Werner Enterprises, Inc. (NASDAQ:WERN) Q2 2024 Earnings Conference Call July 30, 2024 5:00 PM ET
Company Participants
Chris Neil – Senior Vice President-Pricing and Strategic Planning
Derek Leathers – Chairman and Chief Executive Officer
Chris Wikoff – Executive Vice President, Treasurer and Chief Financial Officer
Conference Call Participants
Eric Morgan – Barclays
Bruce Chan – Stifel
Daniel Imbro – Stephens Inc.
Scott Group – Wolfe Research
Adam Roszkowski – Banc of America
Jason Seidl – TD Cowen
Tom Wadewitz – UBS
Bascome Majors – Susquehanna
Chris Wetherbee – Wells Fargo
Operator
Good afternoon, and welcome to the Werner Enterprises Second Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Chris Neil, Senior Vice President of Pricing and Strategic Planning. Please go ahead.
Chris Neil
Good afternoon, everyone. Earlier today, we issued our earnings release with our second quarter results. The release and a supplemental presentation are available in the Investors section of our website at werner.com. Today's webcast is being recorded and will be available for replay later today. Please see the disclosure statement on Slide 2 of the presentation as well as the disclaimers in our earnings release related to forward-looking statements. Today's remarks contain forward-looking statements that may involve risks, uncertainties and other factors that could cause actual results to differ materially. The company reports results using non-GAAP measures, which we believe provides additional information for investors to help facilitate the comparison of past and present performance.
A reconciliation to the most directly comparable GAAP measures is included in the tables attached to the earnings release and in the appendix of the slide presentation. On today's call with me are Derek Leathers, Chairman and CEO; and Chris Wikoff, Executive Vice President, Treasurer and CFO. Derek will provide an overview of our Q2 results and update on our strategic priorities for 2024 and our market outlook. Chris will cover our financial results in more detail and provide an update on our guidance for the year.
I'll now turn the call over to Derek.
Derek Leathers
Thank you Chris and good afternoon everyone. Hope you're having a nice summer so far and we appreciate you joining us today. Despite an operating environment that remains challenging, we are structurally improving the business with a commitment to delivering customer excellence while driving long-term growth. Our earnings improved sequentially in Q2. And while industry wide headwinds persist, we are encouraged by early signs that the freight market is progressing towards equilibrium. Tough times don't last, but tough people do. And thanks to the resilience and professionalism of Werner over 13,000 talented team members and their continued focus on controlling the controllables, I'm pleased to report that One-Way production increased for the fifth consecutive quarter. Mexico volume is growing. Dedicated revenue per truck was up and we continue to maintain high customer retention. Our Logistics segment returned to positive operating income after a challenging first quarter.