The logistics and customized freight transportation provider Universal Truckload Services Inc. has reported earnings showing profits declined slightly in the final quarter of last year and for all of 2014.
Net income was in the fourth quarter totaled $10.5 million, or 35 cents per basic and diluted share, on total revenue of $302.5 million. This compares to $11.3 million, or 38 cents per basic and diluted share, on net income on total revenue of $259.5 million in the fourth quarter of 2013 for the Michigan-based company.
2014 net income totaled $45.4 million, or $1.51 per basic and diluted share, with revenue of $1.19 billion, versus $50.6 million in net income in 2013, or $1.68 per basic and diluted share, with revenue of $1.03 billion.
Operating revenues from transportation services increased 8.6% to $195.2 million in the final quarter of last year due to a 4.2% increase in loads and a 7.7% increase in average operating revenues per load, according to the company.
Revenues from intermodal services increased 18.6% to $37.4, which the company attributed to a 22.7% increase in intermodal drayage services, due to increased import activity.
“Our truckload transportation and intermodal businesses enjoyed favorable demand and pricing environments throughout the year,” said Universal CEO, Jeff Rogers. “I am also somewhat encouraged by margin improvements in Universal's value-added operations, where we are working hard to restore historic margin trends, following a difficult operating environment earlier in the year. The financial performance of our dedicated transportation operations remains subpar, though, and we will respond appropriately.”