Werner Enterprises reported a cost-burdened fourth quarter that came in light of estimates even after adjusting for nonrecurring items.
Werner (NASDAQ: WERN) reported a fourth-quarter headline net loss of $27.8 million, or 46 cents per share, on Thursday after the market closed. However, the number included $44.2 million in restructuring and impairment charges, the bulk of which were noncash items. Excluding those charges and other one-off items, adjusted net income was $3.3 million, or 5 cents per share. Adjusted EPS was 5 cents below consensus and 3 cents lower year over year.
The company said it began restructuring its one-way truckload unit during the quarter to improve fleet utilization, remove unprofitable freight and return the segment to profitability.
Consolidated revenue of $738 million was 2% lower y/y and shy of a $761 million consensus estimate.
Total TL revenue was down 3% y/y to $513 million. The segment reported a 97.2% adjusted operating ratio (inverse of operating margin), which was 30 basis points worse y/y.
One-way average trucks in service were reduced by 10% y/y with revenue per truck per week up 2%, resulting in an 8% revenue decline. Miles per truck per week improved 2% but revenue per total mile was off slightly.
Dedicated revenue increased 1% y/y as a 2% increase in average trucks was partially offset by a 1% decline in revenue per truck per week.
The company issued guidance calling for revenue per total mile in one-way to be flat to up 3% y/y in the first half of 2026. Revenue per truck per week in dedicated is expected to come in down 1% to up 2% y/y for full-year 2026.
Werner will host a call on Thursday at 5:00 p.m. EST to discuss fourth-quarter results.
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