Werner Enterprises, Inc. reported its ninth consecutive year-over-year quarter of higher operating revenues and earnings for the fourth quarter ended December 31, 2003.
Operating revenues increased 8% to $380.2 million compared to $352.4 million in The fourth quarter of 2002. Net income increased 22% to $21.5 million compared to $17.6 million in fourth quarter 2002. Earnings per share for fourth quarter 2003 were $.26 per share, or 22% higher than the $.22 per share earned in fourth quarter 2002.
For the year, operating revenues of $1.458 billion in 2003 were 9% higher than $1.341 billion in 2002. Net income increased 20% to $73.7 million in 2003, compared to $61.6 million in 2002. Earnings per share increased 19% to $.90 per share in 2003, compared to $.76 per share in 2002.
"During fourth quarter, demand for our services was stronger than fourth quarter a year ago," said Chairman and Chief Executive Officer Clarence (C.L.) Werner. "Freight demand from several of our retail and consumer products customers improved compared to the same period a year ago. I anticipate we will continue to see tightened truckload capacity in 2004 due to a more challenging driver market and the impact of the new hours of service rules. We are continuing to execute our plan of limited fleet growth and remain focused on improving our operating margin."