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

    2/6/25 4:15:00 PM ET
    $ULH
    Trucking Freight/Courier Services
    Industrials
    Get the next $ULH alert in real time by email
    • Fourth Quarter 2024 Operating Revenues:  $465.1 million, 19.0% increase
    • Fourth Quarter 2024 Operating Income:  $38.3 million, 12.3% increase
    • Fourth Quarter 2024 Earnings Per Share:  $0.77 per share, 4.9% decrease
    • Declares Quarterly Dividend:  $0.105 per share

    WARREN, Mich., Feb. 6, 2025 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ:ULH) today reported consolidated fourth quarter 2024 net income of $20.2 million, or $0.77 per diluted share, on total operating revenues of $465.1 million. This compares to net income of $21.4 million, or $0.81 per diluted share, during fourth quarter 2023 on total operating revenues of $390.9 million. For the full year 2024, Universal reported $4.93 per diluted share, on total operating revenues of $1.85 billion. This compares to $3.53 per diluted share, on total operating revenues of $1.66 billion for the full year 2023. 

    Universal Logistics Holdings logo (PRNewsfoto/Universal Logistics Holdings)

    In the fourth quarter 2024, Universal's operating income increased $4.2 million to $38.3 million, compared to $34.1 million in the fourth quarter one year earlier. As a percentage of operating revenue, operating margin for the fourth quarter 2024 was 8.2%, compared to 8.7% during the same period last year. EBITDA, a non-GAAP measure, increased $18.7 million during the fourth quarter 2024 to $73.5 million, compared to $54.8 million one year earlier. As a percentage of operating revenue, EBITDA margin for the fourth quarter 2024 was 15.8%, compared to 14.0% during the same period last year.

    "Universal notched another solid performance during the fourth quarter, making the full-year 2024 our second best financial performance in company history," stated Tim Phillips, Universal's CEO. "Our contract logistics segment continues to be the cornerstone of our success, and we remain committed to making smart investments in this space, such as our recent acquisition of Parsec. Strong demand for our specialized, heavy-haul services has also enabled our trucking segment to produce solid results during the quarter, and throughout all of 2024. While we are proud of our many successes, we remain focused on improving underperforming operations, gaining efficiencies and maintaining a high-level of cost control. 2024 was an exciting, and challenging year for Universal, and I am deeply thankful for the talented team who guided us through. We will keep pushing forward, delivering exceptional service to our customers while continuing to execute our long-term strategy."

    Segment Information:

    Contract Logistics

    • Fourth Quarter 2024 Operating Revenues:  $307.4 million, 52.7% increase
    • Fourth Quarter 2024 Operating Income:  $39.1 million, 12.7% operating margin

    In the contract logistics segment, which includes our value-added and dedicated services, fourth quarter 2024 operating revenues increased 52.7% to $307.4 million, compared to $201.3 million for the same period last year.  Fourth quarter 2024 revenues included $51.3 million attributable to our specialty development project in Stanton, TN, which was completed during the period, and an additional $59.5 million from the fourth quarter acquisition of Parsec. Included in contract logistics segment revenues were also $8.3 million in separately identified fuel surcharges from dedicated transportation services, compared to $8.9 million during the same period last year. At the end of the fourth quarter 2024, we managed 90 value-added programs, including 20 new rail terminal operations compared to a total of 71 programs at the end of the fourth quarter 2023. Fourth quarter 2024 income from operations increased $7.0 million to $39.1 million, compared to $32.1 million during the same period last year. As a percentage of revenue, operating margin in the contract logistics segment for the fourth quarter 2024 was 12.7%, compared to 15.9% during the same period last year. Included in contract logistics operating results was of $6.0 million of depreciation and amortization expense related to Parsec, which lowered the fourth quarter 2024 operating margin in this segment by 200 bps.

    Intermodal

    • Fourth Quarter 2024 Operating Revenues:  $73.1 million, 15.9% decrease
    • Fourth Quarter 2024 Operating (Loss):  $(9.7) million, (13.2)% operating margin

    Operating revenues in the intermodal segment decreased 15.9% to $73.1 million in the fourth quarter 2024, compared to $86.9 million for the same period last year. Included in intermodal segment revenues for the recently completed quarter were $9.1 million in separately identified fuel surcharges, compared to $13.0 million during the same period last year. Intermodal segment revenues also included other accessorial charges such as detention, demurrage and storage, which totaled $8.6 million during the fourth quarter 2024, compared to $8.7 million one year earlier. Load volumes declined 15.3%, while the average operating revenue per load, excluding fuel surcharges, declined by 2.2% on a year-over-year basis. Fourth quarter 2024 operating losses in the intermodal segment were $(9.7) million compared to an operating loss of $(1.0) million during the same period last year. As a percentage of revenue, operating margin in the intermodal segment for the fourth quarter 2024 was (13.2)%, compared to (1.1)% one year earlier.

    Trucking

    • Fourth Quarter 2024 Operating Revenues:  $83.8 million, 11.5% increase
    • Fourth Quarter 2024 Operating Income:  $5.8 million, 6.9% operating margin

    In the trucking segment, fourth quarter 2024 operating revenues increased 11.5% to $83.8 million, compared to $75.2 million for the same period last year. Fourth quarter 2024 trucking segment revenues included $22.8 million of brokerage services, compared to $30.0 million during the same period last year. Also included in our trucking segment revenues were $4.1 million in separately identified fuel surcharges during the fourth quarter 2024, compared to $5.6 million in fuel surcharges one year earlier. On a year-over-year basis, load volumes declined 17.0%; however, the average operating revenue per load, excluding fuel surcharges, increased 30.5%, which was driven primarily by our specialty, heavy-haul wind business. Income from operations in the fourth quarter 2024 was $5.8 million compared to $2.5 million during the same period last year. As a percentage of revenue, operating margin in the trucking segment for the fourth quarter 2024 was 6.9% compared to 3.3% during the same period last year.

    Cash Dividend

    Universal Logistics Holdings, Inc. also announced today that its Board of Directors has declared a cash dividend of $0.105 per share of common stock. The dividend is payable to shareholders of record at the close of business on March 3, 2025 and is expected to be paid on April 1, 2025.

    Other Matters 

    As of December 31, 2024, Universal held cash and cash equivalents totaling $19.4 million and $11.6 million in marketable securities. Outstanding debt at the end of the fourth quarter 2024 was $762.6 million and capital expenditures totaled $37.4 million. 

    Universal calculates and reports selected financial metrics not only for purposes of our lending arrangements but also in an effort to isolate and exclude the impact of non-operating expenses related to our corporate development activities. These statistics are described in more detail below in the section captioned "Non-GAAP Financial Measures."

    Conference call:

    We invite investors and analysts to our quarterly earnings conference call. 

    Quarterly Earnings Conference Call Dial-in Details:

    Time:

    10:00 a.m. Eastern Time

    Date:

    Friday, February 7, 2025

    Call Toll Free:

    (800) 836-8184

    International Dial-in:

    +1 (646) 357-8785

    A replay of the conference call will be available through February 14, 2025, by calling (888) 660-6345 (toll free) or +1 (646) 517-4150 (toll) and using encore replay code 40331#. The call will also be available on investors.universallogistics.com.

    About Universal:

    Universal Logistics Holdings, Inc. ("Universal") is a holding company whose subsidiaries provide a variety of customized transportation and logistics solutions throughout the United States and in Mexico, Canada and Colombia. Our operating subsidiaries provide our customers with supply chain solutions that can be scaled to meet their changing demands. We offer our customers a broad array of services across their entire supply chain, including value-added, dedicated, intermodal and trucking services. In this press release, the terms "us," "we," "our," or the "Company" refer to Universal and its consolidated subsidiaries.

    Forward Looking Statements

    Some of the statements contained in this press release might be considered forward-looking statements. These statements identify prospective information. Forward-looking statements can be identified by words such as: "expect," "anticipate," "intend," "plan," "goal," "prospect," "seek," "believe," "targets," "project," "estimate," "future," "likely," "may," "should" and similar references to future periods. Forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. These forward-looking statements are subject to a number of factors that may cause actual results to differ materially from the expectations described. Additional information about the factors that may adversely affect these forward-looking statements is contained in Universal's reports and filings with the Securities and Exchange Commission. Universal assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws.

     

    UNIVERSAL LOGISTICS HOLDINGS, INC.

    Unaudited Condensed Consolidated Statements of Income

    (In thousands, except per share data)







    Thirteen Weeks Ended





    Year Ended







    December 31,





    December 31,







    2024





    2023





    2024





    2023



    Operating revenues:

























    Truckload services



    $

    61,850





    $

    46,015





    $

    234,397





    $

    213,874



    Brokerage services





    25,545







    58,132







    181,259







    244,024



    Intermodal services





    70,379







    85,426







    300,721







    374,667



    Dedicated services





    77,821







    85,541







    344,210







    343,543



    Value-added services





    229,536







    115,806







    785,448







    486,031



    Total operating revenues





    465,131







    390,920







    1,846,035







    1,662,139





























    Operating expenses:

























    Purchased transportation and equipment rent





    100,320







    127,779







    482,948







    571,213



    Direct personnel and related benefits





    174,871







    130,775







    583,251







    542,779



    Operating supplies and expenses





    78,644







    40,643







    295,558







    170,994



    Commission expense





    4,800







    7,221







    27,285







    31,370



    Occupancy expense





    12,020







    11,195







    44,209







    44,301



    General and administrative





    14,081







    12,872







    55,323







    51,839



    Insurance and claims





    5,719







    6,368







    26,441







    27,163



    Depreciation and amortization





    36,393







    19,975







    124,188







    77,036



    Impairment expense





    —







    —







    3,720







    —



    Total operating expenses





    426,848







    356,828







    1,642,923







    1,516,695



    Income from operations





    38,283







    34,092







    203,112







    145,444



    Interest expense, net





    (9,828)







    (6,163)







    (30,207)







    (22,753)



    Other non-operating income (expense)





    (1,171)







    722







    837







    1,608



    Income before income taxes





    27,284







    28,651







    173,742







    124,299



    Provision for income taxes





    7,109







    7,239







    43,835







    31,398



    Net income



    $

    20,175





    $

    21,412





    $

    129,907





    $

    92,901





























    Earnings per common share:

























    Basic



    $

    0.77





    $

    0.81





    $

    4.94





    $

    3.53



    Diluted



    $

    0.77





    $

    0.81





    $

    4.93





    $

    3.53





























    Weighted average number of common shares outstanding:

























    Basic





    26,318







    26,284







    26,315







    26,284



    Diluted





    26,358







    26,301







    26,348







    26,308





























    Dividends declared per common share:



    $

    0.105





    $

    0.105





    $

    0.420





    $

    0.420



     

    UNIVERSAL LOGISTICS HOLDINGS, INC.

    Unaudited Condensed Consolidated Balance Sheets

    (In thousands)







    December 31,

    2024





    December 31,

    2023



    Assets













    Cash and cash equivalents



    $

    19,351





    $

    12,511



    Marketable securities





    11,590







    10,772



    Accounts receivable - net





    293,646







    287,947



    Other current assets





    85,226







    54,243



    Total current assets





    409,813







    365,473



    Property and equipment - net





    742,366







    561,088



    Other long-term assets - net





    635,553







    326,962



    Total assets



    $

    1,787,732





    $

    1,253,523

















    Liabilities and shareholders' equity













    Current liabilities, excluding current maturities of debt



    $

    215,756





    $

    189,727



    Debt - net





    759,085







    381,924



    Other long-term liabilities





    165,868







    149,674



    Total liabilities





    1,140,709







    721,325



    Total shareholders' equity





    647,023







    532,198



    Total liabilities and shareholders' equity



    $

    1,787,732





    $

    1,253,523



     

    UNIVERSAL LOGISTICS HOLDINGS, INC.

    Unaudited Summary of Operating Data







    Thirteen Weeks Ended





    Year Ended







    December 31,





    December 31,







    2024





    2023





    2024





    2023



    Contract Logistics Segment:

























    Average number of value-added direct employees





    7,337







    5,582







    5,809







    5,521



    Average number of value-added full-time equivalents





    57







    205







    88







    450



    Number of active value-added programs





    90







    71







    90







    71





























    Intermodal Segment:

























    Number of loads (a)





    100,457







    118,553







    417,790







    473,569



    Average operating revenue per load, excluding fuel surcharges (a)



    $

    537





    $

    549





    $

    554





    $

    563



    Average number of tractors





    1,451







    1,830







    1,585







    2,034



    Number of depots





    8







    9







    8







    9





























    Trucking Segment:

























    Number of loads





    36,068







    43,468







    155,288







    178,036



    Average operating revenue per load, excluding fuel surcharges



    $

    2,183





    $

    1,673





    $

    1,993





    $

    1,738



    Average number of tractors





    699







    828







    767







    877



    Average length of haul





    394







    399







    334







    390





    (a)   Excludes operating data from freight forwarding division in order to improve the relevance of the statistical data related

            to our intermodal segment and improve the comparability to our peer companies.

     

    UNIVERSAL LOGISTICS HOLDINGS, INC.

    Unaudited Summary of Operating Data - Continued

    (Dollars in thousands)







    Thirteen Weeks Ended





    Year Ended







    December 31,





    December 31,







    2024





    2023





    2024





    2023



    Operating Revenues by Segment:

























    Contract logistics



    $

    307,357





    $

    201,347





    $

    1,129,658





    $

    829,574



    Intermodal





    73,095







    86,874







    308,744







    382,610



    Trucking





    83,840







    75,168







    331,982







    333,211



    Other





    839







    27,531







    75,651







    116,744



    Total



    $

    465,131





    $

    390,920





    $

    1,846,035





    $

    1,662,139





























    Income from Operations by Segment:

























    Contract logistics



    $

    39,094





    $

    32,079





    $

    219,084





    $

    127,752



    Intermodal





    (9,683)







    (964)







    (27,741)







    1,604



    Trucking





    5,788







    2,488







    20,963







    17,258



    Other





    3,084







    489







    (9,194)







    (1,170)



    Total



    $

    38,283





    $

    34,092





    $

    203,112





    $

    145,444



    Non-GAAP Financial Measures

    In addition to providing consolidated financial statements based on generally accepted accounting principles in the United States of America (GAAP), we are providing additional financial measures that are not required by or prepared in accordance with GAAP (non-GAAP). We present EBITDA and EBITDA margin, each a non-GAAP measure, as supplemental measures of our performance. We define EBITDA as net income plus (i) interest expense, net, (ii) income taxes, (iii) depreciation, and (iv) amortization. We define EBITDA margin as EBITDA as a percentage of total operating revenues. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis.

    In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, we are presenting the most directly comparable GAAP financial measure and reconciling the non-GAAP financial measure to the comparable GAAP measure. Set forth below is a reconciliation of net income, the most comparable GAAP measure, to EBITDA for each of the periods indicated:





    Thirteen Weeks Ended





    Year Ended







    December 31,





    December 31,







    2024





    2023





    2024





    2023







    ( in thousands)





    ( in thousands)



    EBITDA

























    Net income



    $

    20,175





    $

    21,412





    $

    129,907





    $

    92,901



    Income tax expense





    7,109







    7,239







    43,835







    31,398



    Interest expense, net





    9,828







    6,163







    30,207







    22,753



    Depreciation





    29,198







    16,844







    102,688







    64,365



    Amortization





    7,195







    3,131







    21,500







    12,671



    EBITDA



    $

    73,505





    $

    54,789





    $

    328,137





    $

    224,088





























    EBITDA margin (a)





    15.8

    %





    14.0

    %





    17.8

    %





    13.5

    %



    (a)   EBITDA margin is computed by dividing EBITDA by total operating revenues for each of the periods indicated.

    We present EBITDA and EBITDA margin because we believe they assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.

    EBITDA has limitations as an analytical tool. Some of these limitations are:

    • EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
    • EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
    • EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debts;
    • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and
    • Other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.

    Because of these limitations, EBITDA and EBITDA margin should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and only supplementally on EBITDA and EBITDA margin.

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/universal-logistics-holdings-reports-fourth-quarter-2024-financial-results-declares-dividend-302370663.html

    SOURCE Universal Logistics Holdings, Inc.

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      WARREN, Mich., April 9, 2025 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ:ULH) announced today the planned release of first quarter 2025 financial results after the market closes on Thursday, April 24, 2025. The company's quarterly earnings conference call will be held Friday, April 25, 2025 at 10:00 a.m. Eastern Time. Quarterly Earnings Conference Call Dial-in Details: Time:  10:00 a.m. Eastern Time Date:  Friday, April 25, 2025 Call Toll Free:  (800) 836-8184 International Dial-in:  +1 (646) 357-8785 A replay of the conference call will be available through May

      4/9/25 4:15:00 PM ET
      $ULH
      Trucking Freight/Courier Services
      Industrials
    • Universal Logistics Holdings Reports Fourth Quarter 2024 Financial Results; Declares Dividend

      Fourth Quarter 2024 Operating Revenues:  $465.1 million, 19.0% increaseFourth Quarter 2024 Operating Income:  $38.3 million, 12.3% increaseFourth Quarter 2024 Earnings Per Share:  $0.77 per share, 4.9% decreaseDeclares Quarterly Dividend:  $0.105 per shareWARREN, Mich., Feb. 6, 2025 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ:ULH) today reported consolidated fourth quarter 2024 net income of $20.2 million, or $0.77 per diluted share, on total operating revenues of $465.1 million. This compares to net income of $21.4 million, or $0.81 per diluted share, during fourth quarter 2023 on total operating revenues of $390.9 million. For the full year 2024, Universal reported $4.93 per

      2/6/25 4:15:00 PM ET
      $ULH
      Trucking Freight/Courier Services
      Industrials

    $ULH
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

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    • SEC Form 4: Moroun Matthew T sold $366,110,189 worth of shares (14,303,973 units at $25.59) and bought $366,110,189 worth of shares (14,303,973 units at $25.59), closing all direct ownership in the company (Amendment)

      4/A - UNIVERSAL LOGISTICS HOLDINGS, INC. (0001308208) (Issuer)

      9/25/23 4:15:24 PM ET
      $ULH
      Trucking Freight/Courier Services
      Industrials

    $ULH
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • Universal Logistics downgraded by Stifel with a new price target

      Stifel downgraded Universal Logistics from Buy to Hold and set a new price target of $46.00 from $36.00 previously

      4/29/24 8:00:40 AM ET
      $ULH
      Trucking Freight/Courier Services
      Industrials
    • Universal Logistics upgraded by Stifel with a new price target

      Stifel upgraded Universal Logistics from Hold to Buy and set a new price target of $36.00 from $35.00 previously

      1/10/24 8:18:53 AM ET
      $ULH
      Trucking Freight/Courier Services
      Industrials
    • Universal Logistics downgraded by Stifel with a new price target

      Stifel downgraded Universal Logistics from Buy to Hold and set a new price target of $36.00

      11/2/22 6:26:19 AM ET
      $ULH
      Trucking Freight/Courier Services
      Industrials

    $ULH
    SEC Filings

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    • SEC Form 10-Q filed by Universal Logistics Holdings Inc.

      10-Q - UNIVERSAL LOGISTICS HOLDINGS, INC. (0001308208) (Filer)

      5/8/25 4:30:13 PM ET
      $ULH
      Trucking Freight/Courier Services
      Industrials
    • Universal Logistics Holdings Inc. filed SEC Form 8-K: Material Modification to Rights of Security Holders, Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year, Financial Statements and Exhibits

      8-K - UNIVERSAL LOGISTICS HOLDINGS, INC. (0001308208) (Filer)

      5/2/25 4:16:02 PM ET
      $ULH
      Trucking Freight/Courier Services
      Industrials
    • Universal Logistics Holdings Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Submission of Matters to a Vote of Security Holders, Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - UNIVERSAL LOGISTICS HOLDINGS, INC. (0001308208) (Filer)

      4/24/25 4:20:37 PM ET
      $ULH
      Trucking Freight/Courier Services
      Industrials