Universal 2Q Income Slips to $13.6 Million
Universal Truckload Services Inc. reported second-quarter net income declined to $13.6 million, or 45 cents per share, compared with $14.2 million, or 47 cents per share, a year ago.
Total revenue rose to $307.5 million from $264.2 million during the same period in 2013.
Operating revenue increased 16.4% compared with the second quarter of 2013, but excluding its acquisition of Westport Axle Corp. in December, consolidated operating revenue grew 6.4% to $281.2 million, compared to $264.2 million in the second quarter of 2013.
Income from operations in Universal’s transportation segment increased 30.7% to $9.8 million. Income from operations in its logistics segment decreased 4.7% to $16.1 million.
“Our transportation businesses performed well in the second quarter,” Universal CEO Scott Wolfe said. “Our recurring logistics operations operated in line with expectations.”
Universal Truckload Services, of Warren, Michigan, is an asset-light provider of customized transportation and logistics solutions. It ranks No. 28 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.
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