The biggest number touted by Werner Enterprises in its second quarter earnings release was that it had the highest revenue per truck growth in its One-Way segment in a decade.
Revenue per truck per week was $6,114, up 27.7% from the corresponding quarter a year ago.
Werner did that on the back of a significant downsizing of the number of average trucks in its One-Way Truckload segment. That number was down about 34% from a year ago.
Total miles per truck per week in One-Way was up 15.7% from a year earlier. Those trips also were longer, rising to an average of 685 from 581 a year earlier.
The size of the Dedicated fleet was up as a result of the acquisition of FirstFleet in January. Trucks in service in Dedicated rose 43.7% to 6,976. Average revenue per truck per week rose 5.4% to $4,789.
Though some GAAP performance measures looked weaker at Werner, primarily because they were positively impacted a year ago from a pair of legal developments, non-GAAP numbers were decidedly stronger. The non-GAAP adjusted operating margin was 3%, up 80 bps from a year ago. Non-GAAP adjusted operating income was $27.6 million, up 67%.
Non-GAAP diluted earnings per share rose to 22 cents, up 178%.
In the prepared statement released alongside the earnings, CEO Derek Leathers said the improved performance “reflects the strategic efforts implemented over the last few quarters and our decisive actions to adapt to a capacity tightening market.”
“Our organic Dedicated business is growing, and the FirstFleet acquisition is driving margin improvement ahead of schedule,” he added.
More articles by John Kingston
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