First appearance: Universal Logistics Holdings
Universal Logistics Holdings’ first quarter operating revenue fell 22.3% year-on-year to $382.4 million.
“We gained positive momentum as the quarter progressed, but the early softness brought a huge headwind to overall performance over the entire period,” CEO Tim Phillips said. News Release. “Combined with a decline in automobile production and sustained weakness in the freight market, topline revenues have not reached our expectations and have contributed to reducing our operating margins.”
Universal Logistics (NASDAQ: ulh) is a truck shipping, intermodal and logistics provider based in Warren, Michigan. The company serves the entire United States, Mexico, Canada and Colombia, with over 10,000 employees.
Q1 earnings per share were 23 cents per share, down 88% year-on-year.
Universal Logistics missed the Wall Street Analysts’ earnings per share forecast of an estimated $454.1 million in the fourth quarter, earnings per share of $1.04 per share.
The company’s first quarter results showed year-over-year declines in the trucking, contract logistics, intermodal and managed brokerage segments.
In the contract logistics segment, which includes Universal Logistics value-added services, first quarter revenue fell 18.4% year-on-year to $255.9 million.
By the end of the first quarter, Universal Logistics managed 87 value-added programs, including 20 rail terminal operations, compared to a total of 71 programs at the end of the same period in 2024.
Intermodal segment revenue fell 9.8% year-on-year in the first quarter to $70.7 million. Load weight fell 3.4% in the intermodal segment over the quarter, with average operating revenue per load excluding fuel surcharges down an additional 8.7% year-on-year.
Trucking segment revenue for the first quarter fell 20.2% year-on-year to $55.6 million. Load volume fell 31.3% year-on-year, but average operating revenue per load excluding additional fuel charges increased 24.3%.
As of March 29, Universal Logistics had a total of $20 million in cash and cash equivalents in marketable securities. The outstanding debt at the end of the first quarter was $740 million, with capital expenditures totaling $52.6 million.
Universal Logistics has announced a cash dividend of 10.5 cents per share of common stock. Dividends will be paid to record shareholders by June 2nd.
The company will hold a conference call at 10am on Friday to discuss the results with analysts.