Werner Enterprises beats by $0.05, reports revs in-line
- Reports Q2 (Jun) earnings of $0.32 per share, $0.05 better than the Capital IQ Consensus of $0.27; revenues rose 4.2% year/year to $519.5 mln vs the $521.63 mln Capital IQ Consensus.
- Average revenues per tractor per week increased 4.1% in 2Q17 compared to 2Q16 due to a 2.4% increase in average revenues per total mile and a 1.7% increase in average miles per truck.
- In 2Q17, it averaged 7,270 trucks in service in the Truckload Transportation Services segment and 48 intermodal drayage trucks in the Werner Logistics segment.
- Co states: "The driver recruiting market remains challenging. Several ongoing market factors persist including a declining number of, and increased competition for, driver training school graduates, a low and declining national unemployment rate, aging truck driver demographics and increased truck safety regulations. We proactively took many significant actions in the last two years to strengthen our driver recruiting and retention to make Werner the preferred choice for the best drivers, including raising driver pay, lowering the age of our truck fleet, installing safety and training features on all new trucks and investing in our driver training schools. Our driver turnover rate once again improved, achieving the lowest second quarter rate in 19 year