Q2 2024 Universal Logistics Holdings Inc Earnings Call Transcript
Key Points
- Universal Logistics Holdings Inc (ULH) reported a 12% increase in top-line revenue for Q2 2024.
- Earnings per share increased by 30% compared to the same period last year.
- The contract logistics segment saw a 26.2% increase in revenues, driven by a specialty development program.
- The trucking segment performed well, with a 12.6% increase in revenues, bolstered by the specialized, heavy-haul wind business.
- The company has a robust sales pipeline, with value-added and dedicated opportunities alone accounting for nearly $750 million.
- The intermodal segment faced significant headwinds, with revenues decreasing by 14.8% and an operating loss of $8.3 million.
- The company-managed brokerage segment underperformed, with revenues decreasing by 4.9% and an operating loss of $2.2 million.
- Depreciation expense increased by $11.3 million due to revisions in the useful lives and salvage values of certain equipment.
- Flatbed volumes in the trucking segment were down, and the expected increase in rates did not materialize.
- The broader truckload market remains soft, with overcapacity putting pressure on pricing and gross margins.
Hello, and welcome to Universal Logistics Holdings' second-quarter 2024 earnings conference call. (Operator Instructions) During the course of this call, management may make forward-looking statements based on their best view of the business as seen today. Statements that are forward-looking relate to Universal's business objectives or expectations and can be identified by the use of the words such as believe, expect, anticipate, and project. Such statements are subject to risks and uncertainties, and actual results could differ materially from those expectations. As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Mr. Tim Phillips, Chief Executive Officer; Mr. Jude Beres, Chief Financial Officer; and Mr. Steven Fitzpatrick, Vice President of Finance and Investor Relations. Thank you. Mr. Phillips, you may begin.
Thank you, Ludy. Good morning, everyone. Thank you for joining Universal's 2024 second-quarter earnings
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