Universal Logistics Holdings Reports Second Quarter 2024 Financial Results; Declares Dividend

About this update from Universal Logistics Holdings, Inc.

[{"type":"text","content":"Second Quarter 2024 Operating Revenues: $462.2 million, 12.0% increaseSecond Quarter 2024 Operating Income: $47.1 million, 29.4% increaseSecond Quarter 2024 Earnings Per Share: $1.17 per share, 30.0% increaseDeclares Quarterly Dividend: $0.105 per shareWARREN, Mich., July 25, 2024 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH) today reported consolidated second quarter 2024 net income of $30.7 million, or $1.17 per basic and diluted share, on total operating revenues of $462.2 million. This compares to net income of $23.6 million, or $0.90 per basic and diluted share, during the second quarter 2023 on total operating revenues of $412.6 million.\n\n \n \n \n \n \n \n\n \nIn the second quarter 2024, Universal's operating income increased $10.7 million to $47.1 million, compared to $36.4 million in the second quarter one year earlier. During the second quarter 2024, Universal revised the estimated useful life and salvage value of certain equipment, and these adjustments resulted in additional depreciation expense of $11.3 million during the period. As a percentage of operating revenue, operating margin for the second quarter 2024 was 10.2%, compared to 8.8% during the same period last year. EBITDA, a non-GAAP measure, increased $29.0 million during the second quarter 2024 to $84.8 million, compared to $55.8 million one year earlier. As a percentage of operating revenue, EBITDA margin for the second quarter 2024 was 18.4%, compared to 13.5% during the same period last year.\n\"Once again Universal delivered exceptional results in an otherwise turbulent transportation and logistics environment,\" stated Universal's CEO Tim Phillips. \"Our diverse service offering across the entire supply chain continues to differentiate our business and deliver stand-out results in the space. Contract logistics led the way delivering double-digit operating margins for the past ten consecutive quarters, and this segment continues to have a robust pipeline of new opportunities. We also experienced favorable results in the trucking segment, bolstered by our specialized, heavy-haul solution, delivering sequential growth on both the top and bottom lines. Despite our successes, we have not lost sight of certain underperforming operations. We expect all our businesses to generate positive returns, and remain focused on gaining efficiencies...

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