Universal Logistics Holdings Reports First Quarter 2023 Financial Results; Declares Dividend

Intermodal

• First Quarter 2023 Operating Revenues: $111.0 million, 29.6% decrease
• First Quarter 2023 Operating Income: $6.8 million, 6.1% operating margin

Operating revenues in the intermodal segment decreased 29.6% to $111.0 million in the first quarter 2023, compared to $157.6 million for the same period last year. Included in intermodal segment revenues for the recently completed quarter were $17.1 million in separately identified fuel surcharges, compared to $18.2 million during the same period last year. Intermodal segment revenues also include other accessorial charges such as detention, demurrage and storage, which totaled $26.0 million during the first quarter 2023, compared to $36.2 million one year earlier. The average operating revenue per load, excluding fuel surcharges, decreased 18.7% and load volumes fell an additional 20.7% on a year-over-year basis. First quarter 2023 income from operations decreased $16.2 million to $6.8 million, compared to $23.0 million during the same period last year. As a percentage of revenue, operating margin in the intermodal segment for the first quarter 2023 was 6.1%, compared to 14.6% one year earlier.

Trucking

• First Quarter 2023 Operating Revenues: $79.7 million, 18.2% decrease
• First Quarter 2023 Operating Income: $3.8 million, 4.8% operating margin

In the trucking segment, first quarter 2023 operating revenues decreased 18.2% to $79.7 million, compared to $97.5 million for the same period last year. First quarter 2023 trucking segment revenues included $34.7 million of brokerage services, compared to $42.0 million during the same period last year. Also included in our trucking segment revenues were $7.2 million in separately identified fuel surcharges during the first quarter 2023, compared to $7.5 million in fuel surcharges during the same period last year. On a year-over-year basis, the average operating revenue per load, excluding fuel surcharges, decreased 8.8% and load volumes declined 11.8%. Income from operations in the first quarter 2023 decreased $3.6 million to $3.8 million compared to $7.4 million during the same period last year. As a percentage of revenue, operating margin in the trucking segment for the first quarter 2023 was 4.8% compared to 7.6% during the same period last year. 

Company-managed Brokerage

• First Quarter 2023 Operating Revenues: $34.0 million, 47.9% decrease
• First Quarter 2023 Operating (Loss): $(0.4) million, (1.1)% operating margin

First quarter 2023 operating revenues in the company-managed brokerage segment decreased 47.9% to $34.0 million compared to $65.2 million for the same period last year. On a year-over-year basis, average operating revenue per load and load volumes in the company-managed brokerage segment decreased 22.1% and 18.9%, respectively. In the first quarter 2023, the company-managed brokerage segment experienced an operating loss of $(0.4) million compared to operating income of $3.9 million one year earlier. The first quarter 2023 operating results included a $1.2 million charge for settlement of an auto liability claim in excess of policy limits. As a percentage of revenue, operating margin for the first quarter 2023 was (1.1)% compared to 5.9% during the same period last year. The claims charge recorded in the first quarter 2023 adversely impacted the company-managed brokerage segment's operating margin by 350 basis points. 

Cash Dividend

Universal Logistics Holdings, Inc. also announced today that its Board of Directors has declared a cash dividend of $0.105 per share of common stock.  The dividend is payable to shareholders of record at the close of business on June 5, 2023 and is expected to be paid on July 3, 2023.

Other Matters 

As of April 1, 2023, Universal held cash and cash equivalents totaling $76.8 million, and $10.0 million in marketable securities. Outstanding debt at the end of the first quarter 2023 was $381.9 million and capital expenditures totaled $31.3 million. 

Universal calculates and reports selected financial metrics not only for purposes of our lending arrangements but also in an effort to isolate and exclude the impact of non-operating expenses related to our corporate development activities. These statistics are described in more detail below in the section captioned "Non-GAAP Financial Measures."

Conference call:

We invite investors and analysts to our quarterly earnings conference call. 

Quarterly Earnings Conference Call Dial-in Details:

A replay of the conference call will be available through May 5, 2023, by calling (877) 344-7529 (toll free) or +1 (412) 317-0088 (toll) and using encore replay code 2912510. The call will also be available on investors.universallogistics.com.

About Universal:

Universal Logistics Holdings, Inc. ("Universal") is a holding company that owns subsidiaries engaged in providing a variety of customized transportation and logistics solutions throughout the United States, and in Mexico, Canada and Colombia.  Our operating subsidiaries provide customers with supply chain solutions that can be scaled to meet their changing demands and volumes. Universal's consolidated subsidiaries offer customers a broad array of services across the entire supply chain, including truckload, brokerage, intermodal, dedicated, and value-added services. In this press release, the terms "us," "we," "our," or the "Company" refer to Universal and its consolidated subsidiaries.

Forward Looking Statements

Some of the statements contained in this press release might be considered forward-looking statements. These statements identify prospective information. Forward-looking statements can be identified by words such as: "expect," "anticipate," "intend," "plan," "goal," "prospect," "seek," "believe," "targets," "project," "estimate," "future," "likely," "may," "should" and similar references to future periods. Forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. These forward-looking statements are subject to a number of factors that may cause actual results to differ materially from the expectations described. Additional information about the factors that may adversely affect these forward-looking statements is contained in Universal's reports and filings with the Securities and Exchange Commission. Universal assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws.

UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Condensed Consolidated Statements of Income (In thousands, except per share data)
		Thirteen Weeks Ended
		April 1,				April 2,
		2023				2022
Operating revenues:
Truckload services		$	46,401			$	57,483
Brokerage services			68,673				107,172
Intermodal services			111,026				157,613
Dedicated services			85,232				75,487
Value-added services			126,064				126,106
Total operating revenues			437,396				523,861
Operating expenses:
Purchased transportation and equipment rent			156,085				232,131
Direct personnel and related benefits			139,752				136,667
Operating supplies and expenses			46,189				42,124
Commission expense			8,172				10,024
Occupancy expense			11,152				10,195
General and administrative			11,256				10,063
Insurance and claims			8,079				8,581
Depreciation and amortization			18,515				16,228
Total operating expenses			399,200				466,013
Income from operations			38,196				57,848
Interest expense, net			(4,975)				(2,433) Werbung Mehr Nachrichten zur Universal Logistics Holdings Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 14:16 - dpa-AFX Firmenchef-Umfrage: Über 70 Prozent fürchten Cyber-Angriff 10:10 - bullvestor InnoCan Pharma: Ist das die nächste Milliarden-CBD-Übernahmestory? 09:00 - wallstreet:online ... Überbewertung: MSCI World ETF: 3 Warnzeichen und 2 Möglichkeiten Biotech-Einhorn!    Ist das die nächste Milliarden-CBD-Übernahmestory? weiterlesen» Anzeige wo-site-teaser-box-16782_site-teaser-box_2024-04-28_09%253A00%253A00_2024-04-29_09%253A00%253A59