Press release
Universal Logistics Holdings Reports First Quarter Financial Results; Declares Dividend
WARREN, Mich., April 25, 2019 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH), a leading asset-light provider of customized transportation
About this update from Universal Logistics Holdings, Inc.
[{"type":"text","content":"\n WARREN, Mich., April 25, 2019 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH), a leading asset-light provider of customized transportation and logistics solutions, today reported consolidated first quarter 2019 net income of $17.3 million, or $0.61 per basic and diluted share, a 65.8% increase over the same period last year. Universal also reported first quarter 2019 total operating revenues of $377.4 million, a 12.6% increase over the same period last year. This compares to $10.4 million, or $0.37 per basic and diluted share, during first quarter 2018 on total operating revenues of $335.1 million. Included in first quarter 2019 results were $0.9 million of pre-tax holding gains, or $0.02 per share, on marketable securities due to changes in fair value recognized in income, compared to $0.6 million of pre-tax holding losses in the first quarter of 2018. \n\n \nConsolidated income from operations increased $9.4 million, or 55.0% to $26.5 million, compared to $17.1 million one year earlier. As a percentage of operating revenue, operating income margin for the first quarter 2019 was 7.0% compared to 5.1% during the same period last year. EBITDA, a non-GAAP measure, increased $15.5 million during the first quarter 2019 to $44.4 million, compared to $28.9 million one year earlier. As a percentage of operating revenue, EBITDA margin for the first quarter 2019 was 11.8% compared to 8.6% during the same period last year. \nOperating revenues from truckload services decreased $11.5 million to $65.7 million, compared to $77.2 million for the same period last year. Included in truckload revenues for the recently completed quarter were $6.8 million in separately identified fuel surcharges compared to $8.4 million during the same period last year. The decrease in truckload services reflects a 16.3% decrease in the number of loads hauled, which was partially offset by a 1.1% increase in average operating revenue per load, excluding fuel surcharges. During the quarter ended March 30, 2019, Universal moved 61,092 loads compared to 72,966 during the same period last year. \nRevenues for the first quarter 2019 from brokerage services increased $7.7 million, or 9.8%, to $85.9 million compared to $78.2 million one year earlier. The growth is primarily due to a 16.5% increase in the number of brokerage loads moved, which was part...