US-based transport and logistics provider, Werner Enterprises, has reported its financial results for the fourth quarter and year ended 31 December 2024.
For the Q4 2024 period, total revenues were $754.7 million USD, down 8.0 per cent, while operating income was $13.4 million, down 65 per cent.
For FY2024, total revenues were $3.03 billion USD, down 8.0 per cent, and operating income was $66.1 million USD, down 63 per cent.
Werner Enterprises Chairman and CEO, Derek Leathers, said Q4 2024 included several ‘puts and takes’ that are more one-time in nature.
“While the freight market continues to present challenges, fourth quarter provided early signs of an improving environment,” he said.
“One-Way revenue per total mile increased year-over-year for the second consecutive quarter. Peak season was better than expected with peak volumes that were two times last year at higher rates.
“Dedicated average fleet size grew sequentially, and we are proud of the numerous Carrier of the Year awards during 2024 from Dedicated customers.
“Our Logistics division reported adjusted operating income that improved sequentially and represented the best quarter of the year.
“While our fourth quarter insurance expense was elevated due to unfavourable development on large dollar claims, our safety metrics remain near record low levels. During this downturn, we have focused on controlling what we can by investing in ourselves and making strategic decisions that position us favourably for creating long-term value for our shareholders as conditions improve.”
During Q4 2024, the Truckload Transportation Services (TTS) segment recorded a net reduction in average trucks, down 7.7 per cent year-over-year and up 27 trucks – or 0.1 per cent sequentially.
Quarter-end fleet size was down 8.1 per cent year-over-year and down 1.3 per cent sequentially.
Dedicated average revenues per truck per week, net of fuel surcharge, increased 1.1 per cent year-over -year.
Werner said despite a highly competitive environment, pipeline opportunities are strong and customer retention is over 90 per cent.
“One-Way Truckload volume was seasonally stronger than prior year with more than double the number of premium-rated peak shipments along with year-over-year improvement in rate,” said Werner.
“One-Way revenues per total mile, net of fuel surcharge, increased 3.3 per cent year over year.
“Despite a 9.2 per cent decline in One-Way average trucks, One-Way Truckload miles were only down 7.6 per cent, due to the impact of a 1.7 per cent increase in miles per truck per week, the seventh consecutive quarter of improvement.”
In other news, Stoughton Lease has opened a new Memphis location.
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