US transportation and logistics company, Werner Enterprises, reported a 15 per cent decline in earnings per share in the third quarter of 2012 compared to the same quarter 2011.
According to Werner, the decline was a result of softer freight demands, rising fuel prices and other cost increases that exceeded rate increases.
“Freight demand in third quarter 2012 did not show normal seasonal improvement from mid-August through September. In contrast, we experienced seasonal strengthening in demand during the same period in third quarter 2011,” Werner said.
“In third quarter 2012, our customers generally chose to keep their inventory levels leaner in a market with economic and political uncertainty. Freight trends for October 2012 to date have continued to trend below levels for the same period in 2011.”
The company expects its net capital expenditures for the full year 2012 to be in the range of $210 million to $225 million.