Universal Truckload posts higher 4Q, full-year profit

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Universal Truckload Services Inc. on Thursday, Feb. 23, announced for the 13-week period ended Dec. 31, operating revenues increased 11.8 percent, or $18.5 million, to $174.6 million from $156.1 million for the 13 weeks ended Dec. 31, 2010. The company’s operating ratio improved 20 basis points to 96.5 percent from 96.7 percent. Income from operations increased by 16.5 percent, or $0.9 million, to $6.0 million from $5.2 million, and net income increased by $0.4 million to $3.5 million from $3.2 million.

For the year ended Dec. 31, operating revenues increased 15.5 percent, or $93.8 million, to $699.8 million from $605.9 million for the year ended Dec. 31, 2010. The company’s operating ratio improved 100 basis points to 96.5 percent from 97.5 percent. Income from operations increased by 58.7 percent, or $9.0 million, to $24.4 million from $15.4 million, and net income increased by $3.1 million to $15.8 million from $12.7 million.

“Our continued revenue growth was driven by increases in our operating revenues per load and the number of loads we hauled, as well as increases in the fuel surcharges we pass along to our owner-operators,” said Don Cochran, president and chief executive officer of Universal Truckload, based in Warren, Mich. “We have made substantial progress in 2011 and look forward to 2012. We expect the economy to continue to grow, although modestly given the legislative and European economic headwinds, but are excited to face the challenges ahead.”