Trucking services provider Universal Truckload Services, Inc. (UACL) on Monday said that its earnings for the second quarter declined, despite increase in total revenues, hurt by higher operating expenses and non-operating expense.
The company's net income for the second quarter fell to $3.5 million or $0.22 per share from $4.7 million or $0.29 per share in the same quarter of the previous year. On average, four analysts polled by First Call/Thomson Financial projected earnings of $0.30 per share.
Total operating revenues for the second quarter were $199.4 million, up 11.9% from $178.2 million in the same quarter a year ago. Three analysts, on average, anticipated the company to report revenues of $181.77 million.
Income from operations for the second quarter was $7.8 million, marginally higher than $7.5 million in the comparable quarter of the prior year.
Total operating expenses increased to $191.7 million from $170.6 million in the same quarter a year before. Non-operating expense was $2.0 million, compared to non-operating income of $55 thousand in the year-ago quarter.
For the six-month period, the company's net income was $6.8 million or $0.43 per share, lower than $7.9 million or $0.49 per share in the same period of last year.
Total operating revenues for the first half improved to $369.6 million from $337.1 million in the corresponding period of the earlier year.
Shares of Universal Truck load closed Monday's regular trade at $24.81, down $1.44 or 5.49%.
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