Werner Enterprises reports 11% increase in total revenues for third quarter
Werner Enterprises, Inc. reported improved revenues and earnings for the third quarter ended September 30, 2011. Total revenues for the quarter increased 11% to $509.6m. Net income improved 31% to $29.6m.
According to Werner, freight demand began the quarter in July 2011 with the typical seasonal decline from June, with less strength the latter part of July during the uncertainty of the U.S. debt negotiations in Congress. Freight demand in early August returned to levels comparable to the same period in 2010 and weakened modestly in mid-August following heightened concerns about the economy. In the latter part of August and throughout September, the company experienced seasonal strengthening in demand.
Contractual rate increases and a better freight mix were the principal reasons for rate improvements. There was some softness in spot market pricing during third quarter 2011, but spot market pricing improved during September.
Brokerage revenues in third quarter 2011 increased 16% from 2010 due to a 10% increase in shipment volume and a 5% increase in the average revenue per shipment. Intermodal revenues increased 66%. Werner Global Logistics (‚WGL‘) revenues increased 21%. Freight Management revenues and the number of shipments declined significantly due to a reduction in customer project business with a specific customer.
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