Intrinsic value of Werner Enterprises - WERN

Previous Close

$33.02

  Intrinsic Value

$7.26

stock screener

  Rating & Target

str. sell

-78%

Previous close

$33.02

 
Intrinsic value

$7.26

 
Up/down potential

-78%

 
Rating

str. sell

We calculate the intrinsic value of WERN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  19.20
  17.78
  16.50
  15.35
  14.32
  13.38
  12.55
  11.79
  11.11
  10.50
  9.95
  9.46
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
Revenue, $m
  2,523
  2,972
  3,462
  3,994
  4,565
  5,177
  5,826
  6,513
  7,237
  7,997
  8,792
  9,624
  10,491
  11,394
  12,334
  13,311
  14,327
  15,383
  16,480
  17,620
  18,805
  20,038
  21,320
  22,654
  24,043
  25,491
  26,999
  28,572
  30,213
  31,926
Variable operating expenses, $m
  2,102
  2,475
  2,884
  3,327
  3,803
  4,312
  4,853
  5,425
  6,028
  6,661
  7,324
  8,017
  8,739
  9,491
  10,274
  11,088
  11,935
  12,814
  13,728
  14,678
  15,665
  16,691
  17,759
  18,871
  20,028
  21,234
  22,490
  23,800
  25,167
  26,594
Fixed operating expenses, $m
  219
  224
  228
  233
  239
  244
  249
  255
  260
  266
  272
  278
  284
  290
  297
  303
  310
  317
  324
  331
  338
  345
  353
  361
  369
  377
  385
  394
  402
  411
Total operating expenses, $m
  2,321
  2,699
  3,112
  3,560
  4,042
  4,556
  5,102
  5,680
  6,288
  6,927
  7,596
  8,295
  9,023
  9,781
  10,571
  11,391
  12,245
  13,131
  14,052
  15,009
  16,003
  17,036
  18,112
  19,232
  20,397
  21,611
  22,875
  24,194
  25,569
  27,005
Operating income, $m
  203
  273
  350
  433
  524
  621
  724
  833
  948
  1,069
  1,196
  1,329
  1,468
  1,613
  1,763
  1,920
  2,083
  2,252
  2,429
  2,612
  2,803
  3,001
  3,207
  3,422
  3,647
  3,880
  4,124
  4,378
  4,643
  4,920
EBITDA, $m
  463
  580
  707
  846
  995
  1,155
  1,325
  1,505
  1,695
  1,895
  2,104
  2,323
  2,551
  2,789
  3,036
  3,294
  3,562
  3,840
  4,130
  4,431
  4,744
  5,069
  5,408
  5,761
  6,128
  6,511
  6,911
  7,327
  7,762
  8,216
Interest expense (income), $m
  2
  5
  12
  19
  27
  35
  44
  54
  64
  75
  87
  99
  111
  125
  138
  153
  168
  183
  199
  216
  234
  252
  271
  290
  311
  332
  354
  377
  401
  426
  452
Earnings before tax, $m
  197
  261
  331
  407
  489
  576
  670
  769
  873
  983
  1,098
  1,218
  1,343
  1,474
  1,610
  1,752
  1,900
  2,053
  2,212
  2,378
  2,551
  2,730
  2,917
  3,112
  3,315
  3,526
  3,747
  3,977
  4,217
  4,468
Tax expense, $m
  53
  70
  89
  110
  132
  156
  181
  208
  236
  265
  296
  329
  363
  398
  435
  473
  513
  554
  597
  642
  689
  737
  788
  840
  895
  952
  1,012
  1,074
  1,139
  1,206
Net income, $m
  144
  191
  242
  297
  357
  421
  489
  561
  637
  717
  801
  889
  981
  1,076
  1,176
  1,279
  1,387
  1,499
  1,615
  1,736
  1,862
  1,993
  2,129
  2,272
  2,420
  2,574
  2,735
  2,903
  3,079
  3,262

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,155
  2,538
  2,957
  3,410
  3,899
  4,421
  4,975
  5,562
  6,180
  6,829
  7,509
  8,219
  8,959
  9,730
  10,533
  11,368
  12,235
  13,137
  14,073
  15,047
  16,059
  17,112
  18,206
  19,346
  20,532
  21,768
  23,056
  24,400
  25,801
  27,264
Adjusted assets (=assets-cash), $m
  2,155
  2,538
  2,957
  3,410
  3,899
  4,421
  4,975
  5,562
  6,180
  6,829
  7,509
  8,219
  8,959
  9,730
  10,533
  11,368
  12,235
  13,137
  14,073
  15,047
  16,059
  17,112
  18,206
  19,346
  20,532
  21,768
  23,056
  24,400
  25,801
  27,264
Revenue / Adjusted assets
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
Average production assets, $m
  1,615
  1,902
  2,216
  2,556
  2,922
  3,313
  3,729
  4,168
  4,632
  5,118
  5,627
  6,159
  6,714
  7,292
  7,894
  8,519
  9,169
  9,845
  10,547
  11,277
  12,035
  12,824
  13,645
  14,499
  15,388
  16,314
  17,279
  18,286
  19,336
  20,432
Working capital, $m
  209
  247
  287
  331
  379
  430
  484
  541
  601
  664
  730
  799
  871
  946
  1,024
  1,105
  1,189
  1,277
  1,368
  1,462
  1,561
  1,663
  1,770
  1,880
  1,996
  2,116
  2,241
  2,371
  2,508
  2,650
Total debt, $m
  217
  349
  493
  650
  818
  998
  1,190
  1,392
  1,605
  1,829
  2,064
  2,309
  2,564
  2,830
  3,107
  3,395
  3,694
  4,005
  4,329
  4,665
  5,014
  5,377
  5,755
  6,148
  6,557
  6,983
  7,428
  7,891
  8,375
  8,879
Total liabilities, $m
  743
  876
  1,020
  1,177
  1,345
  1,525
  1,716
  1,919
  2,132
  2,356
  2,590
  2,835
  3,091
  3,357
  3,634
  3,922
  4,221
  4,532
  4,855
  5,191
  5,540
  5,904
  6,281
  6,674
  7,084
  7,510
  7,954
  8,418
  8,901
  9,406
Total equity, $m
  1,411
  1,662
  1,937
  2,234
  2,554
  2,895
  3,259
  3,643
  4,048
  4,473
  4,918
  5,383
  5,868
  6,373
  6,899
  7,446
  8,014
  8,604
  9,218
  9,856
  10,519
  11,208
  11,925
  12,672
  13,449
  14,258
  15,102
  15,982
  16,900
  17,858
Total liabilities and equity, $m
  2,154
  2,538
  2,957
  3,411
  3,899
  4,420
  4,975
  5,562
  6,180
  6,829
  7,508
  8,218
  8,959
  9,730
  10,533
  11,368
  12,235
  13,136
  14,073
  15,047
  16,059
  17,112
  18,206
  19,346
  20,533
  21,768
  23,056
  24,400
  25,801
  27,264
Debt-to-equity ratio
  0.150
  0.210
  0.250
  0.290
  0.320
  0.340
  0.370
  0.380
  0.400
  0.410
  0.420
  0.430
  0.440
  0.440
  0.450
  0.460
  0.460
  0.470
  0.470
  0.470
  0.480
  0.480
  0.480
  0.490
  0.490
  0.490
  0.490
  0.490
  0.500
  0.500
Adjusted equity ratio
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  144
  191
  242
  297
  357
  421
  489
  561
  637
  717
  801
  889
  981
  1,076
  1,176
  1,279
  1,387
  1,499
  1,615
  1,736
  1,862
  1,993
  2,129
  2,272
  2,420
  2,574
  2,735
  2,903
  3,079
  3,262
Depreciation, amort., depletion, $m
  260
  307
  357
  412
  471
  534
  601
  672
  747
  825
  908
  993
  1,083
  1,176
  1,273
  1,374
  1,479
  1,588
  1,701
  1,819
  1,941
  2,068
  2,201
  2,338
  2,482
  2,631
  2,787
  2,949
  3,119
  3,296
Funds from operations, $m
  405
  497
  599
  709
  828
  955
  1,090
  1,233
  1,384
  1,543
  1,709
  1,882
  2,064
  2,252
  2,449
  2,653
  2,866
  3,086
  3,316
  3,555
  3,803
  4,061
  4,330
  4,610
  4,902
  5,205
  5,522
  5,852
  6,197
  6,557
Change in working capital, $m
  34
  37
  41
  44
  47
  51
  54
  57
  60
  63
  66
  69
  72
  75
  78
  81
  84
  88
  91
  95
  98
  102
  106
  111
  115
  120
  125
  131
  136
  142
Cash from operations, $m
  371
  460
  558
  665
  781
  904
  1,036
  1,176
  1,324
  1,480
  1,643
  1,813
  1,992
  2,177
  2,371
  2,572
  2,781
  2,999
  3,225
  3,460
  3,705
  3,959
  4,224
  4,499
  4,786
  5,085
  5,397
  5,722
  6,061
  6,415
Maintenance CAPEX, $m
  -219
  -260
  -307
  -357
  -412
  -471
  -534
  -601
  -672
  -747
  -825
  -908
  -993
  -1,083
  -1,176
  -1,273
  -1,374
  -1,479
  -1,588
  -1,701
  -1,819
  -1,941
  -2,068
  -2,201
  -2,338
  -2,482
  -2,631
  -2,787
  -2,949
  -3,119
New CAPEX, $m
  -260
  -287
  -314
  -340
  -366
  -391
  -416
  -440
  -463
  -486
  -509
  -532
  -555
  -578
  -602
  -625
  -650
  -676
  -702
  -730
  -759
  -789
  -821
  -854
  -889
  -926
  -965
  -1,007
  -1,050
  -1,096
Cash from investing activities, $m
  -479
  -547
  -621
  -697
  -778
  -862
  -950
  -1,041
  -1,135
  -1,233
  -1,334
  -1,440
  -1,548
  -1,661
  -1,778
  -1,898
  -2,024
  -2,155
  -2,290
  -2,431
  -2,578
  -2,730
  -2,889
  -3,055
  -3,227
  -3,408
  -3,596
  -3,794
  -3,999
  -4,215
Free cash flow, $m
  -108
  -87
  -62
  -32
  2
  42
  86
  135
  189
  246
  308
  374
  443
  516
  593
  673
  757
  844
  935
  1,029
  1,127
  1,229
  1,335
  1,445
  1,559
  1,677
  1,800
  1,928
  2,062
  2,200
Issuance/(repayment) of debt, $m
  120
  132
  144
  157
  168
  180
  191
  202
  213
  224
  234
  245
  255
  266
  277
  288
  299
  311
  323
  336
  349
  363
  378
  393
  409
  426
  444
  463
  483
  505
Issuance/(repurchase) of shares, $m
  82
  60
  33
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  202
  192
  177
  157
  168
  180
  191
  202
  213
  224
  234
  245
  255
  266
  277
  288
  299
  311
  323
  336
  349
  363
  378
  393
  409
  426
  444
  463
  483
  505
Total cash flow (excl. dividends), $m
  95
  105
  115
  124
  171
  222
  278
  338
  402
  470
  543
  619
  699
  782
  870
  961
  1,056
  1,155
  1,258
  1,365
  1,477
  1,592
  1,713
  1,838
  1,968
  2,103
  2,245
  2,392
  2,545
  2,705
Retained Cash Flow (-), $m
  -227
  -251
  -274
  -297
  -320
  -342
  -363
  -384
  -405
  -425
  -445
  -465
  -485
  -505
  -526
  -547
  -568
  -590
  -614
  -638
  -663
  -689
  -717
  -746
  -777
  -810
  -844
  -880
  -918
  -958
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -132
  -146
  -159
  -173
  -149
  -120
  -85
  -46
  -3
  45
  97
  154
  214
  277
  344
  415
  488
  565
  645
  728
  814
  903
  995
  1,091
  1,191
  1,294
  1,401
  1,512
  1,627
  1,747
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -126
  -134
  -139
  -142
  -115
  -87
  -58
  -29
  -2
  24
  46
  66
  81
  93
  101
  105
  106
  104
  99
  92
  84
  75
  65
  56
  46
  38
  30
  23
  18
  13
Current shareholders' claim on cash, %
  96.7
  94.6
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7

Werner Enterprises, Inc. is a transportation and logistics company. The Company is engaged in transporting truckload shipments of general commodities in both interstate and intrastate commerce. It operates through two segments: Truckload and Werner Logistics. It provides logistics services through its Werner Logistics division. As of December 31, 2016, it had a fleet of approximately 7,100 trucks, of which 6,305 were company-operated and 795 were owned and operated by independent contractors. Its Werner Logistics division operated 74 intermodal drayage trucks as of December 31, 2016. Its Truckload segment comprises the One-Way Truckload and Specialized Services units. It operates in several provinces of Canada to provide through-trailer service into and out of Mexico. Its Werner Logistic segment is a non-asset-based transportation and logistics provider and comprises four operating units: truck brokerage, freight management, the intermodal and Werner Global Logistics international.

FINANCIAL RATIOS  of  Werner Enterprises (WERN)

Valuation Ratios
P/E Ratio 30.2
Price to Sales 1.2
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 7.6
Price to Free Cash Flow -10.5
Growth Rates
Sales Growth Rate -4.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.5%
Cap. Spend. - 3 Yr. Gr. Rate 20.6%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 16.1%
Total Debt to Equity 18.1%
Interest Coverage 65
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. 10.5%
Return On Equity 8.2%
Return On Equity - 3 Yr. Avg. 11.5%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 83.8%
Gross Margin - 3 Yr. Avg. 80%
EBITDA Margin 16.9%
EBITDA Margin - 3 Yr. Avg. 17.2%
Operating Margin 6.3%
Oper. Margin - 3 Yr. Avg. 7.8%
Pre-Tax Margin 6.3%
Pre-Tax Margin - 3 Yr. Avg. 7.8%
Net Profit Margin 3.9%
Net Profit Margin - 3 Yr. Avg. 4.8%
Effective Tax Rate 37.8%
Eff/ Tax Rate - 3 Yr. Avg. 38.3%
Payout Ratio 21.5%

WERN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WERN stock intrinsic value calculation we used $2116.737 million for the last fiscal year's total revenue generated by Werner Enterprises. The default revenue input number comes from 0001 income statement of Werner Enterprises. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our WERN stock valuation model: a) initial revenue growth rate of 19.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for WERN is calculated based on our internal credit rating of Werner Enterprises, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Werner Enterprises.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of WERN stock the variable cost ratio is equal to 83.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $214 million in the base year in the intrinsic value calculation for WERN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Werner Enterprises.

Corporate tax rate of 27% is the nominal tax rate for Werner Enterprises. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the WERN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for WERN are equal to 64%.

Life of production assets of 6.2 years is the average useful life of capital assets used in Werner Enterprises operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for WERN is equal to 8.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1184.782 million for Werner Enterprises - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 72.061 million for Werner Enterprises is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Werner Enterprises at the current share price and the inputted number of shares is $2.4 billion.

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COMPANY NEWS

▶ Werner Enterprises Announces Quarterly Dividend   [Nov-15-18 04:05PM  GlobeNewswire]
▶ Werner Enterprises Hosts Veterans Day Ceremonies   [Nov-08-18 03:50PM  GlobeNewswire]
▶ Werner Enterprises Named a Top Company for Women   [Nov-05-18 01:00PM  GlobeNewswire]
▶ Top Ranked Value Stocks to Buy for November 2nd   [Nov-02-18 10:37AM  Zacks]
▶ Werner Enterprises Opens New West Memphis Shop   [Nov-01-18 10:33AM  GlobeNewswire]
▶ Werner Enterprises Earns Mike Russell Trucking Image Award   [Oct-30-18 03:45PM  GlobeNewswire]
▶ Werner Enterprises Earns 2018 SmartWay Excellence Award   [Oct-29-18 12:15PM  GlobeNewswire]
▶ Werner: 3Q Earnings Snapshot   [04:22PM  Associated Press]
▶ Top Ranked Value Stocks to Buy for October 5th   [Oct-05-18 11:53AM  Zacks]
▶ New Strong Buy Stocks for October 2nd   [Oct-02-18 09:58AM  Zacks]
▶ Werners Tim Dean Named October Driver of the Month   [Oct-01-18 11:15AM  GlobeNewswire]
▶ Werner Enterprises Named a 2018 Top 100 Trucker   [Sep-25-18 12:03PM  GlobeNewswire]
▶ Werner Enterprises Unveils Second Race for the Cure Truck   [Sep-14-18 04:45PM  GlobeNewswire]
▶ Werner Celebrates National Truck Driver Appreciation Week   [Sep-07-18 11:35AM  GlobeNewswire]
▶ Werner Enterprises Honored at Freedom Award Ceremony   [Aug-24-18 05:00PM  GlobeNewswire]
▶ Werner Logistics Named a Top 3PL and Cold Storage Provider   [Aug-16-18 12:30PM  GlobeNewswire]
▶ Werner Enterprises Announces Quarterly Dividend   [Aug-15-18 04:05PM  GlobeNewswire]
▶ Werner Logistics Named a 2018 Top 100 3PL Provider   [Jul-31-18 12:30PM  GlobeNewswire]
▶ Why Werner Enterprises Stock Dropped 11% Today   [Jul-24-18 03:48PM  Motley Fool]
▶ Werner: 2Q Earnings Snapshot   [Jul-23-18 04:16PM  Associated Press]
▶ Werner Enterprises Unveils First Race for the Cure Truck   [Jul-12-18 04:30PM  GlobeNewswire]
▶ Werner Enterprises Earns 2018 Freedom Award   [Jun-25-18 02:45PM  GlobeNewswire]
▶ Werner Enterprises Named a 2018 Top Green Provider   [Jun-18-18 10:00AM  GlobeNewswire]
▶ Werner Enterprises Increases Quarterly Dividend   [May-09-18 04:05PM  GlobeNewswire]
▶ Werner Enterprises Named 2018 Best for Vets Employer   [May-07-18 03:35PM  GlobeNewswire]
▶ Reuters: UPS in talks to launch in-home furniture delivery   [May-02-18 10:15AM  American City Business Journals]
▶ Werner Recognized at Guard and Reserve Event   [May-01-18 12:00PM  GlobeNewswire]
▶ Werner: 1Q Earnings Snapshot   [Apr-19-18 04:18PM  Associated Press]
▶ NYSE trader: Watch for earnings from these key stocks   [Apr-18-18 01:53PM  Yahoo Finance Video]

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