Press release
Universal Logistics Holdings Reports First Quarter 2020 Financial Results
-- First Quarter 2020 Operating Revenues: $382.2 million, 1.3% increase -- First Quarter 2020 Operating Income: $23.9 million, 9.8% decrease -- First Quarter
About this update from Universal Logistics Holdings, Inc.
[{"type":"text","content":"-- First Quarter 2020 Operating Revenues: $382.2 million, 1.3% increase\n -- First Quarter 2020 Operating Income: $23.9 million, 9.8% decrease\n -- First Quarter 2020 EPS: $0.45, including $0.09 holding losses on marketable securities\n -- Quarterly Dividend: Temporarily suspended\n\n\nWARREN, Mich., April 30, 2020 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH), a leading asset-light provider of customized transportation and logistics solutions, today reported consolidated first quarter 2020 net income of $12.2 million, or $0.45 per basic and diluted share, on total operating revenues of $382.2 million. This compares to $17.3 million, or $0.61 per basic and diluted share, during first quarter 2019 on total operating revenues of $377.4 million. Included in first quarter 2020 results were $3.4 million of pre-tax holding losses, or $0.09 per share, on marketable securities due to changes in fair value recognized in income. This compares to $0.9 million of pre-tax holding gains in the first quarter of 2019. \n\n \n \n \n \n \n \n\n \nIn the first quarter 2020, Universal reported operating income of $23.9 million compared to $26.5 million in the first quarter one year earlier. As a percentage of operating revenue, operating income margin for the first quarter 2020 was 6.3% compared to 7.0% during the same period last year. EBITDA, a non-GAAP measure, decreased by $4.6 million during the first quarter 2020 to $39.8 million, compared to $44.4 million one year earlier. As a percentage of operating revenue, EBITDA margin for the first quarter 2020 was 10.4% compared to 11.8% during the same period last year. \n\"Given the deteriorating operating environment caused largely by the COVID-19 pandemic, Universal put up some pretty solid results in the first quarter of 2020,\" stated Tim Phillips, Universal's Chief Executive Officer. \"We started off the year with high expectations, but as the virus overwhelmed our international trading partners, particularly China, and then rapidly spread here at home, it became increasingly apparent that the negative impact would last longer than everyone originally predicted. \n\"From a service line perspective, the pandemic has impacted and continues to impact each one differently. For example, our intermodal drayage operations supporting the ports in Southern California were impacted ear...