Werner (NASDAQ: WERN) reported fourth-quarter adjusted earnings per share of 8 cents, well shy of the 22-cent consensus estimate and 31 cents lower year over year. The number included a $19 million hit, or 22 cents per share, from unfavorable changes in liability claims.
“This is a reflection of the ongoing unprecedented rise in verdicts and litigation settlements across the industry, particularly for larger carriers,” a Thursday news release stated. “In contrast to these trends, in 2024 we produced near 20-year record lows in U.S. Department of Transportation preventable accidents per million miles, trailing only 2023.”
The adjusted EPS result excluded nonrecurring items like acquisition-related expenses, costs from an insurance claim that has been appealed and gains from equity and other investments.
Truckload revenue fell 9% y/y to $527 million, as average trucks in service declined by a high-single-digit percentage in both its dedicated and one-way segments. Revenue per truck per week (excluding fuel surcharges) was 5.1% higher in the one-way segment and 1.1% higher in dedicated.
First look: Liability claims sink Werner’s Q4
