Werner Enterprises, Inc. (WERN) has reported a 40.49 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $21.81 million, or $0.30 a share in the quarter, compared with $36.65 million, or $0.51 a share for the same period last year.
Revenue during the quarter went down marginally by 1.88 percent to $518.83 million from $528.78 million in the previous year period. Gross margin for the quarter expanded 26 basis points over the previous year period to 75.04 percent. Total expenses were 93.26 percent of quarterly revenues, up from 89.17 percent for the same period last year. That has resulted in a contraction of 409 basis points in operating margin to 6.74 percent.
Operating income for the quarter was $34.96 million, compared with $57.26 million in the previous year period.
Debt increases substantially
Werner Enterprises, Inc. has witnessed an increase in total debt over the last one year. It stood at $180 million as on Dec. 31, 2016, up 140 percent or $105 million from $75 million on Dec. 31, 2015. Short-term debt stood at $20 million as on Dec. 31, 2016. Total debt was 10.04 percent of total assets as on Dec. 31, 2016, compared with 4.65 percent on Dec. 31, 2015. Debt to equity ratio was at 0.18 as on Dec. 31, 2016, up from 0.08 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 47.37 for the quarter from 141.39 for the same period last year.
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