Werner Enterprises publishes Morgan Stanley 14th Annual Laguna Conference transcript

Werner management spoke at Morgan Stanley’s 14th Annual Laguna Conference, attended by President and Chief Legal Officer Nathan Meisgeier, CFO and Treasurer Chris Wikoff, and SVP Pricing and Strategic Planning Chris Neil.

• Contract renewals are running high single digits to low double digits.
• Tender rejects are about 3x year-ago levels despite softer spot rates.
• One-Way annual bids for 2027 are expected to start in the next 30–60 days; management projected continued tight capacity and further rate increases.
• Immigration-related enforcement is seen in early innings: about 30,000 of 194,000 non-domiciled non-compliant CDLs have exited, and 8,000 driving schools have closed.
• FirstFleet integration is on pace; the $18 million synergy plan is about half actioned, with remaining actions targeted for 2027.
• Consolidated adjusted operating income margin rose to 3% in Q2.