AcquisitionsMay 8, 2026, 04:12 PM
Werner Enterprises Acquires FirstFleet for $214.8M; Q1 Net Loss Narrows
AI Summary
Werner Enterprises Inc. announced the acquisition of FirstEnterprises, Inc. (FirstFleet) for $214.8 million, significantly expanding its fleet and customer sites. For the first quarter of 2026, the company reported a substantial improvement in financial performance, with operating revenues increasing and net loss narrowing significantly. The acquisition contributed $107.9 million in revenues and $1.9 million in net income to the quarter's results.
Key Highlights
- Werner Enterprises acquired FirstFleet for $214.8 million on January 27, 2026, including a $30.0 million contingent earnout.
- FirstFleet contributed $107.9 million in revenues and $1.9 million in net income to Q1 2026 results.
- Operating revenues increased 13.55% to $808.6 million for Q1 2026 from $712.1 million in Q1 2025.
- Net loss attributable to Werner narrowed to $4.26 million in Q1 2026 from $10.10 million in Q1 2025.
- Basic loss per share improved to $(0.07) in Q1 2026 from $(0.16) in Q1 2025.
- Truckload Transportation Services (TTS) revenues rose 18.4% to $594.3 million in Q1 2026.
- Net cash provided by operating activities surged to $83.45 million in Q1 2026 from $29.37 million in Q1 2025.
- The company declared a dividend of $0.14 per common share for the quarter.