains its corporate headquarters in Omaha, Nebraska and maintains offices in the United States, Canada and Mexico. Werner is among the five largest truckload carriers in the United States, with a diversified portfolio of transportation services that includes dedicated; medium-to-long-haul, regional and expedited van; and temperature-controlled. The Werner Logistics portfolio includes North American truck brokerage, freight management, intermodal and final mile services.

Werner Enterprises, Inc.'s common stock trades on The NASDAQ Global Select Market(SM) under the symbol "WERN". For further information about Werner, visit the Company's website at www.werner.com.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on information presently available to the Company's management and are current only as of the date made. Actual results could also differ materially from those anticipated as a result of a number of factors, including, but not limited to, those discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 and subsequently filed Quarterly Reports on Form 10-Q.

For those reasons, undue reliance should not be placed on any forward-looking statement. The Company assumes no duty or obligation to update or revise any forward-looking statement, although it may do so from time to time as management believes is warranted or as may be required by applicable securities law. Any such updates or revisions may be made by filing reports with the U.S. Securities and Exchange Commission, through the issuance of press releases or by other methods of public disclosure.

To supplement our financial results presented on a GAAP basis, we provide certain non-GAAP financial measures, including adjusted operating income, adjusted net income and adjusted diluted earnings per share. We believe these non-GAAP financial measures provide a more useful comparison of our performance from period to period because they exclude the effect of items that, in our opinion, do not reflect our core operating performance. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. There are limitations to using non-GAAP financial measures. Although we believe that they improve comparability in analyzing our period to period performance, they could limit comparability to other companies in our industry if those companies define these measures differently. Because of these limitations, our non-GAAP financial measures should not be considered measures of income generated by our business. Management compensates for these limitations by primarily relying on GAAP results and using non-GAAP financial measures on a supplemental basis.

Contact:

John J. Steele

Executive Vice President, Treasurer

and Chief Financial Officer

(402) 894-3036

Source: Werner Enterprises, Inc.

(MORE TO FOLLOW) Dow Jones Newswires

February 04, 2021 16:05 ET (21:05 GMT)