Oil-and-Gas-Transportation-Mistakes-and-How-to-Correct-ThemRoss Van Allen
The document discusses common mistakes that oil and gas companies make in transportation management that increase costs and hurt profitability. It identifies 5 key mistakes: 1) Limited use of transportation management software; 2) Decentralized transportation management; 3) Focusing only on over-the-road carriers; 4) Relying on a small carrier base; 5) Having no visibility or control over inbound freight. The document provides examples and explains how outsourcing transportation management to a third-party logistics provider can help correct these mistakes and lower transportation costs.
Dover reported strong financial results for Q2 2005. Sales increased 16% year-over-year to a record $1.585 billion. Earnings per share from continuing operations grew 17% to $0.61. All six of Dover's business segments saw sales growth. Margins improved sequentially as the company recovered a higher percentage of increased commodity costs compared to prior periods. Dover completed one small acquisition and expects to report significant M&A progress in the coming months. Management is focused on improving operating metrics and sees opportunities for continued positive results in the second half of the year.
This document summarizes the case of a 38-year-old male patient who developed blackish rough skin patches all over his body associated with itching and discharge for 2 years. His symptoms reduced with allopathic treatment for 8 months but recurred after 2 months. He consulted SDM Hospital for better treatment. The document discusses the concept of latent doshas in Ayurveda and how they can aggravate at appropriate times. It outlines the sodhana and treatment approach used for this patient's kitibha kusta condition, including medicated oils, herbs, induced vomiting, dietary changes and lifestyle modifications to prevent recurrence.
Toyota donated expertise in lean process improvement rather than cash to several New York City food charities. Toyota engineers analyzed processes at a soup kitchen, food pantry, and food warehouse and were able to significantly increase efficiency and productivity. Simple changes like reorganizing customer flow and shelves, assigning specific roles, and creating an assembly line reduced wait times by over an hour at the soup kitchen, nearly halved time spent at the food pantry, and decreased time to pack boxes at the warehouse from 3 minutes to just 11 seconds. The donations of expertise through kaizen, or continuous improvement, provided more impactful and long-lasting benefits than cash alone.
Oil-and-Gas-Transportation-Mistakes-and-How-to-Correct-ThemRoss Van Allen
The document discusses common mistakes that oil and gas companies make in transportation management that increase costs and hurt profitability. It identifies 5 key mistakes: 1) Limited use of transportation management software; 2) Decentralized transportation management; 3) Focusing only on over-the-road carriers; 4) Relying on a small carrier base; 5) Having no visibility or control over inbound freight. The document provides examples and explains how outsourcing transportation management to a third-party logistics provider can help correct these mistakes and lower transportation costs.
Dover reported strong financial results for Q2 2005. Sales increased 16% year-over-year to a record $1.585 billion. Earnings per share from continuing operations grew 17% to $0.61. All six of Dover's business segments saw sales growth. Margins improved sequentially as the company recovered a higher percentage of increased commodity costs compared to prior periods. Dover completed one small acquisition and expects to report significant M&A progress in the coming months. Management is focused on improving operating metrics and sees opportunities for continued positive results in the second half of the year.
This document summarizes the case of a 38-year-old male patient who developed blackish rough skin patches all over his body associated with itching and discharge for 2 years. His symptoms reduced with allopathic treatment for 8 months but recurred after 2 months. He consulted SDM Hospital for better treatment. The document discusses the concept of latent doshas in Ayurveda and how they can aggravate at appropriate times. It outlines the sodhana and treatment approach used for this patient's kitibha kusta condition, including medicated oils, herbs, induced vomiting, dietary changes and lifestyle modifications to prevent recurrence.
Toyota donated expertise in lean process improvement rather than cash to several New York City food charities. Toyota engineers analyzed processes at a soup kitchen, food pantry, and food warehouse and were able to significantly increase efficiency and productivity. Simple changes like reorganizing customer flow and shelves, assigning specific roles, and creating an assembly line reduced wait times by over an hour at the soup kitchen, nearly halved time spent at the food pantry, and decreased time to pack boxes at the warehouse from 3 minutes to just 11 seconds. The donations of expertise through kaizen, or continuous improvement, provided more impactful and long-lasting benefits than cash alone.
This document provides an earnings conference call summary for the first quarter of 2014. It discusses Ryder System Inc.'s financial results including a 4% increase in operating revenue and 3% increase in total revenue compared to the prior year. Comparable earnings per share from continuing operations were $0.92 compared to $0.81 in the prior year. The document reviews results for both the Fleet Management Solutions and Supply Chain Solutions segments. It also provides Ryder's earnings forecast for the second quarter and full year of 2014, increasing the full year comparable EPS forecast range. The document includes several appendix sections with additional financial details.
Ryder System reported third quarter 2015 earnings. Comparable EPS increased 7% year-over-year to $1.74. Operating revenue grew 6% driven by increases in full service leasing, commercial rentals, and supply chain solutions. Fleet management solutions earnings grew 5% despite lower used vehicle sales volumes and pricing. The number of vehicles held for sale increased from the prior year while units sold decreased 12%. Ryder increased its full year comparable EPS forecast to $6.30-$6.40.
Scania Interim Report, January-March 2014Scania Group
Scania’s earnings for the first quarter amounted to SEK 2,257 m. Both vehicle and service volume increased, which was partly offset by weaker emerging markets currencies. Total order bookings for trucks during the first quarter were higher than the beginning of last year.
Delta presented at a J.P. Morgan conference on delivering growing value. The presentation discussed Delta's strong financial performance in 2014, expectations for continued margin expansion and cash flow generation in 2015 due to lower fuel prices and Delta-specific initiatives. Delta aims to deploy capital through reinvesting in the business, reducing debt, and returning cash to shareholders, with the goal of achieving investment grade metrics and sustainable shareholder returns over the long term.
BNSF is one of the largest railroad networks in North America. In 2003, it transported a variety of goods including intermodal containers, coal, grain, building products, and other industrial and consumer products. Some key highlights from 2003 include revenue growth of 5%, record efficiency as employees handled 25 million gross ton-miles of freight per person, and improved safety performance including a 43% reduction in highway-rail grade crossing accidents since 1995.
- Ryder reported higher revenue and earnings in 4Q15 compared to 4Q14. Total revenue increased 1% to $1.67 billion while earnings per share increased to $1.42 from $0.22.
- The Fleet Management Solutions segment saw a 7% increase in operating revenue due to growth in full service leases and commercial rentals. Earnings increased 1% despite lower used vehicle sales.
- Supply Chain Solutions operating revenue grew 4% on new business and higher volumes, while earnings increased 5%. Dedicated Transportation Solutions operating revenue and earnings increased 11% and 1%, respectively, due to new business and higher volumes.
- Ryder provided a forecast for 2016 expecting continued revenue growth and
This presentation provides an overview of C.H. Robinson's performance through Q1 2017. Some key points:
- C.H. Robinson saw growth across most of its services in Q1 2017 compared to Q1 2016, including truckload volumes in North America and global forwarding ocean and air volumes.
- The company has long-term annual growth targets of 5-9% for its main segments and aims to grow operating income and EPS faster than net revenue growth over time.
- C.H. Robinson has a consistent track record of revenue, income, and EPS growth over the past 10 years, averaging around 8% annually for key metrics. It also returns significant capital to shareholders.
This document provides an overview of Enterprise Holdings' approach to sustainability in its fiscal year 2015. It discusses Enterprise Holdings' goals for reducing energy use, greenhouse gas emissions, and increasing alternative fuel use between 2010-2015. It also outlines new sustainability goals for 2020 focusing on further reducing energy/emissions, reducing paper use, investing in employee development, and implementing a sustainable construction protocol. The document discusses Enterprise Holdings' large rental fleet and role in testing new automotive technologies and alternative fuels. It also outlines the company's support for urban mobility solutions like car sharing to promote sustainable transportation.
Transportation Services provides transportation services for Alameda County. In the past year, it modernized facilities to accommodate more bicycle usage by employees through adding over 70 bicycle racks. It also started an internal bike share program and procuring 90 electric vehicles for itself and other agencies. It tracks its progress through metrics like gasoline savings, fleet fuel efficiency, and greenhouse gas emissions reductions.
- Ryder reported first quarter 2016 earnings per share of $1.05 compared to $1.00 in first quarter 2015. Revenue increased 4% year-over-year to $1.63 billion.
- Fleet Management Solutions revenue grew 7% driven by increases in full service lease and maintenance revenue. Earnings declined due to lower used vehicle results and higher insurance costs.
- Dedicated Transportation Solutions revenue increased 15% from new business and higher volumes. Earnings grew due to revenue growth and lower insurance expenses.
- Supply Chain Solutions revenue rose 9% excluding foreign exchange from new business and volumes. Earnings increased on higher revenue.
- Ryder reported first quarter 2016 earnings per share of $1.05 compared to $1.00 in first quarter 2015. Revenue increased 4% year-over-year to $1.63 billion.
- Fleet Management Solutions revenue grew 7% driven by increases in full service lease and maintenance revenue. Earnings declined due to lower used vehicle results and higher insurance costs.
- Dedicated Transportation Solutions revenue increased 15% from new business and higher volumes. Earnings grew due to revenue growth and lower insurance expenses.
- Supply Chain Solutions revenue rose 9% excluding foreign exchange from new business and volumes. Earnings increased on higher revenue.
Tässä tutkimuksessa tutkitaan autoveron kiertoa Suomessa. Maahan käytettyjä autoja tuovat saattavat liioitella autolla ajettuja kilometrejä vähentääkseen autoon kohdistuvia autoveroja. Tutkimuksessa kehitetään mittari veronkierrolle, joka vertaa auton tuonnin yhteydessä ilmoitettuja kilometrejä myöhemmin katsastuksen yhteydessä havaittuun matkamittarilukemaan. Tämä mittari paljastaa, että kilometrien liioittelu tuonnin yhteydessä on suhteellisen yleinen ilmiö. Lisäksi tutkimuksessa hyödynnetään vuoden 2012 autoveron muutosta, joka nosti paljon päästävien autojen veroasteita. Tulosten perusteella tämä vähensi maahan käytettynä tuotujen autojen määrää, mutta vain niiden autojen osalta, joista ei kierretä veroa. Lopuksi tutkitaan, miten veronkiertoon voidaan vaikuttaa aiempaa tehokkaammalla vertailutietojen hyödyntämisellä verovalvonnassa. Kenttäkokeessa, jossa autojen tuojille ilmoitettiin paremman vertailutiedon olemassaolosta, havaittiin tämän vähentävän veronkiertoa.
American Apparel, Inc. Reports Fourth Quarter 2014 Financial Resultsheavenlygimmick52
American Apparel reported financial results for Q4 2014, with a net loss of $28 million compared to a $20.8 million loss in Q4 2013. While sales decreased 9% due to lower retail and wholesale volumes, gross profit margin increased due to cost reductions. Operating expenses excluding one-time charges decreased 12% year-over-year through lower payroll and advertising costs. The company also secured a $15 million loan to improve liquidity as it works to strengthen operations and financial position.
OCI reported financial results for fiscal year 2014 with increased revenues and earnings. Revenues grew 8% to $2.7 billion on higher product volumes, while EBITDA excluding one-time items increased 23% to $833 million. The company realized strong performance from its new Sorfert Algeria plant and Dutch operations. OCI focused on projects in the US, completing a debottlenecking project and continuing construction of a new Iowa fertilizer plant and Texas methanol facility. Management expects these projects to significantly increase production capacity by 2017. Favorable exchange rates and low natural gas prices are expected to benefit OCI's performance in 2015 as its expansion program progresses.
Southwestern Energy Announces First Quarter 2014 Financial And Operating ResultsMarcellus Drilling News
Southwestern Energy announced its financial and operating results for the first quarter of 2014, which set several records. Gas and oil production reached 182.0 Bcfe, up 23% from the previous year. Adjusted net income was $231.4 million, up 58% from the previous year. Net cash from operating activities before changes in assets and liabilities was $616.7 million, up 45% from the previous year. Marcellus Shale production reached 800 MMcf per day, with net production up 147% from the previous year.
Ryder reported fourth quarter 2014 earnings results and provided a forecast for 2015. For the fourth quarter, comparable earnings per share were $1.60 compared to $1.35 in the prior year. Fleet Management Solutions revenue increased 6% due to growth in full service leasing, maintenance, and commercial rentals. Supply Chain Solutions revenue rose 4% on new business and higher volumes. For 2015, Ryder forecasts revenue growth of 7% and comparable earnings per share between $6.25-$6.40, driven by continued fleet growth and higher rental and used vehicle sales proceeds.
MBFS Budget Report 2015 March and July 2015David Johnson
This document summarizes key announcements from the UK government budgets in March and July 2015 that affect the motor and motor finance industry, including:
- Income tax rates and thresholds will increase slightly over the next few years.
- Corporation tax rates will decrease to 18% by 2020.
- Annual investment allowance will decrease to £200,000 in 2016.
- Company car tax rates and vehicle excise duty rates will increase in line with inflation.
- Insurance premium tax will increase to 9.5% in 2015.
Yellow Roadway Corporation reported their highest quarterly earnings per share in company history for Q3 2005. Key highlights included:
- Yellow Transportation achieved a record quarterly operating ratio of 91.8% and revenue per hundredweight increased 7.2% year-over-year.
- Roadway Express closed the quarter with good momentum, with a 93.2% operating ratio.
- YRC Regional Transportation saw double-digit volume growth and revenue per hundredweight increased 6.0% year-over-year.
- Meridian IQ results reflected strong organic growth and expansion, with operating income increasing over 500% from the prior year quarter.
Yellow Roadway expected Q4 2005 EPS between
Driving Up – Vans & Trucks Registration in an Upswing! | An Aranca InfographicAranca
Commercial vehicle registration in the UK has grown up by 12.8% in 2013. Vans and trucks have larger contributions to this growth as compared to buses and coaches. Also, the forthcoming launches of several new light commercial vans are expected to further boost growth in the sector.
Industrial Tech SW: Category Renewal and CreationChristian Dahlen
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This document provides an earnings conference call summary for the first quarter of 2014. It discusses Ryder System Inc.'s financial results including a 4% increase in operating revenue and 3% increase in total revenue compared to the prior year. Comparable earnings per share from continuing operations were $0.92 compared to $0.81 in the prior year. The document reviews results for both the Fleet Management Solutions and Supply Chain Solutions segments. It also provides Ryder's earnings forecast for the second quarter and full year of 2014, increasing the full year comparable EPS forecast range. The document includes several appendix sections with additional financial details.
Ryder System reported third quarter 2015 earnings. Comparable EPS increased 7% year-over-year to $1.74. Operating revenue grew 6% driven by increases in full service leasing, commercial rentals, and supply chain solutions. Fleet management solutions earnings grew 5% despite lower used vehicle sales volumes and pricing. The number of vehicles held for sale increased from the prior year while units sold decreased 12%. Ryder increased its full year comparable EPS forecast to $6.30-$6.40.
Scania Interim Report, January-March 2014Scania Group
Scania’s earnings for the first quarter amounted to SEK 2,257 m. Both vehicle and service volume increased, which was partly offset by weaker emerging markets currencies. Total order bookings for trucks during the first quarter were higher than the beginning of last year.
Delta presented at a J.P. Morgan conference on delivering growing value. The presentation discussed Delta's strong financial performance in 2014, expectations for continued margin expansion and cash flow generation in 2015 due to lower fuel prices and Delta-specific initiatives. Delta aims to deploy capital through reinvesting in the business, reducing debt, and returning cash to shareholders, with the goal of achieving investment grade metrics and sustainable shareholder returns over the long term.
BNSF is one of the largest railroad networks in North America. In 2003, it transported a variety of goods including intermodal containers, coal, grain, building products, and other industrial and consumer products. Some key highlights from 2003 include revenue growth of 5%, record efficiency as employees handled 25 million gross ton-miles of freight per person, and improved safety performance including a 43% reduction in highway-rail grade crossing accidents since 1995.
- Ryder reported higher revenue and earnings in 4Q15 compared to 4Q14. Total revenue increased 1% to $1.67 billion while earnings per share increased to $1.42 from $0.22.
- The Fleet Management Solutions segment saw a 7% increase in operating revenue due to growth in full service leases and commercial rentals. Earnings increased 1% despite lower used vehicle sales.
- Supply Chain Solutions operating revenue grew 4% on new business and higher volumes, while earnings increased 5%. Dedicated Transportation Solutions operating revenue and earnings increased 11% and 1%, respectively, due to new business and higher volumes.
- Ryder provided a forecast for 2016 expecting continued revenue growth and
This presentation provides an overview of C.H. Robinson's performance through Q1 2017. Some key points:
- C.H. Robinson saw growth across most of its services in Q1 2017 compared to Q1 2016, including truckload volumes in North America and global forwarding ocean and air volumes.
- The company has long-term annual growth targets of 5-9% for its main segments and aims to grow operating income and EPS faster than net revenue growth over time.
- C.H. Robinson has a consistent track record of revenue, income, and EPS growth over the past 10 years, averaging around 8% annually for key metrics. It also returns significant capital to shareholders.
This document provides an overview of Enterprise Holdings' approach to sustainability in its fiscal year 2015. It discusses Enterprise Holdings' goals for reducing energy use, greenhouse gas emissions, and increasing alternative fuel use between 2010-2015. It also outlines new sustainability goals for 2020 focusing on further reducing energy/emissions, reducing paper use, investing in employee development, and implementing a sustainable construction protocol. The document discusses Enterprise Holdings' large rental fleet and role in testing new automotive technologies and alternative fuels. It also outlines the company's support for urban mobility solutions like car sharing to promote sustainable transportation.
Transportation Services provides transportation services for Alameda County. In the past year, it modernized facilities to accommodate more bicycle usage by employees through adding over 70 bicycle racks. It also started an internal bike share program and procuring 90 electric vehicles for itself and other agencies. It tracks its progress through metrics like gasoline savings, fleet fuel efficiency, and greenhouse gas emissions reductions.
- Ryder reported first quarter 2016 earnings per share of $1.05 compared to $1.00 in first quarter 2015. Revenue increased 4% year-over-year to $1.63 billion.
- Fleet Management Solutions revenue grew 7% driven by increases in full service lease and maintenance revenue. Earnings declined due to lower used vehicle results and higher insurance costs.
- Dedicated Transportation Solutions revenue increased 15% from new business and higher volumes. Earnings grew due to revenue growth and lower insurance expenses.
- Supply Chain Solutions revenue rose 9% excluding foreign exchange from new business and volumes. Earnings increased on higher revenue.
- Ryder reported first quarter 2016 earnings per share of $1.05 compared to $1.00 in first quarter 2015. Revenue increased 4% year-over-year to $1.63 billion.
- Fleet Management Solutions revenue grew 7% driven by increases in full service lease and maintenance revenue. Earnings declined due to lower used vehicle results and higher insurance costs.
- Dedicated Transportation Solutions revenue increased 15% from new business and higher volumes. Earnings grew due to revenue growth and lower insurance expenses.
- Supply Chain Solutions revenue rose 9% excluding foreign exchange from new business and volumes. Earnings increased on higher revenue.
Tässä tutkimuksessa tutkitaan autoveron kiertoa Suomessa. Maahan käytettyjä autoja tuovat saattavat liioitella autolla ajettuja kilometrejä vähentääkseen autoon kohdistuvia autoveroja. Tutkimuksessa kehitetään mittari veronkierrolle, joka vertaa auton tuonnin yhteydessä ilmoitettuja kilometrejä myöhemmin katsastuksen yhteydessä havaittuun matkamittarilukemaan. Tämä mittari paljastaa, että kilometrien liioittelu tuonnin yhteydessä on suhteellisen yleinen ilmiö. Lisäksi tutkimuksessa hyödynnetään vuoden 2012 autoveron muutosta, joka nosti paljon päästävien autojen veroasteita. Tulosten perusteella tämä vähensi maahan käytettynä tuotujen autojen määrää, mutta vain niiden autojen osalta, joista ei kierretä veroa. Lopuksi tutkitaan, miten veronkiertoon voidaan vaikuttaa aiempaa tehokkaammalla vertailutietojen hyödyntämisellä verovalvonnassa. Kenttäkokeessa, jossa autojen tuojille ilmoitettiin paremman vertailutiedon olemassaolosta, havaittiin tämän vähentävän veronkiertoa.
American Apparel, Inc. Reports Fourth Quarter 2014 Financial Resultsheavenlygimmick52
American Apparel reported financial results for Q4 2014, with a net loss of $28 million compared to a $20.8 million loss in Q4 2013. While sales decreased 9% due to lower retail and wholesale volumes, gross profit margin increased due to cost reductions. Operating expenses excluding one-time charges decreased 12% year-over-year through lower payroll and advertising costs. The company also secured a $15 million loan to improve liquidity as it works to strengthen operations and financial position.
OCI reported financial results for fiscal year 2014 with increased revenues and earnings. Revenues grew 8% to $2.7 billion on higher product volumes, while EBITDA excluding one-time items increased 23% to $833 million. The company realized strong performance from its new Sorfert Algeria plant and Dutch operations. OCI focused on projects in the US, completing a debottlenecking project and continuing construction of a new Iowa fertilizer plant and Texas methanol facility. Management expects these projects to significantly increase production capacity by 2017. Favorable exchange rates and low natural gas prices are expected to benefit OCI's performance in 2015 as its expansion program progresses.
Southwestern Energy Announces First Quarter 2014 Financial And Operating ResultsMarcellus Drilling News
Southwestern Energy announced its financial and operating results for the first quarter of 2014, which set several records. Gas and oil production reached 182.0 Bcfe, up 23% from the previous year. Adjusted net income was $231.4 million, up 58% from the previous year. Net cash from operating activities before changes in assets and liabilities was $616.7 million, up 45% from the previous year. Marcellus Shale production reached 800 MMcf per day, with net production up 147% from the previous year.
Ryder reported fourth quarter 2014 earnings results and provided a forecast for 2015. For the fourth quarter, comparable earnings per share were $1.60 compared to $1.35 in the prior year. Fleet Management Solutions revenue increased 6% due to growth in full service leasing, maintenance, and commercial rentals. Supply Chain Solutions revenue rose 4% on new business and higher volumes. For 2015, Ryder forecasts revenue growth of 7% and comparable earnings per share between $6.25-$6.40, driven by continued fleet growth and higher rental and used vehicle sales proceeds.
MBFS Budget Report 2015 March and July 2015David Johnson
This document summarizes key announcements from the UK government budgets in March and July 2015 that affect the motor and motor finance industry, including:
- Income tax rates and thresholds will increase slightly over the next few years.
- Corporation tax rates will decrease to 18% by 2020.
- Annual investment allowance will decrease to £200,000 in 2016.
- Company car tax rates and vehicle excise duty rates will increase in line with inflation.
- Insurance premium tax will increase to 9.5% in 2015.
Yellow Roadway Corporation reported their highest quarterly earnings per share in company history for Q3 2005. Key highlights included:
- Yellow Transportation achieved a record quarterly operating ratio of 91.8% and revenue per hundredweight increased 7.2% year-over-year.
- Roadway Express closed the quarter with good momentum, with a 93.2% operating ratio.
- YRC Regional Transportation saw double-digit volume growth and revenue per hundredweight increased 6.0% year-over-year.
- Meridian IQ results reflected strong organic growth and expansion, with operating income increasing over 500% from the prior year quarter.
Yellow Roadway expected Q4 2005 EPS between
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These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
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Forrester’s Digital Transformation Framework
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MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
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Transport & Logistics Company Werner Enterprises Revenue Remains Flat In 1Q
1. Transport & Logistics Company Werner Enterprises Revenue
Remains Flat In 1Q
Omaha, NE - Werner Enterprises, Inc., one of the nation's largest transportation and logistics
companies, reported revenues and earnings for the first quarter ended March 31, 2014.
Summarized financial results for first quarter 2014 compared to first quarter 2013 are as follows
(dollars in thousands, except per share data):
Â
Â
Three Months Ended
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March 31,
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2014
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2013
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% Change
Total revenues
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$
492,022
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$
492,887
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0
 %
Trucking revenues, net of fuel surcharge
Â
311,522
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2. 313,400
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(1
)%
Value Added Services ("VAS") revenues
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85,154
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Â
82,510
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3
 %
Operating income
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23,441
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Â
28,693
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(18
)%
Net income
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14,339
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17,511
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(18
)%
Earnings per diluted share
Â
0.20
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0.24
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(17
)%
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First quarter 2014 freight demand (as measured by the daily morning ratio of loads to trucks in our
One-Way Truckload network) showed the strongest first quarter performance in 10 years. A
combination of several factors contributed to the demand strength, including (1) the early timing of
the 2014 Chinese New Year, (2) relatively lean retail customer inventory levels following the fourth
quarter 2013 holiday season, (3) multiple severe winter storms that created a backlog of truckload
freight shipments and also caused some severely delayed intermodal freight shipments to shift to
truckload, (4) the preamble of a strong December 2013 freight market and (5) a tightening of truck
capacity due to increasing trucking company failures, an extremely challenging driver market,
expensive new trucks and increasing federal safety regulations. Excluding the first three non-
recurring factors listed, we are seeing a meaningful improvement in our freight demand, which we
believe is a longer-term shift in market dynamics.
Average revenues per total mile, net of fuel surcharge, rose 3.1% in first quarter 2014 compared to
first quarter 2013. This is due to a combination of increased rates with some existing customers,
new customer business, surcharges for capacity creation and higher transactional spot market rates
in the One-Way Truckload fleet. We are in the process of negotiating rate increases with many
customers during the traditionally substantial spring bid season. Market responsiveness to the
collective capacity and service challenges facing the industry has been very favorable, as our
strategic customers want to ensure we are providing sustainable transportation solutions across all
modes.
During first quarter 2014, we continued to increase our emphasis on minimizing empty miles and
maximizing utilization in our One-Way Truckload fleet. We improved our total company empty mile
percentage 106 basis points in first quarter 2014 compared to first quarter 2013. Average monthly
miles per truck declined 1.5% in first quarter 2014 compared to first quarter 2013; however, truck
miles were hampered in first quarter 2014 by several severe winter storms, during which we chose
safety over productivity. We were encouraged by mileage trends as the current quarter progressed
and the weather issues began to subside in March. Total miles during first quarter 2014 compared
to first quarter 2013 declined 6.6% in January, declined 5.8% in February and increased 1.5% in
March. The Federal Motor Carrier Safety Administration's revised driver hours of service ("HOS")
rules became effective July 1, 2013. Among the changes were more restrictive requirements
covering driver use of the 34-hour restart rule and a new mandatory 30-minute rest period after 8
hours on duty. We believe that these HOS changes negatively impacted miles per truck by two to
three percent. We continue to work closely with customers and drivers to minimize the impact of
these changes and obtain adequate rate relief. In addition to the HOS changes, truck mix changes
(more Specialized Services, less One-Way Truckload) also affected truck utilization.
Harsh winter weather in first quarter 2014 also caused higher expenses in several categories. As we
noted in our Form 10-K filing on February 25, 2014, severe snow, ice and cold weather in multiple
geographic regions caused a significant increase in costs in January and February 2014 in the areas
of operating supplies and maintenance, insurance and claims, fuel (due to increased truck idling)
4. and the impact of higher fixed costs per mile due to lower miles per truck.
We continue to diversify our business model with the goal of achieving a balanced portfolio of
revenues comprised of One-Way Truckload (which includes the short-haul Regional, medium-to-lo-
g-haul Van and Expedited fleets), Specialized Services and Logistics (VAS). In first quarter 2014, we
averaged 7,004 trucks in service in the Truckload segment and 47 intermodal drayage trucks in the
VAS segment. We ended the quarter with 7,080 trucks in the Truckload segment and 45 intermodal
drayage trucks in the VAS segment. Our Specialized Services unit, primarily Dedicated, ended the
quarter with 3,525 trucks (or 50% of our total Truckload segment fleet).
Diesel fuel prices were 4 cents per gallon lower in first quarter 2014 than in first quarter 2013 and
were 9 cents per gallon higher than in fourth quarter 2013. For the first 21 days of April 2014, the
average diesel fuel price per gallon was 6 cents higher than the average diesel fuel price per gallon
in the same period of 2013 and 10 cents higher than in second quarter 2013. When fuel prices rise
rapidly, a negative earnings lag occurs because the cost of fuel rises immediately and the market
indexes used to determine fuel surcharges increase at a slower pace. In a period of declining fuel
prices, we generally experience a temporary favorable earnings effect because fuel costs decline at a
faster pace than the market indexes used to determine fuel surcharges. Diesel fuel prices declined in
second quarter 2013 from first quarter 2013 which caused a two cent per company mile reduction in
net fuel costs in second quarter 2013 compared to first quarter 2013. The components of the
Company's total fuel cost consist of and are recorded in our income statement as follows: (i) Fuel
(fuel expense for company trucks excluding federal and state fuel taxes); (ii) Taxes and Licenses
(federal and state fuel taxes); and (iii) Rent and Purchased Transportation (fuel component of our
independent contractor costs, including the base cost of fuel and additional fuel surcharge
reimbursement for costs exceeding the fuel base).
Capacity in our industry remains constrained by economic and safety regulatory factors. Following
the 2008 recession, class 8 truck builds have been low, resulting in an industry average truck age
that remains historically high at 6.5 years. It is very difficult for many smaller and medium size
private carriers to replace their older, lower-value trucks with much higher cost, EPA-compliant new
trucks, which significantly reduces the risk of trucks being added to the market. We reduced the
average age of our much younger truck fleet by half a year during 2011 and 2012, with net capital
expenditures totaling $457 million during that two-year period. The significantly higher cost of new
trucks and resulting higher depreciation expense and related diesel exhaust fluid costs is not being
recovered through a single year customer rate review cycle. We continue to invest in equipment
solutions including more aerodynamic truck features, idle reduction systems, tire inflation systems
and trailer skirts to improve the mile per gallon efficiency of our fleet. Net capital expenditures in
first quarter 2014 were $16 million. We estimate net capital expenditures for the year 2014 to be in
the range of $150 to $200 million. The average age of our truck fleet as of March 31, 2014, was 2.5
years, and our goal for year end 2014 is an average truck age in the range of 2.3 years to 2.5 years.
We remain committed to investing in a best in class fleet for the benefit of our customers, our
drivers and the Werner brand.
The driver recruiting and retention market remained extremely challenging during first quarter
2014. Significant difficult factors included a declining number of, and increased competition for,
driver training school graduates, a gradually declining national unemployment rate, and increased
job competition from the strengthening housing construction and hydraulic fracturing markets. We
expect the driver market to become more problematic as the year progresses.
Gains on sales of assets were $4.6 million in first quarter 2014. This compares to gains on sales of
assets of $3.5 million in first quarter 2013 and $3.7 million in fourth quarter 2013, which included a
5. $0.7 million gain from the sale of real estate. In first quarter 2014, we realized lower average gains
per truck and sold more trucks and trailers compared to first quarter 2013. Gains on sales of assets
are reflected as a reduction of Other Operating Expenses in our income statement.
To provide shippers with additional sources of managed capacity and network analysis, we continue
to develop our non-asset-based VAS segment. VAS includes Brokerage, Freight Management,
Intermodal and Werner Global Logistics (International).
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Three Months Ended
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March 31,
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2014
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2013
Value Added Services (amounts in thousands)
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$
Â
%
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$
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%
lean logistics process in the future
Operating revenues
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$
85,154
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100.0
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$
82,510
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100.0
Rent and purchased transportation expense
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72,554
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In first quarter 2014, VAS revenues increased $2.6 million or 3%, and operating income dollars
decreased $1.8 million or 49%, compared to first quarter 2013. The increase in VAS revenues was
due primarily to an increase in the number of Brokerage shipments. Operating income was impacted
by a lower gross margin percentage for contractual business due to higher third party carrier costs
as capacity tightened during first quarter 2014 compared to first quarter 2013.
Comparisons of the operating ratios for the Truckload segment (net of fuel surcharge revenues of
$87.0 million and $91.6 million in first quarters 2014 and 2013, respectively) and the VAS segment
are shown below.
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Three Months Ended
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March 31,
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Operating Ratios
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2014
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2013
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Difference
Truckload Transportation Services
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93.4%
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92.6%
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0.8%
Value Added Services
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8. 97.8%
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95.6%
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2.2%
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Fluctuating fuel prices and fuel surcharge collections impact the total company operating ratio and
the Truckload segment's operating ratio when fuel surcharges are reported on a gross basis as
revenues versus netting against fuel expenses. Eliminating fuel surcharge revenues, which are
generally a more volatile source of revenue, provides a more consistent basis for comparing the
results of operations from period to period. The Truckload segment's operating ratios for first
quarter 2014 and first quarter 2013 are 94.8% and 94.2%, respectively, when fuel surcharge
revenues are reported as revenues instead of a reduction of operating expenses.
Our financial position remains strong. As of March 31, 2014, we had $40.0 million of debt
outstanding and $775.0 million of stockholders' equity. During first quarter 2014, the Company
purchased 500,000 shares of its common stock for a total cost of $12.9 million.
During first quarter 2014, the Company was pleased to once again be recognized by Forbes
magazine on the 2014 list of America's Most Trustworthy Companies. This award recognizes
companies that consistently display accounting transparency and integrity, have a low occurrence of
high risk events, and have appropriate board supervision and corporate accounting and
management practices.
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INCOME STATEMENT
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(Unaudited)
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(In thousands, except per share amounts)
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Three Months Ended
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March 31,
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