Universal Logistics Holdings Reports Fourth Quarter 2024 Financial Results; Declares Dividend
Universal Logistics Holdings (ULH) reported Q4 2024 financial results with operating revenues of $465.1 million, a 19.0% increase year-over-year. Operating income rose 12.3% to $38.3 million, while earnings per share decreased 4.9% to $0.77.
The company's contract logistics segment showed strong performance with a 52.7% revenue increase to $307.4 million, including $51.3 million from the Stanton, TN project and $59.5 million from the Parsec acquisition. However, the intermodal segment experienced a 15.9% revenue decline to $73.1 million with an operating loss of $9.7 million.
The trucking segment saw an 11.5% revenue increase to $83.8 million with improved operating margins. The company declared a quarterly dividend of $0.105 per share, payable on April 1, 2025.
Universal Logistics Holdings (ULH) ha riportato i risultati finanziari del quarto trimestre 2024 con ricavi operativi di 465,1 milioni di dollari, un aumento del 19,0% rispetto all'anno precedente. L'utile operativo 猫 aumentato del 12,3% a 38,3 milioni di dollari, mentre l'utile per azione 猫 diminuito del 4,9% a $0,77.
Il segmento della logistica contrattuale dell'azienda ha mostrato una forte performance con un aumento del 52,7% dei ricavi a 307,4 milioni di dollari, inclusi 51,3 milioni di dollari derivanti dal progetto di Stanton, TN, e 59,5 milioni di dollari dall'acquisizione di Parsec. Tuttavia, il segmento intermodale ha registrato un calo del 15,9% dei ricavi a 73,1 milioni di dollari, con una perdita operativa di 9,7 milioni di dollari.
Il segmento camionistico ha visto un aumento dei ricavi dell'11,5% a 83,8 milioni di dollari con margini operativi migliorati. L'azienda ha dichiarato un dividendo trimestrale di 0,105 dollari per azione, che sar脿 pagato il 1 aprile 2025.
Universal Logistics Holdings (ULH) report贸 los resultados financieros del cuarto trimestre de 2024 con ingresos operativos de 465,1 millones de d贸lares, un aumento del 19,0% en comparaci贸n con el a帽o anterior. El ingreso operativo aument贸 un 12,3% a 38,3 millones de d贸lares, mientras que las ganancias por acci贸n disminuyeron un 4,9% a $0,77.
El segmento de log铆stica por contrato de la empresa mostr贸 un rendimiento fuerte con un aumento del 52,7% en los ingresos a 307,4 millones de d贸lares, incluidos 51,3 millones de d贸lares del proyecto de Stanton, TN y 59,5 millones de d贸lares de la adquisici贸n de Parsec. Sin embargo, el segmento intermodal experiment贸 una disminuci贸n del 15,9% en los ingresos a 73,1 millones de d贸lares con una p茅rdida operativa de 9,7 millones de d贸lares.
El segmento de transporte por cami贸n vio un aumento del 11,5% en los ingresos a 83,8 millones de d贸lares con m谩rgenes operativos mejorados. La compa帽铆a declar贸 un dividendo trimestral de 0,105 d贸lares por acci贸n, a pagarse el 1 de abril de 2025.
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韸鸽煭 鞖挫啞 攵氍胳潃 11.5%鞚� 靾橃澋 歃濌皜搿� 8,380毵� 雼煬鞐� 霃勲嫭頄堨溂氅�, 鞖挫榿 毵堨鞚� 臧滌劆霅橃棃鞀惦媹雼�. 須岇偓電� 欤茧嫻 0.105雼煬鞚� 攵勱赴 氚半嫻旮堨潉 靹犾柛頃橃榾鞙茧┌, 鞚措姅 2025雲� 4鞗� 1鞚检棎 歆旮夒悹 鞓堨爼鞛呺媹雼�.
Universal Logistics Holdings (ULH) a annonc茅 les r茅sultats financiers du quatri猫me trimestre 2024 avec des revenus d'exploitation de 465,1 millions de dollars, ce qui repr茅sente une augmentation de 19,0 % par rapport 脿 l'ann茅e pr茅c茅dente. Le b茅n茅fice d'exploitation a augment茅 de 12,3 % pour atteindre 38,3 millions de dollars, tandis que le b茅n茅fice par action a diminu茅 de 4,9 % pour s'茅tablir 脿 0,77 $.
Le segment de logistique contractuelle de l'entreprise a affich茅 une bonne performance avec une augmentation des revenus de 52,7 % pour atteindre 307,4 millions de dollars, incluant 51,3 millions de dollars provenant du projet de Stanton, TN et 59,5 millions de dollars provenant de l'acquisition de Parsec. Cependant, le segment intermodal a connu une baisse de 15,9 % des revenus, s'茅levant 脿 73,1 millions de dollars, avec une perte d'exploitation de 9,7 millions de dollars.
Le segment du transport routier a vu une augmentation de 11,5 % des revenus, atteignant 83,8 millions de dollars avec des marges op茅rationnelles am茅lior茅es. L'entreprise a d茅clar茅 un dividende trimestriel de 0,105 dollar par action, payable le 1er avril 2025.
Universal Logistics Holdings (ULH) berichtete 眉ber die Finanzzahlen f眉r das vierte Quartal 2024 mit Betriebseinnahmen von 465,1 Millionen Dollar, was einem Anstieg von 19,0% im Vergleich zum Vorjahr entspricht. Der Betriebsgewinn stieg um 12,3% auf 38,3 Millionen Dollar, w盲hrend der Gewinn pro Aktie um 4,9% auf $0,77 zur眉ckging.
Der Vertragslogistikbereich des Unternehmens zeigte eine starke Leistung mit einem Umsatzanstieg von 52,7% auf 307,4 Millionen Dollar, einschlie脽lich 51,3 Millionen Dollar aus dem Projekt in Stanton, TN und 59,5 Millionen Dollar aus der 脺bernahme von Parsec. Der intermodale Bereich erlebte jedoch einen Umsatzr眉ckgang von 15,9% auf 73,1 Millionen Dollar bei einem Betriebsverlust von 9,7 Millionen Dollar.
Der Lkw-Segment verzeichnete einen Umsatzanstieg von 11,5% auf 83,8 Millionen Dollar mit verbesserten Betriebsmargen. Das Unternehmen erkl盲rte eine viertelj盲hrliche Dividende von 0,105 Dollar pro Aktie, die am 1. April 2025 zahlbar sein wird.
- Operating revenues increased 19.0% YoY to $465.1 million
- Operating income grew 12.3% to $38.3 million
- Contract logistics segment revenue up 52.7% to $307.4 million
- Trucking segment operating margin improved to 6.9% from 3.3%
- EBITDA increased by $18.7 million to $73.5 million
- Earnings per share decreased 4.9% to $0.77
- Intermodal segment reported $9.7 million operating loss
- Intermodal load volumes declined 15.3%
- Outstanding debt of $762.6 million as of Q4 2024
Insights
Universal Logistics Holdings Inc. has presented a mixed yet promising financial report for Q4 2024. The company has demonstrated robust growth in operating revenues, showing a
The decision to declare a quarterly dividend of
Key segment performances reveal a nuanced picture. The Contract Logistics segment experienced significant revenue growth of
As for strategic insights, the emphasis on the Contract Logistics segment highlights a focused investment approach that aligns with long-term business growth. The successful integration of acquisitions such as Parsec could bolster future revenues and stabilize margins over time, despite short-term depreciation costs. Conversely, the ongoing issues in the Intermodal segment necessitate strategic reevaluation to mitigate losses, possibly through cost restructuring or market repositioning.
From a broader perspective, the company's balance sheet shows substantial cash and marketable securities, totaling
Universal Logistics Holdings' Q4 2024 earnings reveal both strengths and areas of concern. The
The announced dividend of
The Intermodal segment's
- Fourth Quarter 2024 Operating Revenues:听
,$465.1 million 19.0% increase - Fourth Quarter 2024 Operating Income:听
,$38.3 million 12.3% increase - Fourth Quarter 2024 Earnings Per Share:听
per share,$0.77 4.9% decrease - Declares Quarterly Dividend:听
per share$0.10 5
In the fourth quarter 2024, Universal's operating income increased
"Universal notched another solid performance during the fourth quarter, making the full-year 2024 our second best financial performance in company history," stated Tim Phillips, Universal's CEO. "Our contract logistics segment continues to be the cornerstone of our success, and we remain committed to making smart investments in this space, such as our recent acquisition of Parsec. Strong demand for our specialized, heavy-haul services has also enabled our trucking segment to produce solid results during the quarter, and throughout all of 2024. While we are proud of our many successes, we remain focused on improving underperforming operations, gaining efficiencies and maintaining a high-level of cost control. 2024 was an exciting, and challenging year for Universal, and I am deeply thankful for the talented team who guided us through. We will keep pushing forward, delivering exceptional service to our customers while continuing to execute our long-term strategy."
Segment Information:
Contract Logistics
- Fourth Quarter 2024 Operating Revenues:听
,$307.4 million 52.7% increase - Fourth Quarter 2024 Operating Income:听
,$39.1 million 12.7% operating margin
In the contract logistics segment, which includes our value-added and dedicated services, fourth quarter 2024 operating revenues increased
Intermodal
- Fourth Quarter 2024 Operating Revenues:听
,$73.1 million 15.9% decrease - Fourth Quarter 2024 Operating (Loss):听
, (13.2)% operating margin$(9.7) million
Operating revenues in the intermodal segment decreased
Trucking
- Fourth Quarter 2024 Operating Revenues:听
,$83.8 million 11.5% increase - Fourth Quarter 2024 Operating Income:听
,$5.8 million 6.9% operating margin
In the trucking segment, fourth quarter 2024 operating revenues increased
Cash Dividend
Universal Logistics Holdings, Inc. also announced today that its Board of Directors has declared a cash dividend of
Other Matters听
As of December 31, 2024, Universal held cash and cash equivalents totaling
Universal calculates and reports selected financial metrics not only for purposes of our lending arrangements but also in an effort to isolate and exclude the impact of non-operating expenses related to our corporate development activities. These statistics are described in more detail below in the section captioned "Non-GAAP Financial Measures."
Conference call:
We invite investors and analysts to our quarterly earnings conference call.听
Quarterly Earnings Conference Call Dial-in Details:
Time: | 10:00 a.m. Eastern Time |
Date: | Friday, February 7, 2025 |
Call Toll Free: | (800) 836-8184 |
International Dial-in: | +1 (646) 357-8785 |
A replay of the conference call will be available through February 14, 2025, by calling (888) 660-6345 (toll free) or +1 (646) 517-4150 (toll) and using encore replay code 40331#. The call will also be available on .
About Universal:
Universal Logistics Holdings, Inc. ("Universal") is a holding company whose subsidiaries provide a variety of customized transportation and logistics solutions throughout
Forward Looking Statements
Some of the statements contained in this press release might be considered forward-looking statements. These statements identify prospective information. Forward-looking statements can be identified by words such as: "expect," "anticipate," "intend," "plan," "goal," "prospect," "seek," "believe," "targets," "project," "estimate," "future," "likely," "may," "should" and similar references to future periods. Forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. These forward-looking statements are subject to a number of factors that may cause actual results to differ materially from the expectations described. Additional information about the factors that may adversely affect these forward-looking statements is contained in Universal's reports and filings with the Securities and Exchange Commission. Universal assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws.
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UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Condensed Consolidated Statements of Income (In thousands, except per share data) | ||||||||||||||||
Thirteen Weeks Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Operating revenues: | ||||||||||||||||
Truckload services | $ | 61,850 | $ | 46,015 | $ | 234,397 | $ | 213,874 | ||||||||
Brokerage services | 25,545 | 58,132 | 181,259 | 244,024 | ||||||||||||
Intermodal services | 70,379 | 85,426 | 300,721 | 374,667 | ||||||||||||
Dedicated services | 77,821 | 85,541 | 344,210 | 343,543 | ||||||||||||
Value-added services | 229,536 | 115,806 | 785,448 | 486,031 | ||||||||||||
Total operating revenues | 465,131 | 390,920 | 1,846,035 | 1,662,139 | ||||||||||||
Operating expenses: | ||||||||||||||||
Purchased transportation and equipment rent | 100,320 | 127,779 | 482,948 | 571,213 | ||||||||||||
Direct personnel and related benefits | 174,871 | 130,775 | 583,251 | 542,779 | ||||||||||||
Operating supplies and expenses | 78,644 | 40,643 | 295,558 | 170,994 | ||||||||||||
Commission expense | 4,800 | 7,221 | 27,285 | 31,370 | ||||||||||||
Occupancy expense | 12,020 | 11,195 | 44,209 | 44,301 | ||||||||||||
General and administrative | 14,081 | 12,872 | 55,323 | 51,839 | ||||||||||||
Insurance and claims | 5,719 | 6,368 | 26,441 | 27,163 | ||||||||||||
Depreciation and amortization | 36,393 | 19,975 | 124,188 | 77,036 | ||||||||||||
Impairment expense | 鈥� | 鈥� | 3,720 | 鈥� | ||||||||||||
Total operating expenses | 426,848 | 356,828 | 1,642,923 | 1,516,695 | ||||||||||||
Income from operations | 38,283 | 34,092 | 203,112 | 145,444 | ||||||||||||
Interest expense, net | (9,828) | (6,163) | (30,207) | (22,753) | ||||||||||||
Other non-operating income (expense) | (1,171) | 722 | 837 | 1,608 | ||||||||||||
Income before income taxes | 27,284 | 28,651 | 173,742 | 124,299 | ||||||||||||
Provision for income taxes | 7,109 | 7,239 | 43,835 | 31,398 | ||||||||||||
Net income | $ | 20,175 | $ | 21,412 | $ | 129,907 | $ | 92,901 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.77 | $ | 0.81 | $ | 4.94 | $ | 3.53 | ||||||||
Diluted | $ | 0.77 | $ | 0.81 | $ | 4.93 | $ | 3.53 | ||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||
Basic | 26,318 | 26,284 | 26,315 | 26,284 | ||||||||||||
Diluted | 26,358 | 26,301 | 26,348 | 26,308 | ||||||||||||
Dividends declared per common share: | $ | 0.105 | $ | 0.105 | $ | 0.420 | $ | 0.420 |
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UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Condensed Consolidated Balance Sheets (In thousands) | ||||||||
December 31, | December 31, | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 19,351 | $ | 12,511 | ||||
Marketable securities | 11,590 | 10,772 | ||||||
Accounts receivable - net | 293,646 | 287,947 | ||||||
Other current assets | 85,226 | 54,243 | ||||||
Total current assets | 409,813 | 365,473 | ||||||
Property and equipment - net | 742,366 | 561,088 | ||||||
Other long-term assets - net | 635,553 | 326,962 | ||||||
Total assets | $ | 1,787,732 | $ | 1,253,523 | ||||
Liabilities and shareholders' equity | ||||||||
Current liabilities, excluding current maturities of debt | $ | 215,756 | $ | 189,727 | ||||
Debt - net | 759,085 | 381,924 | ||||||
Other long-term liabilities | 165,868 | 149,674 | ||||||
Total liabilities | 1,140,709 | 721,325 | ||||||
Total shareholders' equity | 647,023 | 532,198 | ||||||
Total liabilities and shareholders' equity | $ | 1,787,732 | $ | 1,253,523 |
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UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Summary of Operating Data | ||||||||||||||||
Thirteen Weeks Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Contract Logistics Segment: | ||||||||||||||||
Average number of value-added direct employees | 7,337 | 5,582 | 5,809 | 5,521 | ||||||||||||
Average number of value-added full-time equivalents | 57 | 205 | 88 | 450 | ||||||||||||
Number of active value-added programs | 90 | 71 | 90 | 71 | ||||||||||||
Intermodal Segment: | ||||||||||||||||
Number of loads (a) | 100,457 | 118,553 | 417,790 | 473,569 | ||||||||||||
Average operating revenue per load, excluding fuel surcharges (a) | $ | 537 | $ | 549 | $ | 554 | $ | 563 | ||||||||
Average number of tractors | 1,451 | 1,830 | 1,585 | 2,034 | ||||||||||||
Number of depots | 8 | 9 | 8 | 9 | ||||||||||||
Trucking Segment: | ||||||||||||||||
Number of loads | 36,068 | 43,468 | 155,288 | 178,036 | ||||||||||||
Average operating revenue per load, excluding fuel surcharges | $ | 2,183 | $ | 1,673 | $ | 1,993 | $ | 1,738 | ||||||||
Average number of tractors | 699 | 828 | 767 | 877 | ||||||||||||
Average length of haul | 394 | 399 | 334 | 390 | ||||||||||||
(a)听听 Excludes operating data from freight forwarding division in order to improve the relevance of the statistical data related 听 听 听 听 to our intermodal听segment and improve the comparability to our peer companies. |
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UNIVERSAL LOGISTICS HOLDINGS, INC. Unaudited Summary of Operating Data - Continued (Dollars in thousands) | ||||||||||||||||
Thirteen Weeks Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Operating Revenues by Segment: | ||||||||||||||||
Contract logistics | $ | 307,357 | $ | 201,347 | $ | 1,129,658 | $ | 829,574 | ||||||||
Intermodal | 73,095 | 86,874 | 308,744 | 382,610 | ||||||||||||
Trucking | 83,840 | 75,168 | 331,982 | 333,211 | ||||||||||||
Other | 839 | 27,531 | 75,651 | 116,744 | ||||||||||||
Total | $ | 465,131 | $ | 390,920 | $ | 1,846,035 | $ | 1,662,139 | ||||||||
Income from Operations by Segment: | ||||||||||||||||
Contract logistics | $ | 39,094 | $ | 32,079 | $ | 219,084 | $ | 127,752 | ||||||||
Intermodal | (9,683) | (964) | (27,741) | 1,604 | ||||||||||||
Trucking | 5,788 | 2,488 | 20,963 | 17,258 | ||||||||||||
Other | 3,084 | 489 | (9,194) | (1,170) | ||||||||||||
Total | $ | 38,283 | $ | 34,092 | $ | 203,112 | $ | 145,444 |
Non-GAAP Financial Measures
In addition to providing consolidated financial statements based on generally accepted accounting principles in
In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, we are presenting the most directly comparable GAAP financial measure and reconciling the non-GAAP financial measure to the comparable GAAP measure. Set forth below is a reconciliation of net income, the most comparable GAAP measure, to EBITDA for each of the periods indicated:
Thirteen Weeks Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
( in thousands) | ( in thousands) | |||||||||||||||
EBITDA | ||||||||||||||||
Net income | $ | 20,175 | $ | 21,412 | $ | 129,907 | $ | 92,901 | ||||||||
Income tax expense | 7,109 | 7,239 | 43,835 | 31,398 | ||||||||||||
Interest expense, net | 9,828 | 6,163 | 30,207 | 22,753 | ||||||||||||
Depreciation | 29,198 | 16,844 | 102,688 | 64,365 | ||||||||||||
Amortization | 7,195 | 3,131 | 21,500 | 12,671 | ||||||||||||
EBITDA | $ | 73,505 | $ | 54,789 | $ | 328,137 | $ | 224,088 | ||||||||
EBITDA margin (a) | 15.8 | % | 14.0 | % | 17.8 | % | 13.5 | % | ||||||||
(a)听听 EBITDA margin is computed by dividing EBITDA by total operating revenues for each of the periods indicated. |
We present EBITDA and EBITDA margin because we believe they assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.
EBITDA has limitations as an analytical tool. Some of these limitations are:
- EBITDA does not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
- EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
- EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debts;
- Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and
- Other companies in our industry may calculate EBITDA differently than we do, limiting its usefulness as a comparative measure.
Because of these limitations, EBITDA and EBITDA margin should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and only supplementally on EBITDA and EBITDA margin.
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