Werner Enterprises Inc. of Omaha reported net income of $29.4 million, or 40 cents per share, in the three months that ended Dec. 31, a 21.8 percent increase from the same period last year, on a 9.7 percent increase in revenue to $507.9 million.
The trucking company said 2011 net income reached a record $102.8 million, or $1.40 per share, up 28.2 percent from 2010, and revenue increased 10.3 percent to $2 billion. The quarterly increase was the eighth year-over-year improvement of more than 20 percent.
Freight demand improved from September to December, followed by a normal seasonal decline in mid-December, the company said. The increased demand is due more likely to limited truckload capacity than increased economic activity, Werner said.
Average revenue per mile was up 4.6 percent in the fourth quarter from a year earlier. Werner said it plans to keep its fleet at about 7,300 trucks, but the count was slightly lower because of "the increasingly challenging driver market."
Regulations on truck emissions have increased the price of new trucks, making it more difficult for some competitors to upgrade their fleets, Werner said. Diesel prices were 63 cents a gallon higher in the fourth quarter than a year earlier and 41 cents higher so far this year.
The company said its capital spending totaled $232.2 million in 2011 and this year would range between $160 million and $210 million.
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