{"id":520418,"date":"2021-07-29T16:20:43","date_gmt":"2021-07-29T20:20:43","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/universal-logistics-holdings-reports-second-quarter-2021-financial-results-declares-dividend-approves-stock-repurchase-plan\/"},"modified":"2021-07-29T16:20:43","modified_gmt":"2021-07-29T20:20:43","slug":"universal-logistics-holdings-reports-second-quarter-2021-financial-results-declares-dividend-approves-stock-repurchase-plan","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/universal-logistics-holdings-reports-second-quarter-2021-financial-results-declares-dividend-approves-stock-repurchase-plan\/","title":{"rendered":"Universal Logistics Holdings Reports Second Quarter 2021 Financial Results; Declares Dividend; Approves Stock Repurchase Plan"},"content":{"rendered":"
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– Second Quarter 2021 Operating Revenues: $422.8 million, 63.9% increase<\/h2>\n

– Second Quarter 2021 Operating Income: $31.3 million, 7.4% operating margin<\/h2>\n

– Second Quarter 2021 Earnings Per Share: $0.95 per share, includes $0.16 settlement gain<\/h2>\n

– Declares Quarterly Dividend: $0.105 per share<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n WARREN, Mich.<\/span>, July 29, 2021<\/span> \/PRNewswire\/ —\u00a0Universal Logistics Holdings, Inc. (NASDAQ: ULH), a leading asset-light provider of customized transportation and logistics solutions, today reported consolidated second quarter 2021 net income of $25.6 million<\/span>, or $0.95<\/span> per basic and diluted share, on total operating revenues of $422.8 million<\/span>. This compares to net income of $6.2 million<\/span>, or $0.23<\/span> per basic and diluted share, during second quarter 2020 on total operating revenues of $258.0 million<\/span>. Second quarter 2021 operating revenues represent Universal’s highest quarterly operating revenues ever reported.\u00a0 The peak of the COVID-19 pandemic negatively impacted our results during the second quarter 2020, as a substantial portion of our customer operations were shuttered during the period. Second quarter 2021 results include a favorable legal settlement which resulted in a $5.7 million<\/span> pre-tax gain, or $0.16<\/span> per share, which is included in other non-operating income. Second quarter 2021 results also include a $0.4 million<\/span> pre-tax holding gain, or $0.01<\/span> per share, on marketable securities due to changes in fair value recognized in income compared to $0.9 million<\/span>, or $0.02<\/span> per share, in the second quarter of 2020.<\/p>\n

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\n \"Universal
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In the second quarter 2021, Universal’s operating income increased $20.5 million<\/span> to $31.3 million<\/span> compared to operating income of $10.8 million<\/span> in the second quarter one year earlier. As a percentage of operating revenue, operating margin for the second quarter 2021 was 7.4% compared to 4.2% during the same period last year. EBITDA, a non-GAAP measure, increased $23.6 million<\/span> during the second quarter 2021 to $53.7 million<\/span>, compared to $30.2 million<\/span> one year earlier. As a percentage of operating revenue, EBITDA margin for the second quarter 2021 was 12.7% compared to 11.7% during the same period last year.\u00a0 <\/p>\n

“Universal’s momentum carried into the second quarter as we continue to report solid financial results,” stated Tim Phillips<\/span>, Universal’s Chief Executive Officer. “Our second quarter success is directly attributable to the incredible efforts of our people. While there is still room for improvement in our financial performance, I’d be remiss without congratulating Team Universal on a job well done.\u00a0 As I look forward to the second half of the year, I am cautiously optimistic. While I am bullish on North American auto production over the longer term, the persistent chip shortage and an extremely tight labor market continue to adversely impact our contract logistics operations. And although there remains an incredible amount of freight opportunities across the country, the lack of fluidity in the supply chain and constraints on the availability of equipment and drivers remains a headwind. We know the challenges in front of us, and I remain confident in our ability to deliver excellent customer service and strong results.”<\/p>\n

As of July 3, 2021<\/span>, Universal held cash and cash equivalents totaling $13.1 million<\/span>, and $7.9 million<\/span> in marketable securities.\u00a0 Outstanding debt at the end of the second quarter 2021 was $433.5 million<\/span> and capital expenditures totaled $12.0 million<\/span>.\u00a0 For the full-year 2021, Universal is projecting total operating revenues between $1.6 billion<\/span> and $1.7 billion<\/span> and an operating margin between 7.0% and 8.0%.\u00a0 <\/p>\n

\n Segment Information:<\/b>\n <\/p>\n

\n Contract Logistics<\/b>\n <\/p>\n