Universal Truckload reports record 2Q income, revenue

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Universal Truckload Services on Wednesday, July 26, announced record financial results for the 13 and 26 weeks ended July 1. For the 13-week period, operating revenues increased 25.5 percent, or $32.5 million, to $160 million from $127.5 million for the 13 weeks ended July 2, 2005. Included in operating revenues are fuel surcharges of $15.6 million and $7.6 million for the second quarters of 2006 and 2005, respectively.

Net income increased 23.1 percent, or $1 million, to $5.4 million, from $4.4 million for the second quarter of 2005. Operating margin was 5.3 percent for the second quarter of 2006 compared to 5.4 percent for the second quarter of 2005. Universal’s truckload revenue in the second quarter of 2006 increased by 19.9 percent to $95.8 million from $79.9 million in the corresponding period of 2005.

For the 26 weeks ended July 1, operating revenues increased 23.1 percent, or $57.4 million, to $305.9 million from $248.5 million for the 26 weeks ended July 2, 2005. Included in operating revenues are fuel surcharges of $27.6 million and $13 million for the first two quarters of 2006 and 2005, respectively. Net income increased 26.6 percent, or $2.1 million, to $10 million, from $7.9 million for the first half of 2005. Universal’s truckload revenue in the first half of 2006 increased by 18.9 percent to $183.2 million from $154 million in the corresponding period of 2005.

“We are very pleased with our operating results through the second quarter of 2006,” said Don Cochran, president and chief executive officer of Warren, Mich.-based Universal Truckload. “Our revenue and net income growth continues to be strong. We have been able to grow our operating revenues, both organically and through our intermodal acquisitions completed in the fourth quarter of 2005 and first quarter of 2006.”