163,318 truckers risk losing their CDLs when the FMCSA's new Clearinghouse rule takes effect in November. Here's what it means and how it impacts the industry.
Universal Logistics Holdings, Inc. exceeded expectations in Q4 despite facing industry-wide challenges. Here's a nutshell view of their performance and outlook:
Earnings Overview:
Q4 operating revenue hit $390.9M, down 14.8% year-over-year but above Wall Street's $377.3M forecast.
Earnings per share were 81 cents, surpassing estimates and showcasing resilience amid declines.
Sector Highlights:
Truckload Services: Experienced a 15% revenue drop to $46M in Q4, with a slight reduction in loads hauled.
Intermodal Segment: Saw a 31% decrease in revenue at $85.4M, reflecting lower import volumes.
Brokerage Services: Dipped 23% to $58.1M.
Dedicated Segment: Grew by 3% in Q4, ending at $85.5M.
The company's strategic moves include the announcement of a $50M expansion in Roanoke, VA.
Looking Ahead:
With mixed signals from the market, CEO Tim Phillips cautiously optimistic about a potential uptick in H2 2024.
Two major contract logistics projects slated for Q1 2025 launch.
Hi! I'm Adriana and I've been working for FreightCaviar as Head Writer for a little over a year now. Some of my favorite topics to cover are FreightTech, Green Freight, and nearshoring/reshoring.
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