Press release
Universal Logistics Holdings Reports Third Quarter 2021 Financial Results; Declares Dividend
-- Third Quarter 2021 Operating Revenues: $445.6 million, 22.1% increase -- Third Quarter 2021 Operating Income: $16.7 million, includes $12.9 million
About this update from Universal Logistics Holdings, Inc.
[{"type":"text","content":"-- Third Quarter 2021 Operating Revenues: $445.6 million, 22.1% increase\n -- Third Quarter 2021 Operating Income: $16.7 million, includes $12.9 million litigation & launch losses\n -- Third Quarter 2021 Earnings Per Share: $0.38 per share, includes $0.36 litigation & launch losses\n -- Declares Quarterly Dividend: $0.105 per share\n\n\nWARREN, Mich., Oct. 28, 2021 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ: ULH), a leading asset-light provider of customized transportation and logistics solutions, today reported consolidated third quarter 2021 net income of $10.3 million, or $0.38 per basic and diluted share, on total operating revenues of $445.6 million. This compares to net income of $13.6 million, or $0.50 per basic and diluted share, during third quarter 2020 on total operating revenues of $365.0 million. Third quarter 2021 operating revenues represent Universal's highest quarterly revenues ever reported. Included in third quarter 2021 operating results were pre-tax charges of $4.0 million for a previously disclosed legal matter and an additional $1.8 million charge for an unrelated legal settlement. Third quarter 2021 operating results also included an additional $7.1 million of losses incurred in connection with a recent contract logistics program launch.\n\n \n \n \n \n \n \n\n \nIn the third quarter 2021, Universal's operating income decreased $5.3 million to $16.7 million, compared to $22.1 million in the third quarter one year earlier. Third quarter 2021 operating results included a total of $12.9 million in litigation charges and launch losses on a recent program award. As a percentage of operating revenue, operating margin for the third quarter 2021 was 3.8%, compared to 6.0% during the same period last year. EBITDA, a non-GAAP measure, decreased $5.4 million during the third quarter 2021 to $33.1 million, compared to $38.5 million one year earlier. As a percentage of operating revenue, EBITDA margin for the third quarter 2021 was 7.4%, compared to 10.5% during the same period last year. The litigation and launch losses recorded in the third quarter 2021 adversely impacted both Universal's operating margin and EBITDA margin by 290 basis points. \n\"The headwinds Universal faced in the third quarter 2021 proved to be extremely challenging,\" stated Tim Phillips, Universal's Chief Executive Officer. \"T...