Werner Enterprises Inc. (WERN, Financial) filed Quarterly Report for the period ended 2012-03-31.
Werner Entrprs has a market cap of $1.71 billion; its shares were traded at around $23.8 with a P/E ratio of 16 and P/S ratio of 0.9. The dividend yield of Werner Entrprs stocks is 0.9%. Werner Entrprs had an annual average earning growth of 4.6% over the past 10 years.
Brokerage revenues in first quarter 2012 increased 13% compared to first quarter 2011 due to a 3% increase in shipment volume and a 10% increase in average revenue per shipment. Brokerage gross margin percentage and operating income percentage both increased year-over-year. Intermodal revenues increased 46%, and Intermodal gross margin and operating income both increased by an even higher percentage, comparing first quarter 2012 to first quarter 2011. Werner Global Logistics revenues increased 40% in first quarter 2012 compared to first quarter 2011.
Net cash used in investing activities increased from $18.8 million for the three-month period ended March 31, 2011 to $81.9 million for the three-month period ended March 31, 2012. Net property additions (primarily revenue equipment) were $82.5 million for the three-month period ended March 31, 2012, compared to $20.1 million during the same period of 2011. This increase occurred because we purchased more new trucks and trailers in the 2012 period than in the 2011 period.
As of March 31, 2012, we were committed to property and equipment purchases, net of trades, of approximately $43.3 million. We currently expect our net capital expenditures (primarily revenue equipment) in 2012 to be in the range of $160.0 million to $210.0 million, compared to net capital expenditures in 2011 of $232.2 million. We intend to fund these net capital expenditures through cash flow from operations and financing available under our existing credit facilities, as management deems necessary.
We have committed credit facilities with two banks totaling $225.0 million that mature in May 2012 ($50.0 million) and November 2013 ($175.0 million). Borrowings under these credit facilities bear variable interest based on the London Interbank Offered Rate (LIBOR). As of March 31, 2012, we had no borrowings outstanding under these credit facilities with banks. In April 2012, we borrowed $20.0 million. The credit available under these facilities is further reduced by the amount of stand-by letters of credit under which we are obligated. The stand-by letters of credit are primarily required for insurance policies. The unused lines of credit are available to us in the event we need financing for the replacement of our fleet or for other significant capital expenditures. Management believes our financial position is strong, and we therefore expect that we could obtain additional financing, if necessary. Property and equipment purchase commitments relate to committed equipment expenditures, net of trades, primarily for revenue equipment. As of March 31, 2012, we have recorded an $11.1 million liability for unrecognized tax benefits. We expect $0.4 million to be settled within the next twelve months and are unable to reasonably determine when the $10.7 million categorized as period unknown will be settled.
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Werner Entrprs has a market cap of $1.71 billion; its shares were traded at around $23.8 with a P/E ratio of 16 and P/S ratio of 0.9. The dividend yield of Werner Entrprs stocks is 0.9%. Werner Entrprs had an annual average earning growth of 4.6% over the past 10 years.
Highlight of Business Operations:
Operating revenues increased 6.2% for the three months ended March 31, 2012, compared to the same period of the prior year. Trucking revenues, net of fuel surcharge, increased 1.5% due primarily to a 2.6% increase in average revenues per total mile, net of fuel surcharge, offset by a 0.5% decrease in average monthly miles per tractor and a 0.6% decrease in the average number of tractors in service.Brokerage revenues in first quarter 2012 increased 13% compared to first quarter 2011 due to a 3% increase in shipment volume and a 10% increase in average revenue per shipment. Brokerage gross margin percentage and operating income percentage both increased year-over-year. Intermodal revenues increased 46%, and Intermodal gross margin and operating income both increased by an even higher percentage, comparing first quarter 2012 to first quarter 2011. Werner Global Logistics revenues increased 40% in first quarter 2012 compared to first quarter 2011.
Net cash used in investing activities increased from $18.8 million for the three-month period ended March 31, 2011 to $81.9 million for the three-month period ended March 31, 2012. Net property additions (primarily revenue equipment) were $82.5 million for the three-month period ended March 31, 2012, compared to $20.1 million during the same period of 2011. This increase occurred because we purchased more new trucks and trailers in the 2012 period than in the 2011 period.
As of March 31, 2012, we were committed to property and equipment purchases, net of trades, of approximately $43.3 million. We currently expect our net capital expenditures (primarily revenue equipment) in 2012 to be in the range of $160.0 million to $210.0 million, compared to net capital expenditures in 2011 of $232.2 million. We intend to fund these net capital expenditures through cash flow from operations and financing available under our existing credit facilities, as management deems necessary.
We have committed credit facilities with two banks totaling $225.0 million that mature in May 2012 ($50.0 million) and November 2013 ($175.0 million). Borrowings under these credit facilities bear variable interest based on the London Interbank Offered Rate (LIBOR). As of March 31, 2012, we had no borrowings outstanding under these credit facilities with banks. In April 2012, we borrowed $20.0 million. The credit available under these facilities is further reduced by the amount of stand-by letters of credit under which we are obligated. The stand-by letters of credit are primarily required for insurance policies. The unused lines of credit are available to us in the event we need financing for the replacement of our fleet or for other significant capital expenditures. Management believes our financial position is strong, and we therefore expect that we could obtain additional financing, if necessary. Property and equipment purchase commitments relate to committed equipment expenditures, net of trades, primarily for revenue equipment. As of March 31, 2012, we have recorded an $11.1 million liability for unrecognized tax benefits. We expect $0.4 million to be settled within the next twelve months and are unable to reasonably determine when the $10.7 million categorized as period unknown will be settled.
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