Universal Logistics Holdings Reports Record Fourth Quarter 2022 Financial Results; Achieves Record Full-Year 2022 Financial Results; Declares Dividend

"2022 was a year of record setting financial performance for the company," stated Universal's CEO Tim Phillips. "And we closed out the year with yet another, reporting our best ever fourth quarter earnings in company history. In fact, for the full year 2022, Universal more than doubled its net income and reported top-line revenues in excess of $2.0 billion, a milestone we have worked so diligently to achieve."

"As we transition into a new year," Phillips continued, "we are navigating a much different transportation environment. Excess retail inventories, a slow-down in industrial production and loosening capacity have all put downward pressures on our trucking, company-managed brokerage and intermodal segments. While we expect near-term headwinds in transportation, stability in our contract logistics segment, supported by strong North American auto production, will provide a solid foundation for the year to come. Universal remains a results-oriented organization, and I believe the diversification of our service offerings and the talented teams we have assembled keep us well positioned for continued success."

Segment Information:

Contract Logistics

-  Fourth Quarter 2022 Operating Revenues:  $205.5 million, 27.9% increase
-  Fourth Quarter 2022 Operating Income:  $30.1 million, 14.7% operating margin

In the contract logistics segment, which includes our value-added and dedicated services, fourth quarter 2022 operating revenues increased 27.9% to $205.5 million, compared to $160.7 million for the same period last year.  We grew our fourth quarter 2022 dedicated transportation load volumes by 5.3% compared to the same period last year, and we managed 63 value-added programs at the end of both fourth quarters 2022 and 2021. Included in contract logistics segment revenues were $10.6 million in separately identified fuel surcharges from dedicated transportation services, compared to $5.9 million during the same period last year. Fourth quarter 2022 income from operations increased $24.0 million to $30.1 million, compared to $6.1 million during the same period last year. Included in fourth quarter 2021 results were $5.0 million of losses incurred in connection with a previously announced program launch. As a percentage of revenue, operating margin in the contract logistics segment for the fourth quarter 2022 was 14.7%, compared to 3.8% during the same period last year. Previously disclosed pre-tax launch losses recorded in the fourth quarter 2021 adversely impacted this segment's operating margin by 310 basis points. 

Intermodal

-  Fourth Quarter 2022 Operating Revenues:  $123.1 million, 13.2% decrease
-  Fourth Quarter 2022 Operating Income:  $11.1 million, 9.0% operating margin

Operating revenues in the intermodal segment decreased 13.2% to $123.1 million in the fourth quarter 2022, compared to $141.7 million for the same period last year. Included in intermodal segment revenues for the recently completed quarter were $22.4 million in separately identified fuel surcharges, compared to $16.1 million during the same period last year. Intermodal segment revenues also include other accessorial charges such as detention, demurrage and storage which totaled $22.5 million during the fourth quarter 2022, compared to $35.7 million one year earlier. The average operating revenue per load, excluding fuel surcharges, increased 15.1%; however, load volumes decreased 25.7% year-over-year. Fourth quarter 2022 income from operations decreased $2.7 million to $11.1 million, compared to $13.8 million during the same period last year. As a percentage of revenue, operating margin in the intermodal segment for the fourth quarter 2022 was 9.0%, compared to 9.7% one year earlier.

Trucking

-  Fourth Quarter 2022 Operating Revenues:  $89.0 million, 12.3% decrease
-  Fourth Quarter 2022 Operating Income:  $5.7 million, 6.5% operating margin

In the trucking segment, fourth quarter 2022 operating revenues decreased 12.3% to $89.0 million, compared to $101.5 million for the same period last year. Fourth quarter 2022 trucking segment revenues included $36.5 million of brokerage services, compared to $38.1 million during the same period last year. Also included in our trucking segment revenues were $8.1 million in separately identified fuel surcharges during the fourth quarter 2022, compared to $6.8 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, increased 24.1%; however, load volumes declined 32.9% as we rationalized certain underperforming operations in this segment. Income from operations in the fourth quarter 2022 increased $4.6 million to $5.7 million compared to $1.1 million during the same period last year. Fourth quarter 2021 trucking segment results included an additional $6.0 million in previously disclosed pre-tax charges. As a percentage of revenue, operating margin in the trucking segment for the fourth quarter 2022 was 6.5% compared to 1.1% during the same period last year. The additional previously disclosed pre-tax charges recorded in the fourth quarter 2021 adversely impacted the trucking segment's operating margin by 590 basis points. 

Company-managed Brokerage

-  Fourth Quarter 2022 Operating Revenues:  $39.6 million, 36.2% decrease
-  Fourth Quarter 2022 Operating Income:  $0.9 million, 2.3% operating margin

Fourth quarter 2022 operating revenues in the company-managed brokerage segment decreased 36.2% to $39.6 million compared to $62.0 million for the same period last year. Company-managed brokerage segment average operating revenue per load, excluding fuel surcharges, decreased 14.8% and load volumes declined 19.9% on a year-over-year basis. Fourth quarter 2022 income from operations in the company-managed brokerage segment was $0.9 million which compares to $2.5 million one year earlier.  As a percentage of revenue, operating margin for the fourth quarter 2022 was 2.3% compared to 4.0% during the same period last year.

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 6, 2023 and is expected to be paid on April 3, 2023.

Other Matters 

As of December 31, 2022, Universal held cash and cash equivalents totaling $47.2 million, and $10.0 million in marketable securities. Outstanding debt at the end of the fourth quarter 2022 was $382.9 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 February 17, 2023, by calling (877) 344-7529 (toll free) or +1 (412) 317-0088 (toll) and using encore replay code 3803897. 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,
		2022				2021				2022				2021
Operating revenues:
Truckload services		$	54,044			$	64,838			$	230,696			$	248,878
Brokerage services			76,092				100,143				368,880				401,823
Intermodal services			123,077				141,723				591,946				473,059
Dedicated services			83,039				54,003				324,589				204,102
Value-added services			122,470				106,665				499,345				423,118
Total operating revenues			458,722				467,372				2,015,456				1,750,980
Operating expenses:
Purchased transportation and equipment rent			179,197				224,516				847,414				824,789 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 10:10 - bullvestor InnoCan Pharma: Ist das die nächste Milliarden-CBD-Übernahmestory? 08:00 - Boersia.de Apple Aktie: Diversifizierung weg von China 27.04.24 - Boersia.de Salesforce Aktie: Hohe Verkäufe von Firmenanteilen 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