Universal Truckload posts higher 3Q net income, operating revenues

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Universal Truckload Services on Thursday, Oct. 23, announced financial results for the 13 and 39 weeks ended Sept. 27.

For the 13 weeks, operating revenues increased 24.0 percent, or $41.2 million, to $213.0 million from $171.8 million for the 13 weeks ended Sept. 29, 2007; included in operating revenues are fuel surcharges of $32.2 million and $16.0 million for the third quarters of 2008 and 2007, respectively. Net income increased 5.4 percent, or $0.3 million, to $5.4 million from $5.1 million.

In the third quarter, Universal’s truckload revenue increased by 20.2 percent to $122.1 million from $101.6 million; included in truckload revenue is $9.7 million from acquisitions completed since the fourth quarter of 2007. Brokerage revenue increased by 40.7 percent to $60.2 million from $42.8 million; included in brokerage revenue is $1.4 million from acquisitions completed since the fourth quarter of 2007. Intermodal revenue increased by 12.2 percent to $30.8 million from $27.4 million; included in intermodal revenue is $2.9 million from acquisitions completed in the first half of 2008.

For the 39-week period, operating revenues increased 14.5 percent, or $73.7 million, to $582.5 million from $508.8 million for the 39 weeks ended Sept. 29, 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 decreased 6.0 percent, or $0.8 million, to $12.3 million from $13.0 million; included in net income was $1.7 million 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 percent to $340.3 million from $302.1 million in the corresponding period of 2007; included in truckload revenue is $19.8 million from acquisitions completed since the fourth quarter of 2007. Brokerage revenue increased by 21.5 percent to $154.1 million from $126.9 million; included in brokerage revenue is $2.8 million from acquisitions completed since the fourth quarter of 2007. Intermodal revenue increased by 10.3 percent to $88.1 million from $79.9 million; included in intermodal revenue is $6.6 million from acquisitions completed in the first half of 2008.

“In light of the turmoil in the financial markets, we are very pleased with our third quarter operating results,” said Don Cochran, president and chief executive officer of Warren, Mich.-based Universal Truckload. “With uncertainty comes opportunity, and we continue to look for growth opportunities in this uncertain market.”