Press release
Universal Logistics Holdings Reports New All-Time Record Results in the Second Quarter 2022; Declares Dividend
Second Quarter 2022 Operating Revenues: $527.2 million, 24.7% increaseSecond Quarter 2022 Operating Income: $64.7 million, 12.3% operating marginSecond
About this update from Universal Logistics Holdings, Inc.
[{"type":"text","content":"Second Quarter 2022 Operating Revenues: $527.2 million, 24.7% increaseSecond Quarter 2022 Operating Income: $64.7 million, 12.3% operating marginSecond Quarter 2022 Earnings Per Share: $1.69 per shareDeclares Quarterly Dividend: $0.105 per shareRepurchases 393,677 shares of its common stockWARREN, Mich., July 28, 2022 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH) today reported consolidated second quarter 2022 net income of $44.7 million, or $1.69 per basic and diluted share, on total operating revenues of $527.2 million. This compares to net income of $25.6 million, or $0.95 per basic and diluted share, during second quarter 2021 on total operating revenues of $422.8 million. Universal's second quarter 2022 financial results represent new all-time highs for total operating revenues, operating income and earnings per share, exceeding the record results reported in the first quarter 2022\n\n \n \n \n \n \n \n\n \nIn the second quarter 2022, Universal's operating income increased $33.3 million to $64.7 million compared to operating income of $31.3 million in the second quarter one year earlier. Included in second quarter 2022 operating results was a $3.0 million credit to insurance and claims expense resulting from the favorable settlement of certain auto liability claims during the period. During the second quarter 2022, Universal also revised the estimated useful life and salvage value of certain equipment, and these adjustments resulted in additional depreciation expense of $9.7 million during the period. As a percentage of operating revenue, operating margin for the second quarter 2022 was 12.3% compared to 7.4% during the same period last year. EBITDA, a non-GAAP measure, increased $37.2 million during the second quarter 2022 to $90.9 million, compared to $53.7 million one year earlier. As a percentage of operating revenue, EBITDA margin for the second quarter 2022 was 17.2% compared to 12.7% during the same period last year. \n\"Universal's second quarter 2022 set another series of record results, surpassing the all-time record highs achieved just a quarter ago,\" stated Tim Phillips, Universal's Chief Executive Officer. \"We are solidly on-track to achieve over $2.0 billion in top-line revenues for the year, and we have once again reported our best-ever financial performance in terms of operating revenues...