Werner Enterprises 4Q profit falls |
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Tue, 23 Jan 2007 00:42
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OMAHA, Neb. (AFX) - Trucking and logistics company Werner Enterprises Inc. said Monday its fourth-quarter profit fell 16.6 percent, hurt by a glut of new trucks in the industry.Quarterly net income fell to $24 million, or 31 cents per share, from $28.8 million, or 36 cents per share, in the prior-year period. Revenue dropped to $518.4 million from $526.3 million.Wall Street, on average, had been expecting a quarterly profit of 32 cents per share on sales of $543.6 million, according to a Thomson Financial analyst poll.Werner Enterprises said many companies took delivery of more new trucks than normal in the second half of 2006, which meant greater supply chasing demand. However, looking ahead the company said the softer freight market will make it difficult for weaker competitors to stay in business, which would help to limit industry supply.For the full year, Werner Enterprises said earnings grew to $98.6 million, or $1.25 per share, from $98.5 million, or $1.22 per share, in the prior year. Revenue grew to $2.08 billion from $1.97 billion.Werner shares rose 2 cents to close at $19.34 on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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