Werner reports higher revenue and earnings for second quarter
Jul 26, 2002 12:00 PM, Gary MacklinWerner Enterprises, Omaha NE, a large truckload carrier with dry van, refrigerated, and flatbed operations, has reported a revenue increase of 5% for the second quarter 2002. Revenue rose to $340.4 million up from $322.8 million for the same period 2001. Income was up 37% to $16.6 million, well above the $12.1 million recorded in the second quarter 2002. This represents earnings of 25 cents per share in 2002, up from 19 cents per share for the same period 2001.
In its announcement of second quarter results, Werner says that it is buying a large number of trucks ahead of the October 1 deadline for new emission standards. As a result of insufficient engine testing, the company has worked hard to buy trucks in advance, reducing the average age of the fleet to 1.3 years by the end of the second quarter. Buying will continue until October, when the company will suspend new purchases until it is confident of the performance and reliability of the new engines, the report says.