Exhibit 99.1

First Quarter 2024 Highlights (all metrics compared to first quarter 2023)

•Total revenues of $769.1 million, down 8%

•Operating income of $15.6 million, down 71%; non-GAAP adjusted operating income of $18.6 million, down 68%

•Operating margin of 2.0%, down 440 basis points; non-GAAP adjusted operating margin of 2.4%, down 450 basis points

•Diluted EPS of $0.10, down 82%; non-GAAP adjusted diluted EPS of $0.14, down 77%

OMAHA, Neb., April 30, 2024 -- Werner Enterprises, Inc. (Nasdaq: WERN), a premier transportation and logistics provider, today reported results for the first quarter ended March 31, 2024.

“Freight conditions remained challenging in the first quarter with persistent excess industry capacity driving broad pricing pressure combined with adverse weather and one-off expense headwinds. Despite these market challenges, we focused on controlling the controllables,” said Derek J. Leathers, Chairman and CEO. “We continued a favorable production trend in One-Way, grew revenue per truck in Dedicated and realized outsized volume growth in our Power Only offering within Logistics. We generated solid cash flow, executed on additional cost takeout, reduced our debt and repurchased shares during the quarter. While we cannot control the macro, we are focused on our long-term strategy and structural improvements to position Werner well for capitalizing on a tighter market.”

Total revenues for the quarter were $769.1 million, a decrease of $63.6 million compared to the prior year quarter, due to a $37.2 million, or 6%, decrease in Truckload Transportation Services (“TTS”) revenues and a decline in Logistics revenues of $26.2 million, or 11%. A portion of the TTS revenue decline was due to $15.3 million lower fuel surcharge revenues. Net of trucking fuel surcharge revenues, consolidated total revenues decreased $48.3 million, or 6%, during the quarter.

Operating income of $15.6 million decreased $37.8 million, or 71%, while operating margin of 2.0% decreased 440 basis points. On a non-GAAP basis, adjusted operating income of $18.6 million decreased $39.0 million, or 68%. Adjusted operating margin of 2.4% declined 450 basis points from 6.9% for the same quarter last year.

TTS operating income decreased $30.1 million, and TTS adjusted operating income decreased $31.0 million. Logistics had an operating loss of $2.3 million, a decrease of $7.3 million, and Logistics had an adjusted operating loss of $1.2 million, a decrease of $7.5 million. Corporate and Other (including driving schools) operating income decreased $0.4 million.

Net interest expense of $6.3 million decreased $0.1 million primarily due to a decrease in average debt outstanding, mostly offset by higher interest rates for variable rate debt. The effective income tax rate during the the quarter increased to 32.9%, compared to 24.3% in first quarter 2023 due to a higher amount of unfavorable discrete income tax items.

During first quarter 2024, we had losses on our strategic investments of $0.3 million, compared to losses of $0.1 million in first quarter 2023. Consistent with prior reporting, increases or decreases to the values of these strategic investments are adjusted out for determining non-GAAP adjusted net income and non-GAAP adjusted earnings per share.

Net income attributable to Werner of $6.3 million decreased 82%. On a non-GAAP basis, adjusted net income attributable to Werner of $8.6 million decreased 77%. Diluted EPS of $0.10 decreased 82%. On a non-GAAP basis, adjusted diluted EPS of $0.14 decreased 77%.

(1) See attached Reconciliation of Non-GAAP Financial Measures - Consolidated.

•Revenues of $551.1 million decreased $37.2 million; trucking revenues, net of fuel surcharge, decreased 5%

•Operating income of $20.8 million decreased $30.1 million; non-GAAP adjusted operating income of $22.7 million decreased $31.0 million due to lower gains on the sale of property and equipment, lower revenue per total mile, net of fuel surcharge, in One-Way Truckload and overall smaller fleet size, partially offset by favorability in One-Way average total miles per truck per week and Dedicated average revenues per truck per week, net of fuel surcharge

•Operating margin of 3.8% decreased 490 basis points from 8.7%

•Non-GAAP adjusted operating margin, net of fuel surcharge, of 4.7% decreased 600 basis points from 10.7%

•Average segment trucks in service totaled 7,935, a decrease of 626 trucks year over year, or 7%

•Dedicated unit trucks at quarter end totaled 5,080, or 65% of the total TTS segment fleet, compared to 5,345 trucks, or 63%, a year ago

•Average revenues per truck per week, net of fuel surcharge, increased 2.8% for TTS and increased 1.3% for Dedicated

During first quarter 2024, Dedicated experienced net reduction in average trucks, down 4.1% year over year and down 1.7% sequentially. Dedicated average revenues per truck per week, net of fuel surcharge, increased 1.3% year over year, and despite a highly competitive environment and isolated fleet losses, pipeline opportunities remain healthy and client retention remains strong at over 93%. One-Way Truckload volume during first quarter 2024 was steady and seasonally consistent, but revenues remained challenged by ongoing rate pressure. One-Way revenues per total mile was down 5.1% and fleet size was smaller year over year (down 12.7%), offset with the fourth consecutive quarter of higher total miles per truck per week (up 11.3%).

As a result, One-Way Truckload miles were down only 2.8% despite a more sizable fleet reduction year over year.

(1) See attached Reconciliation of Non-GAAP Financial Measures - Truckload Transportation Services (TTS) Segment.

•Revenues of $202.5 million decreased $26.2 million, or 11%

•Operating loss of $2.3 million decreased $7.3 million

•Operating margin of (1.2)% decreased 340 basis points from 2.2%

•Adjusted operating loss of $1.2 million decreased $7.5 million

•Adjusted operating margin of (0.6)% decreased 340 basis points from 2.8%

Truckload Logistics revenues (76% of Logistics revenues) decreased 13%, driven by a decrease in shipments and a decline in revenue per shipment. Brokerage volumes decreased year-over-year while Power Only volume was up over 20%.

Intermodal revenues (12% of Logistics revenues) decreased 15%, due to lower revenue per shipment year over year, partially offset by an increase in shipments. We achieved the fourth consecutive quarter of a sequential increase in shipments.

Final Mile revenues (12% of Logistics revenues) increased $1.1 million, or 5%.

Logistics operating income decreased $7.3 million to a loss of $2.3 million and adjusted operating income decreased $7.5 million in first quarter 2024. Adverse weather combined with a competitive freight and rate market in first quarter 2024 impacted Logistics revenue and profitability despite normal seasonality in volume and maintaining high client retention. We are focused on revenue quality and managing yield, evidenced by achieving a consistent 15% margin for three consecutive quarters of revenues less purchased transportation expense and achieving operating expense reductions, including a 7% year over year decrease in salaries, wages and benefits.

(1) See attached Reconciliation of Non-GAAP Financial Measures - Werner Logistics Segment.

Cash flow from operations in first quarter 2024 was $88.6 million compared to $166.8 million in first quarter 2023, a decrease of 47%.

Net capital expenditures in first quarter 2024 were $19.0 million compared to $102.7 million in first quarter 2023, a decrease of 81%. We plan to continue to invest in new trucks, trailers and our terminals to improve our driver experience, optimize operational efficiency and more effectively manage our maintenance, safety and fuel costs. The average ages of our truck and trailer fleets were 2.1 years and 5.0 years, respectively, as of March 31, 2024.

Gains on sales of property and equipment in first quarter 2024 were $3.6 million, or $0.04 per share, compared to $18.3 million, or $0.22 per share, in first quarter 2023. Year over year, we sold 18% fewer trucks and over 78% more trailers and realized lower average gains per truck and trailer. Gains on sales of property and equipment are reflected as a reduction of Other Operating Expenses in our income statement.

During the quarter, we repurchased 0.2 million shares of common stock for a total cost of $6.5 million, or an average price of $38.64 per share. As of March 31, 2024, we had 2.1 million shares remaining under our share repurchase authorization.

As of March 31, 2024, we had $60 million of cash and cash equivalents and over $1.5 billion of stockholders’ equity. Total debt outstanding was $598 million at March 31, 2024. After considering letters of credit issued, we had available liquidity consisting of cash and cash equivalents and available borrowing capacity as of March 31, 2024 of $619 million.

The following table summarizes our updated 2024 guidance assumptions:

•Effective income tax rate of 32.9% in 1Q24 compared to 24.3% in 1Q23. Expect annual effective tax rate in

the range of 24.5% to 25.5%.

•Average truck age of 2.1 years and average trailer age of 5.0 years as of 3/31/24. Expect average truck and trailer ages of 2.0 years and 5.0 years, respectively, as of 12/31/24.

Werner Enterprises, Inc. will conduct a conference call to discuss first quarter 2024 earnings today beginning at 4:00 p.m. CT. The news release, live webcast of the earnings conference call, and accompanying slide presentation will be available at werner.com in the “Investors” section under “News & Events” and then “Events Calendar.” To participate in the conference call, please dial (844) 701-1165 (domestic) or (412) 317-5498 (international). Please mention to the operator that you are dialing in for the Werner Enterprises call.

A replay of the conference call will be available on April 30, 2024 at approximately 6:00 p.m. CT through May 30, 2024 by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international) and using the access code 8240692. A replay of the webcast will also be available at werner.com in the “Investors” section under “News & Events” and then “Events Calendar.”

Werner Enterprises, Inc. (Nasdaq: WERN) delivers superior truckload transportation and logistics services to customers across the United States, Mexico and Canada. With 2023 revenues of $3.3 billion, an industry-leading modern truck and trailer fleet, nearly 14,000 talented associates and our innovative Werner EDGE® technology, we are an essential solutions provider for customers who value the integrity of their supply chain and require safe and exceptional on-time service. Werner® provides Dedicated and One-Way Truckload services as well as Logistics services that include truckload brokerage, freight management, intermodal and final mile. As an industry leader, Werner is deeply committed to promoting sustainability and supporting diversity, equity and inclusion.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on information presently available to the Company’s management and are current only as of the date made. Actual results could also differ materially from those anticipated as a result of a number of factors, including, but not limited to, those discussed in the Company’s latest available Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q.

For those reasons, undue reliance should not be placed on any forward-looking statement. The Company assumes no duty or obligation to update or revise any forward-looking statement, although it may do so from time to time as management believes is warranted or as may be required by applicable securities law. Any such updates or revisions may be made by filing reports with the U.S. Securities and Exchange Commission (“SEC”), through the issuance of press releases or by other methods of public disclosure.

Contact:

Christopher D. Wikoff

Executive Vice President, Treasurer

and Chief Financial Officer

(402) 894-3700

Source: Werner Enterprises, Inc.

(1) Under the terms of our insurance policies, we are the primary obligor of the damage award in a previously disclosed adverse jury verdict, and as such, we have recorded a $79.2 million receivable from our third-party insurance providers in other non-current assets and a corresponding liability of the same amount in the long-term portion of insurance and claims accruals in the unaudited condensed balance sheets as of March 31, 2024 and December 31, 2023.

(1) Other includes our driver training schools, transportation-related activities such as third-party equipment maintenance and equipment leasing, and other business activities.

(2) Inter-segment eliminations represent transactions between reporting segments that are eliminated in consolidation.

(1) Net of fuel surcharge revenues

To supplement our financial results presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we provide certain non-GAAP financial measures as defined by the SEC Regulation G, including non-GAAP adjusted operating income; non-GAAP adjusted operating margin; non-GAAP adjusted operating margin, net of fuel surcharge; non-GAAP adjusted net income attributable to Werner; non-GAAP adjusted diluted earnings per share; non-GAAP adjusted operating revenues, net of fuel surcharge; non-GAAP adjusted operating revenues, less purchased transportation expense; non-GAAP adjusted operating expenses; non-GAAP adjusted operating expenses, net of fuel surcharge; non-GAAP adjusted operating ratio; and non-GAAP adjusted operating ratio, net of fuel surcharge. We believe these non-GAAP financial measures provide a more useful comparison of our performance from period to period because they exclude the effect of items that, in our opinion, do not reflect our core operating performance. Our non-GAAP financial measures are not meant to be considered in isolation or as substitutes for their comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. There are limitations to using non-GAAP financial measures. Although we believe that they improve comparability in analyzing our period to period performance, they could limit comparability to other companies in our industry if those companies define these measures differently. Because of these limitations, our non-GAAP financial measures should not be considered measures of income generated by our business. Management compensates for these limitations by primarily relying on GAAP results and using non-GAAP financial measures on a supplemental basis.

The following tables present reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure as required by SEC Regulation G. In addition, information regarding each of the excluded items as well as our reasons for excluding them from our non-GAAP results is provided below.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – CONSOLIDATED

(unaudited)

(In thousands, except per share amounts)

						Three Months Ended March 31,
						2024						2023
Non-GAAP Adjusted Operating Revenues, Net of Fuel Surcharge (1)						$						$
Operating revenues – (GAAP)						$	769,080					$	832,714
Non-GAAP adjustment:
Trucking fuel surcharge (7)						(72,983)						(88,301)
Non-GAAP Operating revenues, net of fuel surcharge						$	696,097					$	744,413

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – TRUCKLOAD TRANSPORTATION SERVICES (TTS) SEGMENT

(unaudited)

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES – WERNER LOGISTICS SEGMENT

(unaudited)

(1) Non-GAAP adjusted operating income; non-GAAP adjusted operating margin; non-GAAP adjusted operating margin, net of fuel surcharge; non-GAAP adjusted net income attributable to Werner; non-GAAP adjusted diluted earnings per share; non-GAAP adjusted operating revenues, net of fuel surcharge; non-GAAP adjusted operating revenues, less purchased transportation expense; non-GAAP adjusted operating expenses; non-GAAP adjusted operating expenses, net of fuel surcharge; non-GAAP adjusted operating ratio; and non-GAAP adjusted operating ratio, net of fuel surcharge should be considered in addition to, rather than as substitutes for, GAAP operating income; GAAP operating margin; GAAP net income attributable to Werner; GAAP diluted earnings per share; GAAP operating revenues; GAAP operating expenses; and GAAP operating ratio, which are their most directly comparable GAAP financial measures.

(2) We accrued pre-tax insurance and claims expense for interest related to a previously disclosed excess adverse jury verdict rendered on May 17, 2018 in a lawsuit arising from a December 2014 accident. The Company is appealing this verdict. Additional information about the accident was included in our Current Report on Form 8-K dated May 17, 2018. Under our insurance policies in effect on the date of this accident, our maximum liability for this accident is $10.0 million (plus pre-judgment and post-judgment interest) with premium-based insurance coverage that exceeds the jury verdict amount. We continue to accrue pre-tax insurance and claims expense for interest at $0.5 million per month until such time as the outcome of our appeal is finalized, excluding months where the plaintiffs requested an extension of time to respond to our petition for review. Management believes excluding the effect of this item provides a more useful comparison of our performance from period to period. This item is included in our Truckload Transportation Services segment in our Segment Information table.

(3) Amortization expense related to intangible assets acquired in our business acquisitions is excluded because management does not believe it is indicative of our core operating performance. This item is included in our Truckload Transportation Services and Werner Logistics segments.

(4) Represents non-operating mark-to-market adjustments for gains/losses on our minority equity investments, which we account for under Accounting Standards Codification (“ASC”) 321, Investments – Equity Securities. Management believes excluding the effect of gains/losses on our investments in equity securities provides a more useful comparison of our performance from period to period. We record changes in the value of our investments in equity securities in other expense (income) in our Income Statement.

(5) Represents earnings/losses from our equity method investment, which we account for under ASC 323, Investments - Equity Method and Joint Ventures. Management believes excluding the effect of earnings/losses from our equity method investment provides a more useful comparison of our performance from period to period. We record earnings/losses from our equity method investment in other expense (income) in our Income Statement.

(6) The income tax effect of the non-GAAP adjustments is calculated using the incremental income tax rate excluding discrete items, and the income tax effect for 2023 has been updated to reflect the annual incremental income tax rate.

(7) Fluctuating fuel prices and fuel surcharge revenues impact the total company operating ratio and the TTS segment operating ratio when fuel surcharges are reported on a gross basis as revenues versus netting the fuel surcharges against fuel expenses. Management believes netting fuel surcharge revenues, which are generally a more volatile source of revenue, against fuel expenses provides a more consistent basis for comparing the results of operations from period to period.

(8) Management believes excluding purchased transportation expense from Werner Logistics operating revenues provides a useful measurement of our ability to source and sell services provided by third parties.