Universal Logistics Holdings’ third-quarter financial results were mixed, as the company saw year-over-year decreases in its trucking, brokerage and intermodal segments.
The Warren, Michigan-based company reported operating income increased $5.8 million to $42.6 million, compared to $36.8 million in the third-quarter of 2023.
Universal (Nasdaq: ULH) also reported net income of $26.5 million, or $1.01 per share in the third-quarter, a 14.7% year-over-year increase compared to 2023.
Universal Logistics provides truckload, brokerage, intermodal and dedicated services in the U.S., Mexico, Canada and Colombia.
“While I am pleased with Universal’s overall performance, the third quarter wasn’t without its challenges,” CEO Tim Phillips said in a news release. “We continue to navigate a deeply depressed freight environment, and we also made the difficult but necessary decision to close our company-managed brokerage operation. We remain committed to making sound business decisions and executing on our strategy to ensure Universal’s continued, long-term success.”
The company’s brokerage revenue declined 25.4% during the quarter to $42.4 million.
Universal’s trucking segment revenue decreased 10% to $87 million, compared to $97 million for the same period last year.
During the third quarter, Universal moved 36,909 loads compared to 43,996 loads during the same period last year, a 16% decline. Average operating revenue per load, excluding fuel surcharges, increased 9% year over year to $2,222.
The average length of haul increased 3.4% year over year to 395 miles in the quarter, while the average number of tractors decreased 14% year over year to 755.
Universal Logistics Holdings will hold a conference call to discuss results with analysts at 10 a.m. Friday.
| Universal Logistics Holdings | Q3/24 | Q3/23 | Y/Y % Change |
| Operating revenue | $426.8 | $421.2 | 1.3% |
| Operating income | $42.6 | $36.7 | 16% |
| Trucking revenue | $87 | $97 | (10.3%) |
| Intermodal revenue | $77.6 | $87.9 | (11.8%) |
| Contract logistics segment | $245.2 | $208.1 | (17.8%) |
| Company-managed brokerage revenue | $42.4 | $56.8 | (25.4%) |
| Adjusted earnings per share | $1.01 | $0.88 | 14.7% |