Universal Logistics Holdings (NASDAQ: ULH) released its third-quarter financial results Thursday afternoon, reporting revenue of $365 million and earnings per share of 50 cents.
The quarterly results were in line with Wall Street expectations, with most analysts predicting earnings of 50 cents per share and revenue of $327 million.
“The rapid recovery of North American automotive production was a primary driver behind Universal’s solid performance in the third quarter 2020,” Tim Phillips, CEO of Universal Logistics, said in a release. “We expect to build upon this success by launching several new logistics wins over the next few quarters.”
Universal Logistics is a Warren, Michigan-based truckload transportation, intermodal and logistics provider throughout the United States, Mexico, Canada and Colombia. The company has more than 6,000 employees.
Revenues from truckload services in the third quarter decreased 16% to $52.2 million, from $62.6 million for the same period last year.
The decrease in truckload services reflects a decrease in the number of loads hauled, the company said. During the third quarter, Universal moved 46,712 loads compared to 56,510 during the same period last year, a 17% decline.
Brokerage services decreased 4.1% to $90.6 million during the third quarter, compared to $94.4 million a year earlier.
The company’s transportation segment, which comprises truckload, brokerage and intermodal services operations, reported total revenues of $237.1 million.
An analyst call will be held by Universal Logistics officials at 10 a.m. EDT Friday to discuss the third-quarter results.
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