Q3 2024 Werner Enterprises Inc Earnings Call Transcript
Key Points
- Werner Enterprises Inc (WERN) reported an improvement in one-way utilization year over year for the sixth consecutive quarter.
- The company experienced growth in its dedicated fleet size and an increase in revenue per truck.
- Werner's logistics segment showed resilience, with intermodal revenues increasing 7% year over year.
- The company has realized $40 million in savings through initiatives focused on innovation and technology.
- Werner Enterprises Inc (WERN) maintained a high customer retention rate of over 90% in its dedicated segment.
- Werner Enterprises Inc (WERN) faced elevated health insurance claims, negatively impacting EPS by over $0.05 per share.
- The company experienced a 9% decline in revenues compared to the prior year.
- Higher interest expenses and pressure on logistics gross margins were noted as challenges.
- The used equipment market was softer, contributing to a decline in adjusted EPS.
- Werner's logistics segment faced a competitive environment, resulting in a decrease in adjusted operating margin.
Good afternoon and welcome to the Werner Enterprises third-quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Chris Neil, senior Vice President of Pricing and Strategic Planning. Please go ahead.
Good afternoon, everyone. Earlier today we issued our earnings release with our third-quarter results. The release and a supplemental presentation are available in the investors section of our website at werner.com. Today's webcast is being recorded and will be available for replay later today. We see the disclosure statement on slide 2 of the presentation as well as the disclaimers in our earnings release related to forward-looking statements.
Today's remarks contain forward-looking statements that may involve risks, uncertainties, and other factors that could cause actual results to differ materially. The company reports results using non-GAAP measures, which
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