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

• Fourth Quarter 2023 Operating Revenues: $201.3 million, 2.0% decrease
• Fourth Quarter 2023 Operating Income: $32.1 million, 15.9% operating margin

In the contract logistics segment, which includes our value-added and dedicated services, fourth quarter 2023 operating revenues decreased 2.0% to $201.3 million, compared to $205.5 million for the same period last year.  At the end of the fourth quarter 2023, we managed 71 value-added programs compared to 63 at the end of the fourth quarter 2022. Included in contract logistics segment revenues were $8.9 million in separately identified fuel surcharges from dedicated transportation services, compared to $10.6 million during the same period last year. Fourth quarter 2023 income from operations increased $2.0 million to $32.1 million, compared to $30.1 million during the same period last year. As a percentage of revenue, operating margin in the contract logistics segment for the fourth quarter 2023 was 15.9%, compared to 14.7% during the same period last year.

Intermodal

• Fourth Quarter 2023 Operating Revenues: $85.4 million, 30.6% decrease
• Fourth Quarter 2023 Operating (Loss): $(0.9) million, (1.1)% operating margin

Operating revenues in the intermodal segment decreased 30.6% to $85.4 million in the fourth quarter 2023, compared to $123.1 million for the same period last year. Included in intermodal segment revenues for the recently completed quarter were $13.0 million in separately identified fuel surcharges, compared to $22.4 million during the same period last year. Intermodal segment revenues also include other accessorial charges such as detention, demurrage and storage which totaled $8.7 million during the fourth quarter 2023, compared to $22.5 million one year earlier. Load volumes increased 1.8%, however, the average operating revenue per load, excluding fuel surcharges, decreased 19.9% on a year-over-year basis. Fourth quarter 2023 operating losses in the intermodal segment were $(0.9) million which compares to $11.1 million of operating income during the same period last year. As a percentage of revenue, operating margin in the intermodal segment for the fourth quarter 2023 was (1.1)%, compared to 9.0% one year earlier.

Trucking

• Fourth Quarter 2023 Operating Revenues: $75.2 million, 15.5% decrease
• Fourth Quarter 2023 Operating Income: $2.5 million, 3.3% operating margin

In the trucking segment, fourth quarter 2023 operating revenues decreased 15.5% to $75.2 million, compared to $89.0 million for the same period last year. Fourth quarter 2023 trucking segment revenues included $30.0 million of brokerage services, compared to $36.5 million during the same period last year. Also included in our trucking segment revenues were $5.6 million in separately identified fuel surcharges during the fourth quarter 2023, compared to $8.1 million in fuel surcharges one year earlier. On a year-over-year basis, load volumes declined 3.9% and the average operating revenue per load, excluding fuel surcharges, decreased an additional 8.6%. Income from operations in the fourth quarter 2023 was $2.5 million compared to $5.7 million during the same period last year. As a percentage of revenue, operating margin in the trucking segment for the fourth quarter 2023 was 3.3% compared to 6.5% during the same period last year.

Company-managed Brokerage

• Fourth Quarter 2023 Operating Revenues: $28.1 million, 29.1% decrease
• Fourth Quarter 2023 Operating Income: $9 thousand, 0% operating margin

Fourth quarter 2023 operating revenues in the company-managed brokerage segment decreased 29.1% to $28.1 million compared to $39.6 million for the same period last year. Load volumes declined 14.4% in the company-managed brokerage segment and average operating revenue per load, excluding fuel surcharges, decreased 15.7% on a year-over-year basis.  Income from operations in the fourth quarter 2023 was $9 thousand compared to $0.9 million during the same period last year. As a percentage of revenue, operating margin for the fourth quarter 2023 was 0% compared to 2.3% one year earlier.

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 March 4, 2024 and is expected to be paid on April 1, 2024.

Other Matters 

As of December 31, 2023, Universal held cash and cash equivalents totaling $12.5 million and $10.8 million in marketable securities. Outstanding debt at the end of the fourth quarter 2023 was $386.4 million and capital expenditures totaled $48.5 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 February 23, 2024, by calling (877) 344-7529 (toll free) or +1 (412) 317-0088 (toll) and using encore replay code 9789883. 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								Year Ended
		December 31,								December 31,
		2023				2022				2023				2022
Operating revenues:
Truckload services		$	46,015			$	54,044			$	213,874			$	230,696
Brokerage services			58,132				76,092				244,024				368,880
Intermodal services			85,426				123,077				374,667				591,946
Dedicated services			85,541				83,039				343,543				324,589
Value-added services			115,806				122,470				486,031				499,345
Total operating revenues			390,920				458,722				1,662,139				2,015,456
Operating expenses:
Purchased transportation and equipment rent			127,779				179,197				571,213				847,414
Direct personnel and related benefits			130,775				130,297				542,779				520,263
Operating supplies and expenses			40,643				44,554				170,994				177,440 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 27.04.24 - wallstreet:online ... Zunehmende Krankheitsfälle: Megatrend chronische Erkrankungen, 5 passende Fonds und ETFs 27.04.24 - Mining Investor Weltmarktführer PGM : Sibanye: Die lukrativste Investition in Edelmetalle? 27.04.24 - PR Newswire ROSEN, TOP RANKED INVESTOR COUNSEL, Encourages HireRight Holdings Corporation Investors to Secure Counsel in Securities Class Action - HRT Biotech-Einhorn!    FDA Zulassung für das CBD-Wunder?! weiterlesen» Anzeige wo-site-teaser-box-16773_site-teaser-box_2024-04-27_09%253A00%253A00_2024-04-28_09%253A00%253A59