Universal Truckload posts higher 3Q profit

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Updated Oct 29, 2010

Universal Truckload

Universal Truckload Services Inc. on Thursday, Oct. 28, announced financial results for the 13 and 39 nine weeks ended Oct. 2 . For the 13-week period, operating revenues increased 21.8 percent, or $28.0 million, to $156.5 million from $128.5 million for the 13 weeks ended Sept. 26, 2009. Net income increased by $1.2 million to $2.9 million from $1.7 million.

Universal’s truckload revenue increased by 16.1 percent to $95.0 million from $81.8 million. Included in truckload revenue in the third quarter of 2010 is $6.0 million of revenue from acquisitions completed since the third quarter of 2009. Brokerage revenue increased by 40.2 percent to $39.2 million from $27.9 million. Included in brokerage revenue in the third quarter of 2010 is $8.0 million of revenue from the acquisitions. Intermodal revenue increased by 19.4 percent to $22.3 million from $18.7 million.

For the 39 weeks ended Oct. 2, 2010, operating revenues increased 23.8 percent, or $86.4 million, to $449.8 million from $363.4 million for the 39 weeks ended Sept. 26, 2009. Net income increased by $6.4 million to $9.6 million from $3.1 million.

Truckload revenue increased by 23.3 percent to $278.2 million from $225.6 million. Included in truckload revenue in the first three quarters of 2010 is $30.0 million from acquisitions completed since the third quarter of 2009. Brokerage revenue increased by 30.0 percent to $106.3 million from $81.8 million. Included in brokerage revenue in the first three quarters of 2010 is $22.9 million from acquisitions completed since the third quarter of 2009. Intermodal revenue increased by 16.6 percent to $65.2 million from $55.9 million.

“We have seen improvement in our business environment throughout all three quarters of 2010,” said Don Cochran, president and chief executive officer of the Warren, Mich.-based company. “Load counts have improved over last year in all of our business segments, and higher rates have shown that capacity in the market place remains tight. While the business environment has improved for the first three quarters, we remain cautious in our optimism.”