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

    7/25/24 4:15:00 PM ET
    $ULH
    Trucking Freight/Courier Services
    Industrials
    Get the next $ULH alert in real time by email
    • Second Quarter 2024 Operating Revenues:  $462.2 million, 12.0% increase
    • Second Quarter 2024 Operating Income:  $47.1 million, 29.4% increase
    • Second Quarter 2024 Earnings Per Share:  $1.17 per share, 30.0% increase
    • Declares Quarterly Dividend:  $0.105 per share

    WARREN, 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.

    Universal Logistics Holdings logo (PRNewsfoto/Universal Logistics Holdings)

    In 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.

    "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 and controlling costs to achieve those results. We are going to keep our foot on the gas, and continue delivering exceptional service to our customers, while making sound business decisions to ensure we are well positioned for future success."

    Segment Information:

    Contract Logistics

    • Second Quarter 2024 Operating Revenues:  $263.6 million, 26.2% increase
    • Second Quarter 2024 Operating Income:  $52.9 million, 20.1% operating margin

    In the contract logistics segment, which includes our value-added and dedicated services, second quarter 2024 operating revenues increased 26.2% to $263.6 million, compared to $208.8 million for the same period last year. Second quarter 2024 revenues included $44.6 million attributable to our recently awarded specialty development project. At the end of both the second quarters 2024 and 2023, we managed 68 value-added programs. Included in contract logistics segment revenues were also $8.0 million in separately identified fuel surcharges from dedicated transportation services, compared to $8.6 million during the same period last year. Second quarter 2024 income from operations increased $20.1 million to $52.9 million, compared to $32.8 million during the same period last year. As a percentage of revenue, operating margin in the contract logistics segment for the second quarter 2024 was 20.1%, compared to 15.7% during the same period last year. 

    Intermodal

    • Second Quarter 2024 Operating Revenues:  $78.1 million, 14.8% decrease
    • Second Quarter 2024 Operating (Loss):  $(8.3) million, (10.6)% operating margin

    Operating revenues in the intermodal segment decreased 14.8% to $78.1 million in the second quarter 2024, compared to $91.6 million for the same period last year. Included in intermodal segment revenues for the recently completed quarter were $10.9 million in separately identified fuel surcharges, compared to $13.6 million during the same period last year. Intermodal segment revenues also include other accessorial charges such as detention, demurrage and storage, which totaled $8.1 million during the second quarter 2024, compared to $13.4 million one year earlier. Load volumes declined 4.1%, while the average operating revenue per load, excluding fuel surcharges, fell 5.9% on a year-over-year basis. In the second quarter 2024, the intermodal segment experienced an operating loss of $(8.3) million compared to an operating loss of $(0.2) million during the same period last year. As a percentage of revenue, operating margin in the intermodal segment for the second quarter 2024 was (10.6)%, compared to (0.3)% one year earlier.

    Trucking

    • Second Quarter 2024 Operating Revenues:  $91.4 million, 12.6% increase
    • Second Quarter 2024 Operating Income:  $4.4 million, 4.8% operating margin

    In the trucking segment, second quarter 2024 operating revenues increased 12.6% to $91.4 million, compared to $81.2 million for the same period last year. Second quarter 2024 trucking segment revenues included $25.5 million of brokerage services, compared to $30.7 million during the same period last year. Also included in our trucking segment revenues were $5.7 million in separately identified fuel surcharges during the second quarter 2024, compared to $6.4 million in fuel surcharges during the same period last year. On a year-over-year basis, load volumes declined 11.1%; however, the average operating revenue per load, excluding fuel surcharges, increased 28.5%, supported by our specialty, heavy-haul wind business. Income from operations remained consistent at $4.4 million for both the second quarters of 2024 and 2023. As a percentage of revenue, operating margin in the trucking segment for the second quarter 2024 was 4.8% compared to 5.4% during the same period last year.

    Company-managed Brokerage

    • Second Quarter 2024 Operating Revenues:  $28.1 million, 4.9% decrease
    • Second Quarter 2024 Operating (Loss):  $(2.2) million, (7.9)% operating margin

    Second quarter 2024 operating revenues in the company-managed brokerage segment decreased 4.9% to $28.1 million compared to $29.6 million for the same period last year. Load volumes improved 20.1%; however, our average operating revenue per load, excluding fuel surcharges, decreased 21.9% on a year-over-year basis. In the second quarter 2024, the company-managed brokerage segment experienced an operating loss of $(2.2) million compared to an operating loss of $(0.8) million one year earlier. As a percentage of revenue, operating margin for the second quarter 2024 was (7.9)% compared to (2.7)% 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 September 2, 2024 and is expected to be paid on October 1, 2024.

    Other Matters 

    As of June 29, 2024, Universal held cash and cash equivalents totaling $7.5 million, and $11.6 million in marketable securities. Outstanding debt at the end of the second quarter 2024 was $487.8 million and capital expenditures totaled $77.1 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, July 26, 2024

    Call Toll Free:

    (800) 836-8184

    International Dial-in:

    +1 (646) 357-8785

    A replay of the conference call will be available through August 2, 2024, by calling (888) 660-6345 (toll free) or +1 (646) 517-4150 (toll) and using replay entry code 07642. 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 truckload, brokerage, intermodal, dedicated and value-added 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





    Twenty-six Weeks Ended







    June 29,





    July 1,





    June 29,





    July 1,







    2024





    2023





    2024





    2023



    Operating revenues:

























    Truckload services



    $

    66,876





    $

    51,860





    $

    108,906





    $

    98,261



    Brokerage services





    53,661







    60,325







    113,274







    128,998



    Intermodal services





    78,069







    91,585







    154,784







    202,611



    Dedicated services





    90,715







    86,069







    179,031







    171,301



    Value-added services





    172,843







    122,733







    398,075







    248,797



    Total operating revenues





    462,164







    412,572







    954,070







    849,968





























    Operating expenses:

























    Purchased transportation and equipment rent                                                                                 





    137,295







    139,879







    261,928







    295,964



    Direct personnel and related benefits





    135,495







    138,046







    276,300







    277,138



    Operating supplies and expenses





    63,558







    41,101







    156,382







    87,290



    Commission expense





    8,890







    7,643







    15,500







    15,815



    Occupancy expense





    10,442







    11,041







    21,010







    22,193



    General and administrative





    14,699







    13,418







    28,205







    25,334



    Insurance and claims





    7,873







    5,889







    15,041







    13,968



    Depreciation and amortization





    36,809







    19,160







    57,510







    37,675



    Total operating expenses





    415,061







    376,177







    831,876







    775,377



    Income from operations





    47,103







    36,395







    122,194







    74,591



    Interest expense, net





    (6,883)







    (5,121)







    (12,962)







    (10,096)



    Other non-operating income





    898







    284







    2,003







    299



    Income before income taxes





    41,118







    31,558







    111,235







    64,794



    Provision for income taxes





    10,384







    7,992







    28,044







    16,352



    Net income



    $

    30,734





    $

    23,566





    $

    83,191





    $

    48,442





























    Earnings per common share:

























    Basic



    $

    1.17





    $

    0.90





    $

    3.16





    $

    1.84



    Diluted



    $

    1.17





    $

    0.90





    $

    3.16





    $

    1.84





























    Weighted average number of common shares outstanding:

























    Basic





    26,317







    26,287







    26,312







    26,284



    Diluted





    26,352







    26,308







    26,341







    26,312





























    Dividends declared per common share:



    $

    0.105





    $

    0.105





    $

    0.210





    $

    0.210



     

    UNIVERSAL LOGISTICS HOLDINGS, INC.

    Unaudited Condensed Consolidated Balance Sheets

    (In thousands)







    June 29,

    2024





    December 31,

    2023



    Assets













    Cash and cash equivalents



    $

    7,486





    $

    12,511



    Marketable securities





    11,566







    10,772



    Accounts receivable - net





    288,125







    287,947



    Other current assets





    75,632







    54,243



    Total current assets





    382,809







    365,473



    Property and equipment - net





    658,022







    561,088



    Other long-term assets - net





    431,225







    326,962



    Total assets



    $

    1,472,056





    $

    1,253,523

















    Liabilities and shareholders' equity













    Current liabilities, excluding current maturities of debt                                                                                                                          



    $

    223,786





    $

    189,727



    Debt - net





    483,801







    381,924



    Other long-term liabilities





    155,574







    149,674



    Total liabilities





    863,161







    721,325



    Total shareholders' equity





    608,895







    532,198



    Total liabilities and shareholders' equity



    $

    1,472,056





    $

    1,253,523



     

    UNIVERSAL LOGISTICS HOLDINGS, INC.

    Unaudited Summary of Operating Data







    Thirteen Weeks Ended





    Twenty-six Weeks Ended







    June 29,





    July 1,





    June 29,





    July 1,







    2024





    2023





    2024





    2023



    Contract Logistics Segment:

























    Average number of value-added direct employees





    5,230







    5,569







    5,355







    5,532



    Average number of value-added full-time equivalents





    168







    482







    138







    647



    Number of active value-added programs





    68







    68







    68







    68





























    Intermodal Segment:

























    Number of loads





    108,326







    112,925







    213,363







    235,224



    Average operating revenue per load, excluding fuel surcharges                                                              



    $

    555





    $

    590





    $

    560





    $

    578



    Average number of tractors





    1,656







    2,159







    1,646







    2,141



    Number of depots





    8







    9







    8







    9





























    Trucking Segment:

























    Number of loads





    40,620







    45,717







    82,311







    90,572



    Average operating revenue per load, excluding fuel surcharges



    $

    2,115





    $

    1,646





    $

    1,808





    $

    1,627



    Average number of tractors





    815







    905







    808







    900



    Average length of haul





    390







    382







    396







    390





























    Company-Managed Brokerage Segment:

























    Number of loads (a)





    21,396







    17,814







    42,952







    37,770



    Average operating revenue per load (a)



    $

    1,249





    $

    1,599





    $

    1,315





    $

    1,650



    Average length of haul (a)





    527







    644







    549







    631





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

           comparability to our peer companies.

     

    UNIVERSAL LOGISTICS HOLDINGS, INC.

    Unaudited Summary of Operating Data - Continued

    (Dollars in thousands)







    Thirteen Weeks Ended





    Twenty-six Weeks Ended







    June 29,





    July 1,





    June 29,





    July 1,







    2024





    2023





    2024





    2023



    Operating Revenues by Segment:

























    Contract logistics



    $

    263,558





    $

    208,802





    $

    577,106





    $

    420,098



    Intermodal





    78,069







    91,585







    154,784







    202,611



    Trucking





    91,440







    81,243







    161,095







    160,958



    Company-managed brokerage





    28,142







    29,595







    59,142







    63,551



    Other





    955







    1,347







    1,943







    2,750



    Total



    $

    462,164





    $

    412,572





    $

    954,070





    $

    849,968





























    Income from Operations by Segment:                                                                                          

























    Contract logistics



    $

    52,901





    $

    32,789





    $

    134,367





    $

    60,570



    Intermodal





    (8,301)







    (246)







    (16,347)







    6,565



    Trucking





    4,384







    4,423







    8,053







    8,212



    Company-managed brokerage





    (2,237)







    (786)







    (4,725)







    (1,160)



    Other





    356







    215







    846







    404



    Total



    $

    47,103





    $

    36,395





    $

    122,194





    $

    74,591



    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





    Twenty-six Weeks Ended







    June 29,





    July 1,





    June 29,





    July 1,







    2024





    2023





    2024





    2023







    ( in thousands)





    ( in thousands)



    EBITDA

























    Net income



    $

    30,734





    $

    23,566





    $

    83,191





    $

    48,442



    Income tax expense





    10,384







    7,992







    28,044







    16,352



    Interest expense, net                                                                                                                                      





    6,883







    5,121







    12,962







    10,096



    Depreciation





    32,052







    15,982







    47,954







    31,313



    Amortization





    4,757







    3,178







    9,556







    6,362



    EBITDA



    $

    84,810





    $

    55,839





    $

    181,707





    $

    112,565





























    EBITDA margin (a)





    18.4

    %





    13.5

    %





    19.0

    %





    13.2

    %



    (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-second-quarter-2024-financial-results-declares-dividend-302207021.html

    SOURCE Universal Logistics Holdings, Inc.

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    • Universal Logistics Holdings to Report First Quarter 2025 Earnings on Thursday, April 24, 2025

      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
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    $ULH
    SEC Filings

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    $ULH
    Large Ownership Changes

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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
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    • 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
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      Trucking Freight/Courier Services
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    • 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
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      Trucking Freight/Courier Services
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    • SEC Form SC 13G/A filed by Universal Logistics Holdings Inc. (Amendment)

      SC 13G/A - UNIVERSAL LOGISTICS HOLDINGS, INC. (0001308208) (Subject)

      2/9/24 10:05:20 AM ET
      $ULH
      Trucking Freight/Courier Services
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    • SEC Form SC 13D/A filed by Universal Logistics Holdings Inc. (Amendment)

      SC 13D/A - UNIVERSAL LOGISTICS HOLDINGS, INC. (0001308208) (Subject)

      8/3/23 4:50:27 PM ET
      $ULH
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    • SEC Form SC 13D/A filed by Universal Logistics Holdings Inc. (Amendment)

      SC 13D/A - UNIVERSAL LOGISTICS HOLDINGS, INC. (0001308208) (Subject)

      5/16/23 5:25:58 PM ET
      $ULH
      Trucking Freight/Courier Services
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    $ULH
    Analyst Ratings

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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
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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 $36.00

      11/2/22 6:26:19 AM ET
      $ULH
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    Financials

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    • Universal Logistics Holdings Reports First Quarter 2025 Financial Results; Declares Dividend

      First Quarter 2025 Operating Revenues:  $382.4 million, down 22.3%First Quarter 2025 Operating Income:  $15.7 million, down $59.4 millionFirst Quarter 2025 Earnings Per Share:  $0.23 per share, down $1.76 per shareDeclares Quarterly Dividend:  $0.105 per shareWARREN, Mich., April 24, 2025 /PRNewswire/ -- Universal Logistics Holdings, Inc. (NASDAQ:ULH) today reported consolidated first quarter 2025 net income of $6.0 million, or $0.23 per basic and diluted share, on total operating revenues of $382.4 million. This compares to net income of $52.5 million, or $1.99 per basic and diluted share, during first quarter 2024 on total operating revenues of $491.9 million.

      4/24/25 4:15:00 PM ET
      $ULH
      Trucking Freight/Courier Services
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    • Universal Logistics Holdings to Report First Quarter 2025 Earnings on Thursday, April 24, 2025

      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
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