Universal Truckload nearly doubles 3Q profit

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Universal Truckload Services Inc. on Thursday, Oct. 27, said operating revenues for the 13 weeks ended Oct. 1 increased 19.9 percent, or $31.1 million, to $187.5 million from $156.5 million for the 13 weeks ended Oct. 2, 2010. The company’s operating ratio improved 150 basis points to 95.5 percent from 97.0 percent. Income from operations increased by 80.9 percent, or $3.8 million, to $8.4 million, and net income increased by $2.5 million to $5.4 million from $2.9 million.

Truckload revenue increased by 16.8 percent to $110.9 million from $95.0 million. Brokerage revenue increased by 24.0 percent to $48.6 million from $39.2 million. Intermodal revenue increased by 25.9 percent to $28.1 million from $22.3 million.

For the 39 weeks ended Oct. 1, operating revenues increased 16.7 percent, or $75.3 million, to $525.1 million from $449.8 million for the 39 weeks ended Oct. 2. The company’s operating ratio improved 120 basis points to 96.5 percent from 97.7 percent. Income from operations increased by 80.2 percent, or $8.2 million, to $18.4 million from $10.2 million, and net income increased by $2.7 million to $12.3 million from $9.6 million.

Truckload revenue increased by 14.6 percent to $319.0 million from $278.2 million. Brokerage revenue increased by 19.9 percent to $127.6 million from $106.3 million. Intermodal revenue increased by 20.5 percent to $78.6 million from $65.2 million.

“In terms of earnings, the third quarter has proved to be our best quarter of the year,” said Don Cochran, president and chief executive officer of the Warren, Mich.-based company. “Strong demand in all of our core businesses, compounded with continued rate improvements, has pushed revenues higher than we’ve seen in several quarters. We are also pleased with the progress and integration of our recent acquisitions, and look forward to their continued improved performance. Our agents, independent contractors and employees experienced the best conditions we have had in quite some time.”