Universal Logistics Reports 12.9% Increase in Net Income for 2Q
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Universal Logistics Holdings Inc. reported net income of $20 million for its quarter ending June 29, a 12.9% increase over the same quarter last year.
The Warren, Mich.-based company, an asset-light provider of customized transportation and logistics solutions, reported July 25 that earnings per share were $0.70, compared with $0.62 per share in the second quarter of 2018. Operating revenue was $383.2 million, up 4.7% from $365.9 million in the same quarter in 2018.
Operating revenue from truckload services decreased $17.8 million to $64.8 million, compared with $82.7 million for the same period last year, the company said. The decrease in truckload services reflects an 18% drop in the number of loads hauled and a 4% decline in average operating revenue per load, excluding fuel surcharges.
During the quarter ended June 29, Universal Logistics moved 61,423 loads compared with 74,878 during the same period last year.
Revenue for the second quarter of 2019 from brokerage services decreased $3.1 million, or 3.4%, to $89.4 million, compared with $92.5 million one year earlier. During the second quarter of 2019, Universal brokered 57,710 loads, compared with 53,101 loads during the same period last year.
Intermodal services revenue increased $39 million to $93.9 million in the second quarter, up from $54.9 million during the same period last year. Included in intermodal revenue for the recently completed quarter was $41.5 million of acquisition revenue from companies acquired by Universal Logistics in the second half of 2018 and second quarter of 2019. During the quarter, Universal Logistics moved 164,761 intermodal loads, compared with 98,468 loads during the same period last year.
“We experienced some softness in trucking rates and volumes during the quarter, which was consistent across our industry, but overall we finished up reporting our best second-quarter revenue on record and our highest earnings per share ever,” Universal Logistics CEO Jeff Rogers said. “While I do see signs of diminished demand in the spot market continuing into the second half of the year, we intend to stay disciplined in controlling our costs.”
Universal Logistics provides transportation and logistics services, including dry van and flatbed truckload, intermodal and freight brokerage, plus dedicated contract carriage and warehousing and distribution. Universal Logistics ranks No. 27 on the Transport Topics Top 50 list of the largest logistics companies in North America.
