The asset-light freight transportation and logistics provider Universal Truckload Services reported second quarter net income of $13.3 million, down just slightly from $13.6 million a year earlier.
Evan Lockridge・Former Business Contributing Editor
July 24, 2015
2 min to read
The asset-light freight transportation and logistics provider Universal Truckload Services Inc. (UACL) has reported second quarter net income of $13.3 million, down just slightly from $13.6 million a year earlier, partly due to a drop-off in energy and heavy haul operations.
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This translates into 44 cents per basic and diluted share compared to 45 cents in the second quarter of 2014, as revenue declined to $295 from $307.5 million for the Michigan-based company.
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Operating revenues from transportation services decreased 8.8% to $180.1 million due to a 6.8% year-over-year decrease in loads and a 2.8% decrease in average operating revenues per load, excluding fuel surcharges, according to the company.
It was hit with lower demand, particularly in its steel, energy and other heavy haul operations, but said it found a generally more stable volume and pricing environment for truckload transportation services compared to earlier in the year
Revenues from intermodal services increased 17.1%, to $39.8 million, with a 19.2% increase in the company’s intermodal drayage services. This benefited from increased import activity, capacity shifted from other businesses, and a 12.6% increase in average operating revenues per loaded mile, excluding fuel surcharges.
"Demand for our transportation and logistics services met our recent expectations, reflecting continuing weakness in truckload volumes, but steady volumes and firm pricing in other businesses," said Universal's CEO Jeff Rogers. "We are especially pleased with the continuing strength of our intermodal business, which is prospering due to drayage operations benefiting from increased international trade."
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