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Werner Enterprises (NASDAQ: WERN) believes the freight recession's end is near. Despite Q1 challenges like inclement weather and insurance costs, it expects seasonal recovery.
Financial Performance: Q1 net income was $6.3 million, down from $35.2 million in 2023. Adjusted EPS was 14 cents, below expectations by 13 cents.
Truckload (TL) Business: Truckload revenue fell 6% YoY to $551 million, and the adjusted operating ratio reached 95.3%.
Cost Savings: Werner aims for $40 million in 2024 cost savings, reaching up to $90 million in total savings across 2023-2024.
Market Outlook:
Flatbed Recovery: Werner anticipates improvement in spot rates for TL in H2 2024.
Brokerage Challenges: The logistics unit faced a $2.3 million operating loss due to lower revenue and shrinking margins.
However, truckers express skepticism about market recovery, with some saying the reality doesn't match the data.
I see some saying the freight recession is coming to an end but it looks the opposite to me. The last 4 weeks have been the worst for my trucks over the past 5 years. Volumes for refrigerated (contract) freight have been a dumpster fire in my experience.
Hi! I'm Adriana and I've been working for FreightCaviar as Head Writer for a little over a year now. Some of my favorite topics to cover are FreightTech, Green Freight, and nearshoring/reshoring.
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