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Dec 31, 2023
Universal Logistics Q4 2023 Earnings Report
Reported a decrease in operating revenues and net income compared to the same quarter last year, but highlighted strength in the contract logistics segment.
Key Takeaways
Universal Logistics Holdings reported a decrease in operating revenues to $390.9 million and net income to $21.4 million for the fourth quarter of 2023, compared to $458.7 million and $33.4 million, respectively, in the fourth quarter of 2022. Despite a turbulent year, the company's contract logistics segment performed well, and there was sequential improvement in the intermodal and company-managed brokerage segments.
Fourth quarter operating revenues decreased by 14.8% to $390.9 million.
Fourth quarter net income was $21.4 million, or $0.81 per share, a decrease from $33.4 million, or $1.27 per share, in the prior year.
Operating income for the fourth quarter decreased to $34.1 million, with an operating margin of 8.7%.
Contract logistics segment led performance with strong returns, while intermodal and company-managed brokerage showed sequential improvement.
Revenue by Segment
Forward Guidance
Universal anticipates continued strong demand in its contract logistics segment and a solid 2024, while awaiting relief in overall freight conditions and looking for opportunities to improve operational efficiencies.
Positive Outlook
- Robust pipeline in the contract logistics segment.
- Strong outlook for North American automotive production.
- Strong outlook for Class 8 production.
- Sequential improvement in intermodal segment.
- Sequential improvement in company-managed brokerage segments.
Challenges Ahead
- Turbulent year in the transportation and logistics space.
- Difficult freight environment.
- Prolonged labor strikes at some of the largest customers.
- Awaiting some relief in overall freight conditions.
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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