WERN - Werner Enterprises Says End of Downcycle Getting Closer | Benzinga
Werner reported first-quarter net income of $6.3 million compared to $35.2 million in the same period of 2023. When adjusted for items expected to not recur or items considered not part of normal operating activities (acquisition-related expenses, costs from an insurance claim that has been appealed, changes to earnouts and changes in the value of equity investments) the company reported earnings per share of 14 cents. The adjusted result was 13 below the consensus estimate and 46 cents lower year over year (y/y).
A decline in used equipment values pushed gains on sales 80% lower y/y to just 4 cents per share (an 18-cent headwind compared to the year-ago quarter). Unit sales of tractors were down 18% y/y but trailers sold increased 78%. Werner lowered its outlook for gains on equipment sales to a range of $10 million to $20 million from the prior range of $10 million to $30 million.
Table: Werner's key performance indicators
Total revenue from ...