Universal Truckload posts higher 4Q, full-year profit

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Universal Truckload

Universal Truckload Services Inc. on Thursday, Feb. 24, announced financial results for the 13 weeks and year ended Dec. 31, 2010. For the 13 weeks, operating revenues including fuel surcharges increased 11.6 percent, or $16.3 million, to $156.1 million from $139.8 million for the 13 weeks ended Dec. 31, 2009. Net income increased by $1.4 million to $3.2 million from $1.8 million. Truckload revenue increased by 4.4 percent to $91.9 million from $88.0 million, brokerage revenue increased by 33.9 percent to $41.6 million from $31.1 million, and intermodal revenue increased by 8.9 percent to $22.7 million from $20.8 million.

For the year, operating revenues including fuel surcharges increased 20.4 percent, or $102.7 million, to $605.9 million from $503.2 million for the year ended Dec. 31, 2009. Net income increased by $7.8 million, to $12.7 million from $4.9 million. Truckload revenue increased by 18.0 percent to $370.1 million from $313.6 million, brokerage revenue increased by 31.0 percent to $148.0 million from $112.9 million, and intermodal revenue increased by 14.5 percent to $87.9 million from $76.7 million.

“We have seen improvements in our operating margins in each quarter this year, and we believe that we have put the appropriate measures in place to continue this improved performance,” said Don Cochran, president and chief executive officer of Universal Truckload, based in Warren, Mich. “Rates in both our van and flatbed operations have been helped by tightening capacity, and intermodal shows signs of both stabilizing rates and improved volumes. Despite the many economic and regulatory challenges we face, we are optimistic that we can continue to work to control costs and improve the selection of freight available to our owner-operators and agents.”