Universal Logistics Holdings Inc. (NASDAQ: ULH) reported fourth-quarter 2020 net income of $16.2 million, compared to $8.7 million during fourth-quarter 2019, an 86% increase, according to the company’s earnings report released on Thursday.
On a per-share basis, the Warren, Michigan-based company said it had net income of 60 cents per share, on total operating revenues of $386 million. This compares to 32 cents per share during the fourth quarter of 2019 on operating revenue of $375.9 million.
The company reported operating income increased 52% to $23.5 million during the fourth quarter, compared to $15.5 million a year ago.
The trucking segment, which includes agent-based and company-managed trucking operations, reported operating income of $3.5 million on total operating revenues of $80.9 million during the fourth quarter 2020.
Operating revenue from truckload services in the fourth quarter decreased $8.7 million to $49.8 million, compared to $58.4 million for the same period last year.
Universal also moved 47,717 loads during the fourth quarter, compared to 54,804 during the same period in 2019, a 13% decline. The decline in loads hauled was partially offset by a 3.3% increase in average operating revenue per load, excluding fuel surcharges.
During the fourth quarter of 2020, Universal brokered 51,888 loads, compared to 55,812 loads during the same period last year, a 7% decrease.
Universal’s brokerage services revenues increased 13.9% during the fourth quarter to $97.1 million compared to $85.3 million a year ago.
Intermodal services revenues decreased 5.6% to $105.9 million in the fourth quarter, compared to $112.3 million for the same period last year.
Universal moved 182,582 intermodal loads during the fourth quarter, compared to 186,646 loads during the same period last year, while its average operating revenue per load, excluding fuel surcharges, fell 17.2%.
Universal Logistics Holdings is a full-service provider of customized transportation and logistics solutions and is one of the largest truckload transporters in North America.
It will hold its fourth quarter financial results call at 10 a.m. ET on Friday.
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