Universal Truckload Services Inc. Declares Quarterly Cash Dividend, Payable on March 12, 2015; Appoints Rogers as Director; Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Year of 2015
February 19, 2015 at 04:24 pm EST
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Universal Truckload Services Inc. announced that the board of directors has declared a quarterly cash dividend of $0.07 per share of common stock. The dividend is payable to shareholders of record at the close of business on March 2, 2015 and is expected to be paid on March 12, 2015.
The company also reported that it has appointed Rogers as a director of Universal, effective immediately.
The company announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total operating revenues of $302,480,000 against $259,548,000 a year ago. Income from operations was $18,793,000 against $19,133,000 a year ago. Income before provision for income taxes was $16,829,000 against $18,314,000 a year ago. Net income was $10,519,000 or $0.35 per diluted share against $11,302,000 or $0.38 per diluted share a year ago. Adjusted income from operations was $18,793,000 against $19,856,000 a year ago. EBITDA was $27,714,000 against $24,070,000 a year ago. Adjusted EBITDA was $27,714,000 against $24,793,000 a year ago. Capital expenditures were at $6 million.
For the full year, the company reported total operating revenues of $1,191,521,000 against $1,033,492,000 a year ago. Income from operations was $80,835,000 against $84,493,000 a year ago. Income before provision for income taxes was $73,099,000 against $80,916,000 a year ago. Net income was $45,370,000 or $1.51 per diluted share against $50,572,000 or $1.68 per diluted share a year ago. Adjusted income from operations was $80,835,000 against $85,216,000 a year ago. EBITDA was $113,888,000 against $104,179,000 a year ago. Adjusted EBITDA was $113,888,000 against $104,902,000 a year ago. Capital expenditures totaled $59 million.
For the year 2015 revenue growth targets for each of Universal's 3 service categories. A quick extrapolation of these growth rates result in 2015 revenues of about $1.3 billion. In 2015, management team and company is focused on delivering consolidated EBITDA in the range of 10% to 10.6%, which represents a meaningful increase from 9.6% in 2014.
Universal Logistics Holdings, Inc. is a holding company, providing a variety of customized transportation and logistics solutions throughout the United States, and in Mexico, Canada and Colombia. Its segments include contract logistics, intermodal, trucking, and company-managed brokerage. The contract logistics segment delivers value-added and dedicated transportation services to support in-bound logistics to original equipment manufacturers and retailers on a contractual basis. The intermodal segment is associated with local and regional drayage moves that are coordinated by company-managed terminals using a mix of owner-operators, company equipment and third-party capacity providers (broker carriers). The trucking segment's operations are associated with individual freight shipments coordinated by its agents. The company-managed brokerage segment provides for the pick-up and delivery of individual freight shipments using broker carriers, coordinated by its company-managed operations.
Universal Truckload Services Inc. Declares Quarterly Cash Dividend, Payable on March 12, 2015; Appoints Rogers as Director; Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the Year of 2015