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Werner Q1 Earnings & Revenues Surpass Estimates, Increase Y/Y
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Key Takeaways
Werner reported Q1 EPS of 2 cents and $808.6M in revenue, both above estimates and up Y/Y.
Q1 revenues gain from strength across both its Truckload Transportation Services and Logistics segments.
Werner issued 2026 guidance, projecting TTS truck growth of 23-28% and capex of $185-$225M.
Werner Enterprises, Inc. (WERN - Free Report) reported solid first-quarter 2026 results wherein both earnings and revenues surpassed the Zacks Consensus Estimate and improved year over year.
Werner reported first-quarter earnings per share of 2 cents against the Zacks Consensus Estimate loss of 3 cents per share. In the year-ago quarter, the company reported a loss of 12 cents per share.
Total revenues of $808.6 million surpassed the Zacks Consensus Estimate of $804.8 million and grew 14% on a year-over-year basis, owing to a $92.4 million, or 18% increase in Truckload Transportation Services (“TTS”) revenues and a slight increase in Werner Logistics revenues of $0.3 million.
WERN reported adjusted operating income of $11.9 million against an adjusted operating loss of $1.8 million in the prior-year quarter. Adjusted operating margin of 1.5% increased 180 basis points from the year-ago quarter.
Werner Enterprises, Inc. Price, Consensus and EPS Surprise
Derek Leathers, Werner’s chairman and chief executive officer, stated, "The first quarter reflects early results from our strategic positioning and positive momentum in our core business. Dedicated revenue and fleet size grew, bolstered by our FirstFleet acquisition, improving rates, and a strong 95% customer retention rate. Restructuring in our One-Way Truckload business is yielding a near double-digit increase in revenue per truck. Logistics revenues remained flat year-over-year, with growth in Intermodal and Final Mile. And, overall operating margins are improving. Through continued cost discipline, and a relentless focus on safety, service and innovation, Werner remains well-positioned to drive better financial results as market conditions tighten throughout the year."
WERN’s Q1 Segmental Results
Revenues in the TTS segment grew 18% on a year-over-year basis to $594.31 million. Adjusted operating income of $14.8 million surged more than 100% year over year. The adjusted operating margin of 2.5% improved 210 basis points.
Logistics’ revenues totaled $195.83 million, down 3% year over year. Segmental adjusted operating loss was $0.9 million against an adjusted operating income of $0.7 million in the prior-year quarter. Adjusted operating margin of (0.4)% decreased 70 basis points from the year-ago quarter.
Liquidity
As of March 31, 2026, Werner had cash and cash equivalents of $61.54 million compared with $59.92 million at the prior-quarter end. Long-term debt (net of current portion) was $869.6 million compared with $752 million at the end of the prior quarter.
The company generated $89.2 million of cash from operations in first-quarter 2026. Net capital expenditure amounted to$2 million.
Werner did not repurchase any shares in the first quarter of 2026. As of March 31, 2026, WERN had 5.0 million shares remaining under its share repurchase authorization.
WERN’s Outlook
For 2026, Werner anticipates TTS truck growth to improve in the range of 23-28%. Net capital expenditure is estimated to be in the range of $185-$225 million.
Under the TTS guidance, WERN projects dedicated revenues per truck per week to improve from flat to up 3% (prior view: decline from 1% to grow to 2%) in 2026. The full-year 2026 tax rate is now anticipated to be in the range of 25.5%-26.5%.
Delta Air Lines (DAL - Free Report) reported first-quarter 2026 earnings (excluding $1.08 from non-recurring items) of 64 cents per share, which beat the Zacks Consensus Estimate of 61 cents. Earnings increased 39.1% on a year-over-year basis due to high labor costs. Adjusted revenues in the March-end quarter were $14.2 billion, beating the Zacks Consensus Estimate of $14 billion and increasing on a year-over-year basis.
United Airlines Holdings, Inc. (UAL - Free Report) reported solid first-quarter 2026 results wherein the company’s earnings and revenues beat the Zacks Consensus Estimate as well as improved on a year-over-year basis.
UAL's first-quarter 2026 adjusted earnings per share (EPS) (excluding 95 cents from non-recurring items) of $1.19 surpassed the Zacks Consensus Estimate of $1.08 and increased 30.8% on a year-over-year basis. The reported figure lies within the guided range of $1.00-$1.50.
Operating revenues of $14.6 billion outpaced the Zacks Consensus Estimate of $14.3 billion and increased 10.5% year over year. Passenger revenues (which accounted for 90.1% of the top line) increased 11% year over year to $13.1 billion. UAL flights transported 42,486 passengers in the first quarter, up 4.1% year over year.
Cargo revenues fell 1.6% year over year to $422 million. Revenues from other sources rose 10.5% year over year to $1.02 billion.
J.B. Hunt Transport Services (JBHT - Free Report) posted first-quarter 2026 earnings per share of $1.49, up 27% from $1.17 a year ago. The result topped the Zacks Consensus Estimate by $0.04, a 2.8% surprise.
Operating revenues totaled $3.06 billion, rising 4.6% year over year. Revenues beat the consensus mark of $2.94 billion, resulting in a 3.9% surprise, as demand proved resilient across several service offerings, led by Intermodal volume growth and higher revenue per load in select highway-related businesses.
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Werner Q1 Earnings & Revenues Surpass Estimates, Increase Y/Y
Key Takeaways
Werner Enterprises, Inc. (WERN - Free Report) reported solid first-quarter 2026 results wherein both earnings and revenues surpassed the Zacks Consensus Estimate and improved year over year.
Werner reported first-quarter earnings per share of 2 cents against the Zacks Consensus Estimate loss of 3 cents per share. In the year-ago quarter, the company reported a loss of 12 cents per share.
Total revenues of $808.6 million surpassed the Zacks Consensus Estimate of $804.8 million and grew 14% on a year-over-year basis, owing to a $92.4 million, or 18% increase in Truckload Transportation Services (“TTS”) revenues and a slight increase in Werner Logistics revenues of $0.3 million.
WERN reported adjusted operating income of $11.9 million against an adjusted operating loss of $1.8 million in the prior-year quarter. Adjusted operating margin of 1.5% increased 180 basis points from the year-ago quarter.
Werner Enterprises, Inc. Price, Consensus and EPS Surprise
Werner Enterprises, Inc. price-consensus-eps-surprise-chart | Werner Enterprises, Inc. Quote
Derek Leathers, Werner’s chairman and chief executive officer, stated, "The first quarter reflects early results from our strategic positioning and positive momentum in our core business. Dedicated revenue and fleet size grew, bolstered by our FirstFleet acquisition, improving rates, and a strong 95% customer retention rate. Restructuring in our One-Way Truckload business is yielding a near double-digit increase in revenue per truck. Logistics revenues remained flat year-over-year, with growth in Intermodal and Final Mile. And, overall operating margins are improving. Through continued cost discipline, and a relentless focus on safety, service and innovation, Werner remains well-positioned to drive better financial results as market conditions tighten throughout the year."
WERN’s Q1 Segmental Results
Revenues in the TTS segment grew 18% on a year-over-year basis to $594.31 million. Adjusted operating income of $14.8 million surged more than 100% year over year. The adjusted operating margin of 2.5% improved 210 basis points.
Logistics’ revenues totaled $195.83 million, down 3% year over year. Segmental adjusted operating loss was $0.9 million against an adjusted operating income of $0.7 million in the prior-year quarter. Adjusted operating margin of (0.4)% decreased 70 basis points from the year-ago quarter.
Liquidity
As of March 31, 2026, Werner had cash and cash equivalents of $61.54 million compared with $59.92 million at the prior-quarter end. Long-term debt (net of current portion) was $869.6 million compared with $752 million at the end of the prior quarter.
The company generated $89.2 million of cash from operations in first-quarter 2026. Net capital expenditure amounted to$2 million.
Werner did not repurchase any shares in the first quarter of 2026. As of March 31, 2026, WERN had 5.0 million shares remaining under its share repurchase authorization.
WERN’s Outlook
For 2026, Werner anticipates TTS truck growth to improve in the range of 23-28%. Net capital expenditure is estimated to be in the range of $185-$225 million.
Under the TTS guidance, WERN projects dedicated revenues per truck per week to improve from flat to up 3% (prior view: decline from 1% to grow to 2%) in 2026. The full-year 2026 tax rate is now anticipated to be in the range of 25.5%-26.5%.
Currently, Werner carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q1 Performances of Other Transportation Companies
Delta Air Lines (DAL - Free Report) reported first-quarter 2026 earnings (excluding $1.08 from non-recurring items) of 64 cents per share, which beat the Zacks Consensus Estimate of 61 cents. Earnings increased 39.1% on a year-over-year basis due to high labor costs. Adjusted revenues in the March-end quarter were $14.2 billion, beating the Zacks Consensus Estimate of $14 billion and increasing on a year-over-year basis.
United Airlines Holdings, Inc. (UAL - Free Report) reported solid first-quarter 2026 results wherein the company’s earnings and revenues beat the Zacks Consensus Estimate as well as improved on a year-over-year basis.
UAL's first-quarter 2026 adjusted earnings per share (EPS) (excluding 95 cents from non-recurring items) of $1.19 surpassed the Zacks Consensus Estimate of $1.08 and increased 30.8% on a year-over-year basis. The reported figure lies within the guided range of $1.00-$1.50.
Operating revenues of $14.6 billion outpaced the Zacks Consensus Estimate of $14.3 billion and increased 10.5% year over year. Passenger revenues (which accounted for 90.1% of the top line) increased 11% year over year to $13.1 billion. UAL flights transported 42,486 passengers in the first quarter, up 4.1% year over year.
Cargo revenues fell 1.6% year over year to $422 million. Revenues from other sources rose 10.5% year over year to $1.02 billion.
J.B. Hunt Transport Services (JBHT - Free Report) posted first-quarter 2026 earnings per share of $1.49, up 27% from $1.17 a year ago. The result topped the Zacks Consensus Estimate by $0.04, a 2.8% surprise.
Operating revenues totaled $3.06 billion, rising 4.6% year over year. Revenues beat the consensus mark of $2.94 billion, resulting in a 3.9% surprise, as demand proved resilient across several service offerings, led by Intermodal volume growth and higher revenue per load in select highway-related businesses.