Universal Logistics Profits, Revenue Drop During Second Quarter

Universal Logistics Holdings Inc. ULH reported net income of $6.2 million, compared to $20 million during second quarter 2019, a 69% decline, according to the company's earnings report released on Thursday.

On a per-share basis, the Warren, Michigan-based company said it had net income of 23 cents per share, on total operating revenues of $258 million. This compares to 70 cents per share during the second quarter of 2019 on total operating revenues of $383.2 million.  

The asset-light provider of trucking and logistics solutions services reported its transportation segment, comprising truckload, brokerage and intermodal services operations, had operating income of $10 million on total operating revenues of $185.8 million during the second quarter.

Universal also moved 36,445 loads compared to 61,423 during the same period last year, a 68% decrease.

Operating revenues from the company's truckload services in the second quarter was $40.5 million, a reduction of $24.3 million compared to the same period last year.

The decrease in truckload services reflects a 40.7% decrease in the number of loads hauled, which was partially offset by a 6.8% increase in average operating revenue per load, excluding fuel surcharges. 

Brokerage services revenue for the second quarter was $62.8 million, a 29.8% decline compared to one year earlier. The decrease is primarily due to a 17.2% decrease in the number of brokerage loads moved and a 16.7% decrease in average operating revenue per load.

During the second quarter of 2020, Universal brokered 47,797 loads, compared to 57,710 loads during the same period last year, a 17% decrease.

Intermodal services revenue was $82.9 million in the second quarter, an 11.7% decrease from the same period last year. 

Universal moved 156,779 intermodal loads during the second quarter, a 4.8% decline compared to the same period last year, while its average operating revenue per load, excluding fuel surcharges, fell by 3%.

Universal Logistics will hold its second-quarter financial results call at 10 a.m. ET on Friday.

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