Universal Truckload Services Reports Revenue and Net Income
Universal Truckload Services, Warren, Mich., announced financial results for the 13 and 39 weeks ended Sept. 27
Universal Truckload Services, Warren, Mich., announced financial results for the 13 and 39 weeks ended Sept. 27.
Operating revenues increased 24%, or $41.2 million, to $213 million from $171.8 million for the same quarter in 2007. Included in operating revenues are fuel surcharges of $32.2 million and $16 million for the third quarters of 2008 and 2007, respectively. Net income increased 5.4%, or $0.3 million, to $5.4 million, or $0.34 per diluted share for the third quarter of 2008, from $5.1 million, or $0.32 per share, for the third quarter of 2007.
Universal's truckload revenue in the third quarter of 2008 increased by 20.2% to $122.1 million from $101.6 million in the corresponding period of 2007. Included in truckload revenue in the third quarter of 2008 is $9.7 million from our acquisitions completed since the fourth quarter of 2007. Brokerage revenue in the third quarter of 2008 increased by 40.7% to $60.2 million from $42.8 million in the corresponding period of 2007. Included in brokerage revenue in the third quarter of 2008 is $1.4 million from acquisitions completed since the fourth quarter of 2007.
Intermodal revenue in the third quarter of 2008 increased by 12.2% to $30.8 million from $27.4 million in the corresponding period of 2007. Included in Intermodal revenue in the third quarter of 2008 is $2.9 million from acquisitions completed in the first half of 2008.
Operating revenues for the first nine months increased 14.5%, or $73.7 million, to $582.5 million from $508.8 million for the first 39 weeks of 2007. Included in operating revenues are fuel surcharges of $81.1 million and $47.6 million for the first three quarters of 2008 and 2007, respectively.
Net income YTD decreased 6%, or $0.8 million, to $12.3 million, or $0.76 per share through the third quarter of 2008, from $13 million, or $0.81 per share through the third quarter of 2007. Included in net income YTD were $1.7 million, or $0.10 per share, of after-tax charges for other- than-temporary impairments of marketable equity securities classified as available for sale.
Universal's truckload revenue in the first three quarters of 2008 increased by 12.6% to $340.3 million from $302.1 million in the corresponding period of 2007. Included in truckload revenue in the first three quarters of 2008 is $19.8 million from acquisitions completed since the fourth quarter of 2007. Brokerage revenue in the first three quarters of 2008 increased by 21.5% to $154.1 million from $126.9 million in the corresponding period of 2007. Included in brokerage revenue in the first three quarters of 2008 is $2.8 million from acquisitions completed since the fourth quarter of 2007. Intermodal revenue in the first three quarters of 2008 increased by 10.3% to $88.1 million from $79.9 million in the corresponding period of 2007. Included in Intermodal revenue in the first three quarters of 2008 is $6.6 million from acquisitions completed in the first half of 2008.
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