Universal Truckload Services (UACL), the provider of transportation and logistics solutions, has reported a 3.68 percent decline in profit for the quarter ended Jun. 28, 2014. The company earned $13.63 million or $0.45 a share in the second-quarter compared with $14.15 million or $0.47 a share a year ago. Analysts on average had predicted net income of $0.45 a share.
Revenue during the second-quarter grew 16.42 percent to $307.55 million from $264.17 million in the last year period.
Total expenses as a percentage of revenues increased to 92.06 percent from 91.06 percent in the same period last year. That has resulted in contraction of 101 basis points in operating margins to 7.94 percent.
The company posted operating income of $24.41 million, compared with $23.63 million in the previous year period.
"Our transportation businesses performed well in the second quarter, driven by a 5.7% increase in the number of loads and a 6.5% improvement in average operating revenue per loaded mile," said Scott Wolfe, Universal's Chief Executive Officer.
"During the recent quarter, our recurring logistics operations operated in line with expectations. Jeff Rogers, our new executive vice president, has now joined our leadership team, and we are focused on identifying growth opportunities, while continuing to build a more effective organization."
Cash Position
As on Jun. 28, 2014, the company's cash balance stood at $8.11 million, up 31.23 percent or $1.93 million from Jun. 29, 2013.
Working Capital
Universal Truckload Services has witnessed an increase in the working capital over the last one year. The company's working capital stood at $109.96 million as at Jun. 28, 2014, up $32.75 million or 42.42 percent from $77.21 million on Jun. 29, 2013. It registered an increase in current ratio to 1.93 as at Jun. 28, 2014 from 1.73 on Jun. 29, 2013.
Shares of Universal Truckload Services fell $0.27 or 1.05 percent to close at $25.34 on Thursday.