Universal Truckload posts higher 1Q profit

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Universal Truckload

Universal Truckload Services Inc. on Thursday, April 29, announced financial results for the 13 weeks ended April 3, 2010. Operating revenues increased 20.9 percent, or $24.0 million, to $139.0 million from $115.0 million for the 13 weeks ended March 28, 2009; included in operating revenues are fuel surcharges of $11.7 million and $7.9 million for the 13 weeks ended April 3, 2010, and March 28, 2009, respectively. Net income increased by $1.9 million to $2.1 million from $0.1 million.

Truckload revenue increased by 25.5 percent to $86.2 million from $68.7 million. Brokerage revenue increased by 16.7 percent to $32.4 million from $27.8 million. Intermodal revenue increased by 10.1 percent to $20.4 million from $18.6 million.

“We are beginning to see signs of improvement in our industrial sectors, especially within the metals market,” said Don Cochran, president and chief executive officer of Warren, Mich.-based Universal Truckload. “However, seasonal shipping patterns and bad weather have caused some breaks in momentum during the quarter. While equipment availability appears to be tightening, weak pricing still persists in the market.”

Universal Truckload completed four acquisitions in the last three quarters. “These acquisitions are showing progress, but are not yet to the level of performance that we expect,” Cochran said. “As we begin to see business improve, concentrating on controlling costs at all levels remains key to returning to our expected performance levels.”