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Dec 31, 2021
Werner Q4 2021 Earnings Report
Werner's Q4 2021 results reflected strong operational performance in both truckload and logistics segments amidst industry capacity challenges.
Key Takeaways
Werner Enterprises reported a 23% increase in total revenues to $765.2 million, with operating income up 21% to $98.5 million. Diluted EPS increased by 31% to $1.15.
Total revenues increased by 23% to $765.2 million.
Operating income rose by 21% to $98.5 million.
Diluted EPS increased 31% to $1.15.
Truckload Transportation Services revenues grew by $88.2 million and Logistics revenues grew by $54.9 million.
Revenue by Segment
Forward Guidance
Werner provided guidance for 2022, including truck growth and capital expenditures.
Positive Outlook
- TTS truck growth from BoY to EoY expected to be 2% to 5%.
- Dedicated RPTPW growth expected to be 3% to 5% annually.
- Expect strong rate levels partially mitigated by lower miles per truck.
- One-Way Truckload RPTM growth expected to be 16% to 19% in 1H22 vs. 1H21.
- Strong contractual rate increases and elevated spot rates combined with fleet mix changes.
Challenges Ahead
- TTS truck growth is subject to driver availability and timing of delivery of new trucks from OEMs.
- Net capital expenditures are projected to be $275M to $325M annually.
- Net capital expenditures are subject to timing of delivery of new trucks from OEMs.
- Effective income tax rate is expected to be 24.5% to 25.5% annually.
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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