Universal Truckload’s 2Q net income declines

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Universal Truckload Services Inc. on Thursday, July 28, announced that for the 13 weeks ended July 2, operating revenues increased 16.6 percent, or $25.7 million, to $180.0 million from $154.3 million for the 13 weeks ended July 3, 2010. The company’s operating ratio improved 80 basis points to 96.6 percent from 97.4 percent. Included in operating revenues are fuel surcharges o f$25.0 million and $14.6 million, respectively. Income from operations increased by 50.2 percent or $2.0 million to $6.1 million from $4.1 million; however, net income decreased by $0.6 million to $3.9 million from$4.6 million.

For the 26 weeks ended July 2, operating revenues increased 15.1 percent, or $44.2 million, to $337.6 million from $293.3 million for the 26 weeks ended July 3, 2010. The company’s operating ratio improved 100 basis points to 97.1 percent from 98.1 percent. Included in operating revenues are fuel surcharges of $42.9 million and $26.3 million, respectively. Income from operations increased by 79.5 percent, or $4.4 million, to $9.9 million from $5.5 million, while net income increased by $0.2 million to $6.8 million from $6.6 million.

“Our rates have improved over the first quarter of 2011 and over the second quarter of 2010,” said Don Cochran, president and chief executive officer of Warren, Mich.-based Universal Truckload. “Improved rates have helped us grow our fleet of owner-operators, as well as procuring additional capacity in our brokerage businesses. Through the end of 2011, we expect to continue to gain capacity and improve the services we deliver to our customers, owner-operators and agents while continuing to focus on controlling cost.”