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Jun 30, 2021
Werner Q2 2021 Earnings Report
Werner achieved record second quarter results due to strong execution in a robust freight market.
Key Takeaways
Werner Enterprises reported record second quarter operating income, net income and diluted earnings per share. Total revenues increased by 14% to $649.8 million, driven by growth in Truckload Transportation Services and Logistics revenues. Diluted EPS increased by 87% to $1.06.
Total revenues of $649.8 million, up 14%.
Operating income of $76.9 million, up 46%; non-GAAP adjusted operating income of $79.1 million, up 37%.
Operating margin of 11.8%, up 250 bps; non-GAAP adjusted operating margin of 12.2%, up 210 bps.
Diluted EPS of $1.06, up 87%; non-GAAP adjusted diluted EPS of $0.86, up 40%.
Revenue by Segment
Forward Guidance
Werner provided updated 2021 guidance, including TTS truck growth from BoY to EoY of 1% to 4% and gains on sales of equipment of $9M to $13M for Q3 2021.
Positive Outlook
- TTS truck growth from BoY to EoY is expected to be 1% to 4%.
- Gains on sales of equipment are projected to be $9M to $13M for Q3 2021.
- Dedicated RPTPW growth is expected to be 3% to 5%.
- One-Way Truckload RPTM growth is expected to be 16% to 19% in 2H21 vs 2H20.
- Effective income tax rate is expected to be 24.5% to 25.5%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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