Werner Enterprises, Inc. (NASDAQ:WERN), one of the nation’s largest
transportation and logistics companies, reported revenues and
earnings for the third quarter ended September 30, 2017. Earnings
per diluted share were $0.31 for third quarter 2017 compared to
earnings per diluted share of $0.26 for third quarter 2016.
Earnings per diluted share in third quarter 2016 included a gain on
the sale of real estate of $6.5 million, or six cents per share,
and $3.4 million of losses on equipment sales, or three cents per
share.
Third quarter 2017 freight demand in our One-Way
Truckload fleet improved throughout the quarter. In July and August
2017, freight trended better than normal and meaningfully better
than the challenging freight market of third quarter 2016. As we
moved into September, the freight market strengthened further due
in part to the significant disruption caused by two major
hurricanes in south Texas and Florida. These catastrophic weather
events resulted in short-term costs in September due to
out-of-route miles, higher fuel costs, equipment issues, and driver
domicile issues; additionally, the multiple days of school closings
at our Florida-based driving schools negatively impacted our driver
hiring. At the same time, these events improved spot market pricing
and further widened the positive gap between demand and capacity,
which better positions the freight and contractual rate markets
going forward. Freight volumes thus far in October 2017 have been
seasonally better than normal.
Average revenues per tractor per week increased
2.9% in third quarter 2017 compared to third quarter 2016 due to a
3.4% increase in average revenues per total mile and a 0.5%
decrease in average miles per truck.
Freight metrics have improved, and we have
increasing confidence that contractual rates will strengthen over
the next few quarters, particularly noting the improving freight
market conditions and the expected tightening of supply when the
electronic hours of service mandate for the trucking industry
becomes effective on December 18, 2017.
In third quarter 2017, we averaged 7,314 trucks
in service in the Truckload Transportation Services (Truckload)
segment and 48 intermodal drayage trucks in the Werner Logistics
segment. We ended third quarter 2017 with 7,375 trucks in the
Truckload segment, a year-over-year increase of 200 trucks and a
sequential increase of 60 trucks. Our Dedicated unit ended third
quarter 2017 with 3,955 trucks (or 54% of our total Truckload
segment fleet) compared to 3,825 trucks at the end of third quarter
2016.
In 2015 and 2016, we invested nearly $1 billion
of capital expenditures (before sales of equipment) primarily to
reduce the average age of our trucks and trailers. Our investment
in newer trucks and trailers improves our driver experience, raises
operational efficiency and helps us to better manage our
maintenance, safety and fuel costs. We intend to maintain our newer
fleet age of trucks and trailers. The average age of our truck
fleet was 1.9 years as of September 30, 2017. Net capital
expenditures in the first nine months of 2017 were $121 million
compared to $294 million in the first nine months of 2016. For the
full year of 2017, we expect net capital expenditures to be in the
range of $175 million to $225 million.
The driver recruiting market became more
challenging. Several ongoing market factors persist including a
declining number of, and increased competition for, driver training
school graduates, an historically low national unemployment rate,
aging truck driver demographics and increased truck safety
regulations. We proactively took many significant actions in the
last two years to strengthen our driver recruiting and retention to
make Werner the preferred choice for the best drivers, including
raising driver pay, lowering the age of our truck fleet, installing
safety and training features on all new trucks, investing in our
driver training schools and collaborating with customers to improve
or eliminate unproductive freight. Our driver turnover rate once
again improved, achieving the lowest third quarter rate in 19
years.
Gains on sales of assets were $2.2 million in
third quarter 2017. This compares to gains on sales of assets of
$3.1 million in third quarter 2016, which included a $6.5 million
real estate gain and $3.4 million of losses on equipment sales. In
third quarter 2017, we sold fewer trucks and fewer trailers than in
third quarter 2016. We realized average gains per truck in third
quarter 2017 compared to average losses in third quarter 2016 and
realized lower average gains per trailer in third quarter 2017
compared to third quarter 2016. The used truck pricing market
remained difficult in third quarter 2017 due to a higher than
normal supply of used trucks in the market and low buyer demand.
Gains on sales of assets are reflected as a reduction of Other
Operating Expenses in our income statement.
Diesel fuel prices were 26 cents per gallon
higher in third quarter 2017 than in third quarter 2016 and were 15
cents per gallon higher than in second quarter 2017. For the first
19 days of October 2017, the average diesel fuel price per gallon
was 25 cents higher than the average diesel fuel price per gallon
in the same period of 2016 and 30 cents higher than in fourth
quarter 2016. The components of our 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).
To provide shippers with additional sources of
managed capacity and network analysis, we continue to develop our
non-asset based Werner Logistics segment. Werner Logistics includes
Brokerage, Freight Management, Intermodal, Werner Global Logistics
(International) and Werner Final Mile.
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Werner Logistics
(amounts in thousands) |
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
Operating revenues |
$ |
104,568 |
|
|
100.0 |
|
|
$ |
109,459 |
|
|
100.0 |
|
|
$ |
305,225 |
|
|
100.0 |
|
|
$ |
310,001 |
|
|
100.0 |
|
Rent and purchased
transportation expense |
89,507 |
|
|
85.6 |
|
|
91,695 |
|
|
83.8 |
|
|
259,277 |
|
|
84.9 |
|
|
255,954 |
|
|
82.6 |
|
Gross margin |
15,061 |
|
|
14.4 |
|
|
17,764 |
|
|
16.2 |
|
|
45,948 |
|
|
15.1 |
|
|
54,047 |
|
|
17.4 |
|
Other operating
expenses |
13,743 |
|
|
13.1 |
|
|
12,870 |
|
|
11.7 |
|
|
39,296 |
|
|
12.9 |
|
|
37,545 |
|
|
12.1 |
|
Operating income |
$ |
1,318 |
|
|
1.3 |
|
|
$ |
4,894 |
|
|
4.5 |
|
|
$ |
6,652 |
|
|
2.2 |
|
|
$ |
16,502 |
|
|
5.3 |
|
In third quarter 2017, Werner Logistics revenues
decreased $4.9 million, or 4%, and operating income dollars
decreased $3.6 million, or 73%, compared to third quarter 2016. The
Werner Logistics gross margin percentage in third quarter 2017 of
14.4% decreased 183 basis points compared to the gross margin
percentage of 16.2% in third quarter 2016. The Werner Logistics
operating income percentage in third quarter 2017 of 1.3% decreased
321 basis points from third quarter 2016 of 4.5%. Tighter carrier
capacity in third quarter 2017 compared to third quarter 2016
resulted in higher purchased transportation costs causing the lower
gross margin and operating income percentages.
In third quarter 2017, Werner Logistics achieved
solid revenue growth year over year in our truck brokerage
solution, while our intermodal and international solutions had
lower revenues due to more challenging market conditions. As
previously disclosed, a large Werner Logistics Freight Management
customer (5.5% of Werner Logistics revenues in third quarter 2016)
that was acquired in 2015 transitioned to their parent company’s
transportation platform mid-quarter during first quarter 2017. We
continue to see strong customer acceptance of the value of the
Werner Logistics portfolio of service offerings, particularly as
the market strengthens and shippers tend to consolidate their
logistics business with the stability of larger asset-backed
logistics providers.
Comparisons of the operating ratios for the
Truckload segment (net of fuel surcharge revenues of $50.2 million
and $42.0 million in third quarters 2017 and 2016, respectively,
and $147.6 million and $111.0 million in the year-to-date 2017 and
2016 periods, respectively) and the Werner Logistics segment are
shown below.
|
Three Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
|
Operating Ratios |
2017 |
|
2016 |
|
Difference |
|
2017 |
|
2016 |
|
Difference |
Truckload
Transportation Services |
90.5 |
% |
|
94.2 |
% |
|
(3.7 |
)% |
|
91.1 |
% |
|
92.7 |
% |
|
(1.6 |
)% |
Werner Logistics |
98.7 |
% |
|
95.5 |
% |
|
3.2 |
% |
|
97.8 |
% |
|
94.7 |
% |
|
3.1 |
% |
Fluctuating fuel prices and fuel surcharge
revenues 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 third quarter 2017 and
third quarter 2016 are 91.7% and 94.8%, respectively, and for
year-to-date 2017 and 2016 are 92.2% and 93.4%, respectively, when
fuel surcharge revenues are reported as revenues instead of a
reduction of operating expenses.
Our financial position remains strong. As of
September 30, 2017, we had $75 million of debt outstanding and over
$1 billion of stockholders’ equity.
|
INCOME STATEMENT |
|
(Unaudited) |
|
(In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
|
$ |
|
% |
Operating revenues |
$ |
528,643 |
|
|
100.0 |
|
|
$ |
508,676 |
|
|
100.0 |
|
|
$ |
1,549,372 |
|
|
100.0 |
|
|
$ |
1,490,159 |
|
|
100.0 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries,
wages and benefits |
170,238 |
|
|
32.2 |
|
|
162,862 |
|
|
32.0 |
|
|
500,620 |
|
|
32.3 |
|
|
479,298 |
|
|
32.2 |
|
Fuel |
50,266 |
|
|
9.5 |
|
|
40,638 |
|
|
8.0 |
|
|
140,551 |
|
|
9.1 |
|
|
112,034 |
|
|
7.5 |
|
Supplies
and maintenance |
41,986 |
|
|
7.9 |
|
|
41,027 |
|
|
8.1 |
|
|
120,276 |
|
|
7.8 |
|
|
130,559 |
|
|
8.8 |
|
Taxes and
licenses |
21,671 |
|
|
4.1 |
|
|
21,540 |
|
|
4.2 |
|
|
64,095 |
|
|
4.1 |
|
|
64,353 |
|
|
4.3 |
|
Insurance
and claims |
20,669 |
|
|
3.9 |
|
|
19,106 |
|
|
3.8 |
|
|
60,336 |
|
|
3.9 |
|
|
59,384 |
|
|
4.0 |
|
Depreciation |
53,578 |
|
|
10.1 |
|
|
51,781 |
|
|
10.2 |
|
|
162,619 |
|
|
10.5 |
|
|
152,849 |
|
|
10.3 |
|
Rent and
purchased transportation |
126,087 |
|
|
23.9 |
|
|
133,876 |
|
|
26.3 |
|
|
377,146 |
|
|
24.3 |
|
|
379,155 |
|
|
25.4 |
|
Communications and utilities |
4,199 |
|
|
0.8 |
|
|
4,206 |
|
|
0.8 |
|
|
12,158 |
|
|
0.8 |
|
|
12,110 |
|
|
0.8 |
|
Other |
4,075 |
|
|
0.8 |
|
|
4,566 |
|
|
0.9 |
|
|
12,812 |
|
|
0.8 |
|
|
9,303 |
|
|
0.6 |
|
Total
operating expenses |
492,769 |
|
|
93.2 |
|
|
479,602 |
|
|
94.3 |
|
|
1,450,613 |
|
|
93.6 |
|
|
1,399,045 |
|
|
93.9 |
|
Operating income |
35,874 |
|
|
6.8 |
|
|
29,074 |
|
|
5.7 |
|
|
98,759 |
|
|
6.4 |
|
|
91,114 |
|
|
6.1 |
|
Other expense
(income): |
|
|
|
|
|
|
|
|
|
Interest
expense |
492 |
|
|
0.1 |
|
|
749 |
|
|
0.1 |
|
|
1,892 |
|
|
0.1 |
|
|
1,839 |
|
|
0.1 |
|
Interest
income |
(766 |
) |
|
(0.1 |
) |
|
(1,055 |
) |
|
(0.2 |
) |
|
(2,556 |
) |
|
(0.1 |
) |
|
(3,154 |
) |
|
(0.2 |
) |
Other |
88 |
|
|
— |
|
|
46 |
|
|
— |
|
|
293 |
|
|
— |
|
|
148 |
|
|
— |
|
Total
other expense (income) |
(186 |
) |
|
— |
|
|
(260 |
) |
|
(0.1 |
) |
|
(371 |
) |
|
— |
|
|
(1,167 |
) |
|
(0.1 |
) |
Income before income
taxes |
36,060 |
|
|
6.8 |
|
|
29,334 |
|
|
5.8 |
|
|
99,130 |
|
|
6.4 |
|
|
92,281 |
|
|
6.2 |
|
Income taxes |
13,543 |
|
|
2.5 |
|
|
10,414 |
|
|
2.1 |
|
|
37,375 |
|
|
2.4 |
|
|
34,963 |
|
|
2.4 |
|
Net income |
$ |
22,517 |
|
|
4.3 |
|
|
$ |
18,920 |
|
|
3.7 |
|
|
$ |
61,755 |
|
|
4.0 |
|
|
$ |
57,318 |
|
|
3.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted shares
outstanding |
72,601 |
|
|
|
|
72,406 |
|
|
|
|
72,517 |
|
|
|
|
72,364 |
|
|
|
Diluted earnings per
share |
$ |
0.31 |
|
|
|
|
$ |
0.26 |
|
|
|
|
$ |
0.85 |
|
|
|
|
$ |
0.79 |
|
|
|
|
SEGMENT INFORMATION |
|
(Unaudited) |
|
(In thousands) |
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenues |
|
|
|
|
|
|
|
Truckload
Transportation Services |
$ |
407,566 |
|
|
$ |
384,312 |
|
|
$ |
1,196,071 |
|
|
$ |
1,136,478 |
|
Werner Logistics |
104,568 |
|
|
109,459 |
|
|
305,225 |
|
|
310,001 |
|
Other (1) |
16,020 |
|
|
14,804 |
|
|
47,257 |
|
|
43,148 |
|
Corporate |
593 |
|
|
313 |
|
|
1,539 |
|
|
1,300 |
|
Subtotal |
528,747 |
|
|
508,888 |
|
|
1,550,092 |
|
|
1,490,927 |
|
Inter-segment
eliminations (2) |
(104 |
) |
|
(212 |
) |
|
(720 |
) |
|
(768 |
) |
Total |
$ |
528,643 |
|
|
$ |
508,676 |
|
|
$ |
1,549,372 |
|
|
$ |
1,490,159 |
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
Truckload
Transportation Services
|
$ |
34,009 |
|
|
$ |
19,846 |
|
|
$ |
93,511 |
|
|
$ |
74,971 |
|
Werner Logistics |
1,318 |
|
|
4,894 |
|
|
6,652 |
|
|
16,502 |
|
Other (1) |
1,001 |
|
|
(1,191 |
) |
|
605 |
|
|
(4,964 |
) |
Corporate |
(454 |
) |
|
5,525 |
|
|
(2,009 |
) |
|
4,605 |
|
Total |
$ |
35,874 |
|
|
$ |
29,074 |
|
|
$ |
98,759 |
|
|
$ |
91,114 |
|
(1) Other includes our
driver training schools, transportation-related activities such as
third-party equipment maintenance and equipment leasing, and other
business activities. |
|
(2) Inter-segment
eliminations represent transactions between reporting segments that
are eliminated in consolidation. |
|
OPERATING STATISTICS BY SEGMENT |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
|
|
2017 |
|
2016 |
|
% Change |
|
2017 |
|
2016 |
|
% Change |
Truckload
Transportation Services segment
|
|
|
|
|
|
|
|
|
|
|
|
Average percentage of
empty miles |
12.53 |
% |
|
12.55 |
% |
|
(0.2 |
)% |
|
12.40 |
% |
|
13.08 |
% |
|
(5.2 |
)% |
Average trip length in
miles (loaded) |
469 |
|
|
468 |
|
|
0.2 |
% |
|
469 |
|
|
466 |
|
|
0.6 |
% |
Average tractors in
service |
7,314 |
|
|
7,216 |
|
|
1.4 |
% |
|
7,261 |
|
|
7,291 |
|
|
(0.4 |
)% |
Average revenues per
tractor per week (1) |
$ |
3,693 |
|
|
$ |
3,589 |
|
|
2.9 |
% |
|
$ |
3,634 |
|
|
$ |
3,547 |
|
|
2.4 |
% |
Total trailers (at
quarter end) |
22,435 |
|
|
22,655 |
|
|
|
|
22,435 |
|
|
22,655 |
|
|
|
Total tractors (at
quarter end) |
|
|
|
|
|
|
|
|
|
|
|
Company |
6,700 |
|
|
6,355 |
|
|
|
|
6,700 |
|
|
6,355 |
|
|
|
Independent contractor |
675 |
|
|
820 |
|
|
|
|
675 |
|
|
820 |
|
|
|
Total
tractors |
7,375 |
|
|
7,175 |
|
|
|
|
7,375 |
|
|
7,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Werner Logistics
segment |
|
|
|
|
|
|
|
|
|
|
|
Average tractors in
service |
48 |
|
|
75 |
|
|
|
|
53 |
|
|
71 |
|
|
|
Total trailers (at
quarter end) |
1,655 |
|
|
1,590 |
|
|
|
|
1,655 |
|
|
1,590 |
|
|
|
Total tractors (at
quarter end) |
47 |
|
|
86 |
|
|
|
|
47 |
|
|
86 |
|
|
|
|
(1) Net of
fuel surcharge revenues. |
|
SUPPLEMENTAL INFORMATION |
|
(Unaudited) |
|
(In thousands) |
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Capital expenditures,
net |
$ |
55,130 |
|
|
$ |
33,488 |
|
|
$ |
121,105 |
|
|
$ |
294,014 |
|
Cash flow from
operations |
44,487 |
|
|
30,153 |
|
|
216,948 |
|
|
201,175 |
|
Return on assets
(annualized) |
5.2 |
% |
|
4.4 |
% |
|
4.7 |
% |
|
4.6 |
% |
Return on equity
(annualized) |
8.6 |
% |
|
7.8 |
% |
|
8.1 |
% |
|
8.0 |
% |
|
CONDENSED BALANCE SHEET |
|
(In thousands, except share amounts) |
|
|
|
|
|
September 30, 2017 |
|
December 31, 2016 |
|
(Unaudited) |
|
|
|
|
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
10,733 |
|
|
$ |
16,962 |
|
Accounts
receivable, trade, less allowance of $8,410 and $9,183,
respectively |
279,716 |
|
|
261,372 |
|
Other
receivables |
27,028 |
|
|
15,168 |
|
Inventories and supplies |
11,624 |
|
|
12,768 |
|
Prepaid
taxes, licenses and permits |
6,935 |
|
|
15,374 |
|
Income
taxes receivable |
6,538 |
|
|
21,497 |
|
Other
current assets |
38,898 |
|
|
29,987 |
|
Total
current assets |
381,472 |
|
|
373,128 |
|
|
|
|
|
Property and
equipment |
2,078,229 |
|
|
2,109,991 |
|
Less – accumulated
depreciation |
758,331 |
|
|
747,353 |
|
Property
and equipment, net |
1,319,898 |
|
|
1,362,638 |
|
|
|
|
|
Other non-current
assets |
61,571 |
|
|
57,237 |
|
Total assets |
$ |
1,762,941 |
|
|
$ |
1,793,003 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Checks
issued in excess of cash balances |
$ |
3,538 |
|
|
$ |
— |
|
Accounts
payable |
72,343 |
|
|
66,618 |
|
Current
portion of long-term debt |
— |
|
|
20,000 |
|
Insurance
and claims accruals |
84,436 |
|
|
83,404 |
|
Accrued
payroll |
31,029 |
|
|
26,189 |
|
Other
current liabilities |
22,938 |
|
|
18,650 |
|
Total
current liabilities |
214,284 |
|
|
214,861 |
|
|
|
|
|
Long-term debt, net of
current portion |
75,000 |
|
|
160,000 |
|
Other long-term
liabilities |
14,321 |
|
|
16,711 |
|
Insurance and claims
accruals, net of current portion |
107,230 |
|
|
113,875 |
|
Deferred income
taxes |
301,199 |
|
|
292,769 |
|
|
|
|
|
Stockholders’
equity: |
|
|
|
Common
stock, $.01 par value, 200,000,000 shares authorized;
80,533,536 |
|
|
|
shares
issued; 72,334,476 and 72,166,969 shares outstanding,
respectively |
805 |
|
|
805 |
|
Paid-in
capital |
103,296 |
|
|
101,035 |
|
Retained
earnings |
1,131,805 |
|
|
1,084,796 |
|
Accumulated other comprehensive loss |
(13,378 |
) |
|
(16,917 |
) |
Treasury
stock, at cost; 8,199,060 and 8,366,567 shares, respectively |
(171,621 |
) |
|
(174,932 |
) |
Total
stockholders’ equity |
1,050,907 |
|
|
994,787 |
|
Total liabilities and
stockholders’ equity |
$ |
1,762,941 |
|
|
$ |
1,793,003 |
|
Werner Enterprises, Inc. was founded in 1956 and
is a premier transportation and logistics company, with coverage
throughout North America, Asia, Europe, South America, Africa and
Australia. Werner maintains its global headquarters in Omaha,
Nebraska and maintains offices in the United States, Canada,
Mexico, China and Australia. Werner is among the five largest
truckload carriers in the United States, with a diversified
portfolio of transportation services that includes dedicated;
medium-to-long-haul, regional and expedited van; and
temperature-controlled. The Werner Logistics portfolio includes
truck brokerage, freight management, intermodal, international and
final mile services. International services are provided through
Werner’s domestic and global subsidiary companies and include
ocean, air and ground transportation; freight forwarding; and
customs brokerage.
Werner Enterprises, Inc.’s common stock trades
on The NASDAQ Global Select MarketSM under the symbol “WERN”. For
further information about Werner, visit the Company’s website at
www.werner.com.
This press release may contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
as amended. Such forward-looking statements are based on
information presently available to the Company’s management and are
current only as of the date made. Actual results could also differ
materially from those anticipated as a result of a number of
factors, including, but not limited to, those discussed in the
Company’s Annual Report on Form 10-K for the year ended
December 31, 2016.
For those reasons, undue reliance should not be
placed on any forward-looking statement. The Company assumes no
duty or obligation to update or revise any forward-looking
statement, although it may do so from time to time as management
believes is warranted or as may be required by applicable
securities law. Any such updates or revisions may be made by filing
reports with the U.S. Securities and Exchange Commission, through
the issuance of press releases or by other methods of public
disclosure.
Contact: |
John J. Steele |
|
Executive Vice
President, Treasurer |
|
and Chief Financial
Officer |
|
(402) 894-3036 |
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