• ITVI.USA
    15,482.400
    -11.800
    -0.1%
  • OTRI.USA
    25.070
    0.000
    0%
  • OTVI.USA
    15,440.270
    -7.500
    0%
  • TLT.USA
    2.700
    0.000
    0%
  • TSTOPVRPM.ATLPHL
    2.550
    -0.030
    -1.2%
  • TSTOPVRPM.CHIATL
    3.030
    -0.080
    -2.6%
  • TSTOPVRPM.DALLAX
    1.450
    0.150
    11.5%
  • TSTOPVRPM.LAXDAL
    2.910
    -0.030
    -1%
  • TSTOPVRPM.PHLCHI
    1.700
    -0.040
    -2.3%
  • TSTOPVRPM.LAXSEA
    3.020
    -0.010
    -0.3%
  • WAIT.USA
    120.000
    0.000
    0%
  • ITVI.USA
    15,482.400
    -11.800
    -0.1%
  • OTRI.USA
    25.070
    0.000
    0%
  • OTVI.USA
    15,440.270
    -7.500
    0%
  • TLT.USA
    2.700
    0.000
    0%
  • TSTOPVRPM.ATLPHL
    2.550
    -0.030
    -1.2%
  • TSTOPVRPM.CHIATL
    3.030
    -0.080
    -2.6%
  • TSTOPVRPM.DALLAX
    1.450
    0.150
    11.5%
  • TSTOPVRPM.LAXDAL
    2.910
    -0.030
    -1%
  • TSTOPVRPM.PHLCHI
    1.700
    -0.040
    -2.3%
  • TSTOPVRPM.LAXSEA
    3.020
    -0.010
    -0.3%
  • WAIT.USA
    120.000
    0.000
    0%
Company earningsNewsTrucking

Universal Logistics profits, revenue drop during second quarter

Universal Logistics moved 36,445 loads compared to 61,423 during the same period last year

Universal Logistics Holdings Inc. (NASDAQ: ULH) reported net income of $6.2 million, compared to $20 million during second quarter 2019, a 69% decline, according to the company’s earnings report released on Thursday.

On a per-share basis, the Warren, Michigan-based company said it had net income of 23 cents per share, on total operating revenues of $258 million. This compares to 70 cents per share during the second quarter of 2019 on total operating revenues of $383.2 million.  

The asset-light provider of trucking and logistics solutions services reported its transportation segment, comprising truckload, brokerage and intermodal services operations, had operating income of $10 million on total operating revenues of $185.8 million during the second quarter.

Universal also moved 36,445 loads compared to 61,423 during the same period last year, a 68% decrease.

Operating revenues from the company’s truckload services in the second quarter was $40.5 million, a reduction of $24.3 million compared to the same period last year.

The decrease in truckload services reflects a 40.7% decrease in the number of loads hauled, which was partially offset by a 6.8% increase in average operating revenue per load, excluding fuel surcharges. 

Brokerage services revenue for the second quarter was $62.8 million, a 29.8% decline compared to one year earlier. The decrease is primarily due to a 17.2% decrease in the number of brokerage loads moved and a 16.7% decrease in average operating revenue per load.

During the second quarter of 2020, Universal brokered 47,797 loads, compared to 57,710 loads during the same period last year, a 17% decrease.

Intermodal services revenue was $82.9 million in the second quarter, an 11.7% decrease from the same period last year. 

Universal moved 156,779 intermodal loads during the second quarter, a 4.8% decline compared to the same period last year, while its average operating revenue per load, excluding fuel surcharges, fell by 3%.

Universal Logistics will hold its second-quarter financial results call at 10 a.m. ET on Friday.

Click for more FreightWaves articles by Noi Mahoney.

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Noi Mahoney

Noi Mahoney is the Cross-Border Freight Market Reporter for FreightWaves.com. He graduated from the University of Texas at Austin with a degree in English in 1999. Mahoney has more than 20 years experience as a reporter and editor. He has worked for newspapers in Florida, Maryland and Texas.
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