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Mar 31, 2025
Werner Q1 2025 Earnings Report
Reported results for the first quarter ended March 31, 2025
Key Takeaways
Werner Enterprises reported a challenging first quarter of 2025 with decreased revenues and an operating loss, primarily impacted by elevated insurance costs, weather, a smaller fleet, and changes in customer activity. Despite these headwinds, the company saw strength in its Dedicated segment and improved operating income in Logistics.
Total revenues decreased by 7% to $712.1 million compared to the prior year.
The company reported an operating loss of $5.8 million, a decrease of $21.4 million from the prior year's operating income.
Diluted loss per share was $0.16, compared to diluted earnings per share of $0.10 in the prior year.
Non-GAAP adjusted diluted loss per share was $0.12, compared to non-GAAP adjusted diluted earnings per share of $0.13 in the prior year.
Revenue by Segment
Forward Guidance
Werner Enterprises reiterated its full-year 2025 guidance for TTS truck count and net capital expenditures. The company also provided updated guidance for One-Way Truckload revenue per total mile growth for the second quarter of 2025.
Positive Outlook
- Expecting TTS truck count to be between 1% and 5% higher by the end of 2025 compared to the beginning of the year.
- Net capital expenditures are projected to be between $185 million and $235 million for the full year.
- Dedicated segment average revenue per truck per week growth expected to be between 0% and 3% for the year.
- Forecasting 0% to 3% growth in One-Way Truckload revenue per total mile (net of fuel surcharge) for the second quarter of 2025 compared to the second quarter of 2024.
- Maintaining an effective income tax rate assumption between 25.0% and 26.0% for the full year.
Challenges Ahead
- Guidance for One-Way Truckload revenue per total mile growth for the first half of 2025 versus the first half of 2024 was not updated, implying potential uncertainty beyond Q2.
- The guidance metrics are based on assumptions that could be impacted by market conditions or other unforeseen factors.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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