Press release
Universal Logistics Holdings Reports Second Quarter 2023 Financial Results; Declares Dividend
Second Quarter 2023 Operating Revenues: $412.6 million, 21.7% decreaseSecond Quarter 2023 Operating Income: $36.4 million, 43.7% decreaseSecond Quarter 2023
About this update from Universal Logistics Holdings, Inc.
[{"type":"text","content":"Second Quarter 2023 Operating Revenues: $412.6 million, 21.7% decreaseSecond Quarter 2023 Operating Income: $36.4 million, 43.7% decreaseSecond Quarter 2023 Earnings Per Share: $0.90 per share, 46.7% decreaseDeclares Quarterly Dividend: $0.105 per shareWARREN, Mich., July 27, 2023 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH) today reported consolidated second quarter 2023 net income of $23.6 million, or $0.90 per basic and diluted share, on total operating revenues of $412.6 million. This compares to net income of $44.7 million, or $1.69 per basic and diluted share, during second quarter 2022 on total operating revenues of $527.2 million.\n\n \n \n \n \n \n \n\n \nIn the second quarter 2023, Universal's operating income decreased $28.3 million to $36.4 million, compared to $64.7 million in the second quarter one year earlier. Universal's second quarter 2022 operating results were favorably impacted by a $3.0 million pre-tax credit related to previously disclosed items. As a percentage of operating revenue, operating margin for the second quarter 2023 was 8.8%, compared to 12.3% during the same period last year. EBITDA, a non-GAAP measure, decreased $35.1 million during the second quarter 2023 to $55.8 million, compared to $90.9 million one year earlier. As a percentage of operating revenue, EBITDA margin for the second quarter 2023 was 13.5%, compared to 17.2% during the same period last year.\n\"The outstanding results in our contract logistics segment served as a solid foundation for an overall sound financial performance in the second quarter of 2023,\" stated Universal's CEO Tim Phillips. \"Demand for our contract logistics solutions remains strong, and we continue to realize the benefits of having a diverse offering of services across the transportation and logistics space. In fact, we were recently awarded a significant warehouse logistics program for an all-electric vehicle assembly plant right here in Detroit. We do, however, continue to experience broad-based declines in freight volumes and rates, which weighed negatively on the results of our trucking, intermodal and company-managed brokerage segments. Lackluster import volumes, particularly on the West Coast, have had a rippling effect across our transportation services. As always, we remain committed to managing our controllable costs, providing e...