Universal Logistics Holdings’ third-quarter financial results were mixed, as the company saw year-over-year decreases in its trucking, brokerage and intermodal segments.
The Warren, Michigan-based company reported operating income increased $5.8 million to $42.6 million, compared to $36.8 million in the third-quarter of 2023.
Universal (Nasdaq: ULH) also reported net income of $26.5 million, or $1.01 per share in the third-quarter, a 14.7% year-over-year increase compared to 2023.
Universal Logistics provides truckload, brokerage, intermodal and dedicated services in the U.S., Mexico, Canada and Colombia.
“While I am pleased with Universal’s overall performance, the third quarter wasn’t without its challenges,” CEO Tim Phillips said in a news release. “We continue to navigate a deeply depressed freight environment, and we also made the difficult but necessary decision to close our company-managed brokerage operation. We remain committed to making sound business decisions and executing on our strategy to ensure Universal’s continued, long-term success.”
The company’s brokerage revenue declined 25.4% during the quarter to $42.4 million.
Universal’s trucking segment revenue decreased 10% to $87 million, compared to $97 million for the same period last year.
During the third quarter, Universal moved 36,909 loads compared to 43,996 loads during the same period last year, a 16% decline. Average operating revenue per load, excluding fuel surcharges, increased 9% year over year to $2,222.
The average length of haul increased 3.4% year over year to 395 miles in the quarter, while the average number of tractors decreased 14% year over year to 755.
Universal Logistics Holdings will hold a conference call to discuss results with analysts at 10 a.m. Friday.
Universal Logistics HoldingsQ3/24Q3/23Y/Y % ChangeOperating revenue$426.8$421.21.3%Operating income$42.6$36.716%Trucking revenue$87$97(10.3%)Intermodal revenue$77.6$87.9(11.8%)Contract logistics segment$245.2$208.1(17.8%)Company-managed brokerage revenue$42.4$56.8(25.4%)Adjusted earnings per share$1.01$0.8814.7%Universal Logistics key performance operators. Revenue and operating income in millions.
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