« Back |
- First Quarter 2024 Operating Revenues:
$491.9 million , up 12.5% - First Quarter 2024 Operating Income:
$75.1 million , up$36.9 million - First Quarter 2024 Earnings Per Share:
$1.99 per share, up$1.04 per share - Declares Quarterly Dividend:
$0.105 per share
In the first quarter 2024, Universal's operating income increased
"I am extremely pleased with Universal's overall results in the first quarter of 2024," stated Universal's CEO
Segment Information:
Contract Logistics
- First Quarter 2024 Operating Revenues:
$313.5 million , 48.4% increase - First Quarter 2024 Operating Income:
$81.5 million , 26.0% operating margin
In the contract logistics segment, which includes our value-added and dedicated services, first quarter 2024 operating revenues increased 48.4% to
Intermodal
- First Quarter 2024 Operating Revenues:
$76.7 million , 30.9% decrease - First Quarter 2024 Operating (Loss):
$(8.0) million , (10.5)% operating margin
Operating revenues in the intermodal segment decreased 30.9% to
Trucking
- First Quarter 2024 Operating Revenues:
$69.7 million , 12.6% decrease - First Quarter 2024 Operating Income:
$3.7 million , 5.3% operating margin
In the trucking segment, first quarter 2024 operating revenues decreased 12.6% to
Company-managed Brokerage
- First Quarter 2024 Operating Revenues:
$31.0 million , 8.7% decrease - First Quarter 2024 Operating (Loss):
$(2.5) million , (8.0)% operating margin
First quarter 2024 operating revenues in the company-managed brokerage segment decreased 8.7% to
Cash Dividend
Other Matters
As of
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.
Time: |
|
Date: |
|
Call Toll Free: |
(800) 836-8184 |
International Dial-in: |
+1 (646) 357-8785 |
A replay of the conference call will be available through
About Universal:
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
Unaudited Condensed Consolidated Statements of Income (In thousands, except per share data) |
||||||||
Thirteen Weeks Ended |
||||||||
|
|
|||||||
2024 |
2023 |
|||||||
Operating revenues: |
||||||||
Truckload services |
$ |
42,030 |
$ |
46,401 |
||||
Brokerage services |
59,614 |
68,673 |
||||||
Intermodal services |
76,715 |
111,026 |
||||||
Dedicated services |
88,316 |
85,232 |
||||||
Value-added services |
225,232 |
126,064 |
||||||
Total operating revenues |
491,907 |
437,396 |
||||||
Operating expenses: |
||||||||
Purchased transportation and equipment rent |
124,633 |
156,085 |
||||||
Direct personnel and related benefits |
140,805 |
139,092 |
||||||
Operating supplies and expenses |
92,824 |
46,189 |
||||||
Commission expense |
6,610 |
8,172 |
||||||
Occupancy expense |
10,568 |
11,152 |
||||||
General and administrative |
13,507 |
11,916 |
||||||
Insurance and claims |
7,167 |
8,079 |
||||||
Depreciation and amortization |
20,701 |
18,515 |
||||||
Total operating expenses |
416,815 |
399,200 |
||||||
Income from operations |
75,092 |
38,196 |
||||||
Interest expense, net |
(6,079) |
(4,975) |
||||||
Other non-operating income |
1,104 |
15 |
||||||
Income before income taxes |
70,117 |
33,236 |
||||||
Provision for income taxes |
17,660 |
8,360 |
||||||
Net income |
$ |
52,457 |
$ |
24,876 |
||||
Earnings per common share: |
||||||||
Basic |
$ |
1.99 |
$ |
0.95 |
||||
Diluted |
$ |
1.99 |
$ |
0.95 |
||||
Weighted average number of common shares outstanding: |
||||||||
Basic |
26,307 |
26,281 |
||||||
Diluted |
26,328 |
26,314 |
||||||
Dividends declared per common share: |
$ |
0.105 |
$ |
0.105 |
Unaudited Condensed Consolidated Balance Sheets (In thousands) |
||||||||
|
|
|||||||
Assets |
||||||||
Cash and cash equivalents |
$ |
11,124 |
$ |
12,511 |
||||
Marketable securities |
11,762 |
10,772 |
||||||
Accounts receivable - net |
280,604 |
287,947 |
||||||
Other current assets |
63,635 |
54,243 |
||||||
Total current assets |
367,125 |
365,473 |
||||||
Property and equipment - net |
613,642 |
561,088 |
||||||
Other long-term assets - net |
403,834 |
326,962 |
||||||
Total assets |
$ |
1,384,601 |
$ |
1,253,523 |
||||
Liabilities and shareholders' equity |
||||||||
Current liabilities, excluding current maturities of debt |
$ |
227,140 |
$ |
189,727 |
||||
Debt - net |
414,108 |
381,924 |
||||||
Other long-term liabilities |
159,408 |
149,674 |
||||||
Total liabilities |
800,656 |
721,325 |
||||||
Total shareholders' equity |
583,945 |
532,198 |
||||||
Total liabilities and shareholders' equity |
$ |
1,384,601 |
$ |
1,253,523 |
Unaudited Summary of Operating Data |
||||||||
Thirteen Weeks Ended |
||||||||
|
|
|||||||
2024 |
2023 |
|||||||
Contract Logistics Segment: |
||||||||
Average number of value-added direct employees |
5,480 |
5,494 |
||||||
Average number of value-added full-time equivalents |
199 |
812 |
||||||
Number of active value-added programs |
71 |
65 |
||||||
Intermodal Segment: |
||||||||
Number of loads |
105,037 |
122,299 |
||||||
Average operating revenue per load, excluding fuel surcharges |
$ |
566 |
$ |
567 |
||||
Average number of tractors |
1,758 |
2,123 |
||||||
Number of depots |
8 |
9 |
||||||
Trucking Segment: |
||||||||
Number of loads |
41,691 |
44,855 |
||||||
Average operating revenue per load, excluding fuel surcharges |
$ |
1,508 |
$ |
1,607 |
||||
Average length of haul |
401 |
399 |
||||||
Average number of tractors |
830 |
894 |
||||||
Company-Managed Brokerage Segment: |
||||||||
Number of loads (a) |
21,556 |
19,956 |
||||||
Average operating revenue per load (a) |
$ |
1,381 |
$ |
1,572 |
||||
Average length of haul (a) |
570 |
619 |
(a) |
Excludes operating data from freight forwarding division in order to improve the relevance of the statistical data related to our brokerage services and improve the comparability to our peer companies. |
Unaudited Summary of Operating Data - Continued (Dollars in thousands) |
||||||||
Thirteen Weeks Ended |
||||||||
|
|
|||||||
2024 |
2023 |
|||||||
Operating Revenues by Segment: |
||||||||
Contract logistics |
$ |
313,548 |
$ |
211,296 |
||||
Intermodal |
76,715 |
111,026 |
||||||
Trucking |
69,655 |
79,715 |
||||||
Company-managed brokerage |
31,000 |
33,956 |
||||||
Other |
989 |
1,403 |
||||||
Total |
$ |
491,907 |
$ |
437,396 |
||||
Income from Operations by Segment: |
||||||||
Contract logistics |
$ |
81,466 |
$ |
27,781 |
||||
Intermodal |
(8,046) |
6,812 |
||||||
Trucking |
3,669 |
3,789 |
||||||
Company-managed brokerage |
(2,488) |
(375) |
||||||
Other |
491 |
189 |
||||||
Total |
$ |
75,092 |
$ |
38,196 |
Non-GAAP Financial Measures
In addition to providing consolidated financial statements based on generally accepted accounting principles in
In accordance with the requirements of Regulation G issued by the
Thirteen Weeks Ended |
||||||||
|
|
|||||||
2024 |
2023 |
|||||||
( in thousands) |
||||||||
EBITDA |
||||||||
Net income |
$ |
52,457 |
$ |
24,876 |
||||
Income tax expense |
17,660 |
8,360 |
||||||
Interest expense, net |
6,079 |
4,975 |
||||||
Depreciation |
15,902 |
15,330 |
||||||
Amortization |
4,799 |
3,185 |
||||||
EBITDA |
$ |
96,897 |
$ |
56,726 |
||||
EBITDA margin (a) |
19.7 |
% |
13.0 |
% |
(a) |
EBITDA margin is computed by dividing EBITDA by total operating revenues for each of the periods indicated. |
We present EBITDA and EBITDA margin because we believe they assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.
EBITDA has limitations as an analytical tool. Some of these limitations are:
- EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
- EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
- EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debts;
- Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and
- Other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.
Because of these limitations, EBITDA and EBITDA margin should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and only supplementally on EBITDA and EBITDA margin.
View original content to download multimedia:https://www.prnewswire.com/news-releases/universal-logistics-holdings-reports-first-quarter-2024-financial-results-declares-dividend-302127725.html
SOURCE
Steven Fitzpatrick, Investor Relations, SFitzpatrick@UniversalLogistics.com