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

Intermodal

• Second Quarter 2023 Operating Revenues: $91.6 million, 41.6% decrease
• Second Quarter 2023 Operating (Loss): $(0.2) million, (0.3)% operating margin

Operating revenues in the intermodal segment decreased 41.6% to $91.6 million in the second quarter 2023, compared to $156.9 million for the same period last year. Included in intermodal segment revenues for the recently completed quarter were $13.6 million in separately identified fuel surcharges, compared to $25.2 million during the same period last year. Intermodal segment revenues also include other accessorial charges such as detention, demurrage and storage, which totaled $13.4 million during the second quarter 2023, compared to $33.6 million one year earlier. The average operating revenue per load, excluding fuel surcharges, decreased 15.3% and load volumes fell an additional 22.6% on a year-over-year basis. In the second quarter 2023, the intermodal segment experienced operating losses of $(0.2) million compared to income from operations of $21.4 million during the same period last year. As a percentage of revenue, operating margin in the intermodal segment for the second quarter 2023 was (0.3)%, compared to 13.6% one year earlier.

Trucking

• Second Quarter 2023 Operating Revenues: $81.2 million, 23.7% decrease
• Second Quarter 2023 Operating Income: $4.4 million, 5.4% operating margin

In the trucking segment, second quarter 2023 operating revenues decreased 23.7% to $81.2 million, compared to $106.5 million for the same period last year. Second quarter 2023 trucking segment revenues included $30.7 million of brokerage services, compared to $46.8 million during the same period last year. Also included in our trucking segment revenues were $6.4 million in separately identified fuel surcharges during the second quarter 2023, compared to $9.9 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 10.7% and load volumes declined 13.7%. Income from operations in the second quarter 2023 decreased $5.2 million to $4.4 million compared to $9.6 million during the same period last year. As a percentage of revenue, operating margin in the trucking segment for the second quarter 2023 was 5.4% compared to 9.0% during the same period last year.  Included in the trucking segment's second quarter 2022 operating results was a $3.0 million credit related to previously disclosed items. This credit favorably impacted the trucking segment's operating margin by 280 basis points.

Company-managed Brokerage

• Second Quarter 2023 Operating Revenues: $29.6 million, 46.3% decrease
• Second Quarter 2023 Operating (Loss): $(0.8) million, (2.7)% operating margin

Second quarter 2023 operating revenues in the company-managed brokerage segment decreased 46.3% to $29.6 million compared to $55.1 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 20.3% and 21.5%, respectively. Second quarter 2023 operating losses in the company-managed brokerage segment were $(0.8) million which compares to $4.2 million of operating income during the same period last year. As a percentage of revenue, operating margin for the second quarter 2023 was (2.7)% compared to 7.5% 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 September 4, 2023 and is expected to be paid on October 2, 2023.

Other Matters 

As of July 1, 2023, Universal held cash and cash equivalents totaling $65.0 million, and $10.1 million in marketable securities. Outstanding debt at the end of the second quarter 2023 was $382.0 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 August 4, 2023, by calling (877) 344-7529 (toll free) or +1 (412) 317-0088 (toll) and using encore replay code 9150057. 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								Twenty-six Weeks Ended
		July 1,				July 2,				July 1,				July 2,
		2023				2022				2023				2022
Operating revenues:
Truckload services		$	51,860			$	61,061			$	98,261			$	118,544
Brokerage services			60,325				101,929				128,998				209,101
Intermodal services			91,585				156,865				202,611				314,478
Dedicated services			86,069				79,452				171,301				154,938
Value-added services			122,733				127,875				248,797				253,982
Total operating revenues			412,572				527,182				849,968				1,051,043
Operating expenses:
Purchased transportation and equipment rent			139,879				227,215				295,964				459,346
Direct personnel and related benefits			138,046				126,746				277,138				262,840
Operating supplies and expenses			41,101				46,027 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 00:00 - Boersia.de Boeing Aktie: Neuausrichtung nach Führungswechsel 27.04.24 - XTB BITCOIN am Wochende: WARTEN auf die FED! 27.04.24 - Small- & Micro Cap ... Bergbau wird nachhaltiger: Glencore, Arcadia Minerals und die BHP Group 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