Press release
Universal Logistics Holdings Reports Fourth Quarter 2021 Financial Results; Achieved Full Year 2021 Record Results; Declares Dividend
-- Fourth Quarter 2021 Operating Revenues: $467.4 million, 21.1% increase -- Fourth Quarter 2021 Operating Income: $23.8 million -- Fourth Quarter 2021
About this update from Universal Logistics Holdings, Inc.
[{"type":"text","content":"-- Fourth Quarter 2021 Operating Revenues: $467.4 million, 21.1% increase\n -- Fourth Quarter 2021 Operating Income: $23.8 million\n -- Fourth Quarter 2021 Earnings Per Share: $0.60 per share\n -- Declares Quarterly Dividend: $0.105 per share\n\n\n WARREN, Mich., Feb. 10, 2022 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH), a leading asset-light provider of customized transportation and logistics solutions, today reported consolidated fourth quarter 2021 net income of $16.2 million, or $0.60 per basic and diluted share, on total operating revenues of $467.4 million, Universal's highest quarterly operating revenues ever reported. This compares to net income of $16.2 million, or $0.60 per basic and diluted share, during fourth quarter 2020 on total operating revenues of $386.0 million. Universal's fourth quarter 2021 operating results were negatively affected by $6.0 million of charges for auto liability claims expected to settle in excess of policy limits and an additional $5.0 million of losses incurred in connection with a contract logistics program in Detroit, Michigan. For the full year 2021, Universal reported $2.74 per basic and diluted share, on total operating revenues of $1.75 billion, both the highest in company history. This compares to $1.78 per basic and diluted share, on total operating revenues of $1.39 billion for the full year 2020.\n\n \n \n \n \n \n \n\n \nIn the fourth quarter 2021, Universal's operating income increased $0.3 million to $23.8 million, compared to $23.5 million in the fourth quarter one year earlier. Universal's fourth quarter 2021 operating results were reduced by a total of $11.0 million attributable to the previously mentioned auto liability claims charges and losses attributable to a recent contract logistics program award. As a percentage of operating revenue, operating margin for the fourth quarter 2021 was 5.1%, compared to 6.1% during the same period last year. EBITDA, a non-GAAP measure, decreased $4.5 million during the fourth quarter 2021 to $39.7 million, compared to $44.2 million one year earlier. As a percentage of operating revenue, EBITDA margin for the fourth quarter 2021 was 8.5%, compared to 11.4% during the same period last year. The claims charges and launch losses recorded in the fourth quarter 2021 adversely impacted both Universal's operating margin and...