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Apr 04, 2020
Universal Logistics Q1 2020 Earnings Report
Reported consolidated first quarter net income on total operating revenues.
Key Takeaways
Universal Logistics Holdings reported a solid first quarter 2020 with operating revenues of $382.2 million and net income of $12.2 million, despite the impact of the COVID-19 pandemic and automotive production shutdowns.
Operating revenues increased by 1.3% to $382.2 million.
Net income was $12.2 million, or $0.45 per share, including a $0.09 per share holding losses on marketable securities.
Operating income decreased by 9.8% to $23.9 million.
The company withdrew its previously issued earnings outlook for 2020 and temporarily suspended its quarterly dividend due to the uncertainty caused by the COVID-19 pandemic.
Revenue by Segment
Forward Guidance
Given the current operating environment and the uncertainty caused by the COVID-19 pandemic, the company withdrew its previously issued earnings outlook for 2020 and temporarily suspended its regular quarterly dividend. They have implemented numerous cost-saving initiatives across the organization and anticipate scaling back their planned capital expenditures for the remainder of 2020.
Positive Outlook
- Heavy-truck production gearing up at one customer's facilities.
- Expect most North American automotive and heavy-truck operations they support to resume over the next several weeks.
- Expect to be in a position to support production ramp-up.
- Variable cost model will allow them to grow profitability during the recovery.
- Implemented numerous cost-saving initiatives across the organization.
Challenges Ahead
- Withdrew previously issued earnings outlook for 2020.
- Temporarily suspending regular quarterly dividend.
- Deteriorating operating environment caused largely by the COVID-19 pandemic.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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