Universal Truckload posts higher 1Q net income

user-gravatar Headshot

Universal Truckload Services Inc. on Thursday, April 28, said operating revenues for the 13 weeks ended April 2 increased 13.4 percent, or $18.6 million, to $157.6 million from $139.0 million for the 13 weeks ended April 3, 2010. Included in operating revenues are fuel surcharges of $17.9 million and $11.7 million for the 13 weeks ended April 2 and April 3, 2010, respectively.

Net income increased by $0.8 million to $2.9 million from $2.1 million. Truckload revenue increased by 12.9 percent to $97.3 million from $86.2 million, brokerage revenue increased by 13.6 percent to $36.8 million from $32.4 million, and intermodal revenue increased by 15.1 percent to $23.5 million from $20.4 million.

“We have seen continuous improvement throughout the 1st quarter of 2011,” said Don Cochran, president and chief executive officer of Warren, Mich.-based Universal Truckload. “Increases in load volumes and pricing have benefited all of our business lines this year. While we expect continued challenges, including tightening capacity and increase regulatory oversight, we share the optimism of our agent network and look forward to the remainder of the year.”