Werner Enterprises 2Q Profit Drops 30 Percent

Trucking and logistics company Werner Enterprises Inc. said Monday its second-quarter profit fell 30 percent as economic weakness continued to eat into demand for shipping.

For the period ended June 30, the company posted net income of $12.7 million, or 18 cents per share, compared with $18.1 million, or 25 cents per share, in the year-ago period.

Revenue fell 30 percent to $403.1 million from $578.2 million.

Analysts surveyed by Thomson Reuters expected, on average, earnings of 18 cents per share on revenue of $435.4 million for the period. Analysts typically exclude one-time items.

Operating expenses fell 30 percent to $381 million. Meanwhile, the company said its revenue per total mile fell about 2 percent to $1.4 million.

Werner said its fleet size fell by 10 percent during the period, and said it does not expect to cut its fleet further, though remains doubtful the industry will improve in the near term.

Shares of Werner fell $1.10, or 5.7 percent, to $18.20 in aftermarket trading. The stock has traded between $12.59 and $28.78 in the past 52 weeks.

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