Universal credits growth, acquisitions for increase in 3Q net income

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Universal Truckload Services reported net income of $4.6 million or 29 cents a share on revenue of $135.6 million for the third quarter ended Oct. 1. That compares with net income of $2.8 million or 28 cents on revenue of $96.9 million during the same period last year.

The Warren, Mich.-based company, controlled by Manuel “Matty” Moroun and his son Matthew, credited organic growth and two recent acquisitions for the increase. Universal — which provides trucking services to shippers throughout the United States and Canada and also offers truck brokerage services — bought Great American Lines and CrossRoad Carriers in August and November of last year.

This quarter’s results were “the best single quarterly results in the company’s history,” says Don Cochran, Universal president and chief executive officer. “In the third quarter, truckload, brokerage and intermodal revenues grew organically at 12.5 percent, 32.8 percent and 41.6 percent, respectively.”