Werner Enterprises’ year-over-year revenue per total miles turned positive in Q3 following six consecutive quarters of declines.
The metric turned to a positive rate of 0.3%. The last time the measure was positive YoY was in Q4 2022 when the carrier posted 0.4% growth.
“It's gradual improvement, but improvement nonetheless,” EVP, CFO and Treasurer Chris Wikoff said Tuesday at Stephens Annual Investment Conference in Nashville, Tennessee.
The latest quarterly result also bested a previous projection of the one-way metric being negative 3% to flat, according to earnings reports.
Werner one-way notches positive revenue shift
In discussing the turnaround on a Q3 earnings call last month, CEO and Chairman Derek Leathers noted pricing discipline and improved utilization despite pressures.
“We believe that sets the stage and we've seen through recent events that we are closer to tightness than we've been in a long time,” he said on the call.
Overall revenue and operating income in Q3 still declined YoY as the carrier, along with others, looks toward improving freight conditions.
For Q4 2024, the carrier’s outlook calls for its one-way RPTM measure to range from flat to 3%, and Wikoff said “we believe that that's going to be positive on a year over year basis.”
