Universal Logistics Holdings reported a 19% year-over-year increase in operating revenue to $465.1 million in the fourth quarter.

The company’s adjusted earnings per share decreased 4.9% year over year to 77 cents during the quarter.

Universal Logistics beat Wall Street analysts’ revenue estimates of $435.7 million in the fourth quarter but missed on EPS expectations of 92 cents per share.

Company officials touted results in its contract logistics segment and demand for heavy-haul services during the quarter.

“Our contract logistics segment continues to be the cornerstone of our success,” CEO Tim Phillips said in a news release. “Strong demand for our specialized, heavy-haul services has also enabled our trucking segment to produce solid results during the quarter, and throughout all of 2024.”

Universal Logistics (Nasdaq: ULH) is a Warren, Michigan-based truckload transportation, intermodal and logistics provider. The company provides services across the U.S, Mexico, Canada and Colombia and has more than 10,000 employees.

Revenue in the contract logistics segment increased 52.7% year over year to $307.4 million.

At the end of the fourth quarter, the intermodal segment managed 90 value-added programs, including 20 new rail terminal operations, compared to a total of 71 programs in the fourth quarter of 2023.

In the trucking segment, fourth-quarter revenue increased 11.5% year over year to $83.8 million.

The number of loads in the company’s trucking segment declined 17% year over year to 36,068 in the fourth quarter.

Average operating revenue per load in the trucking segment increased 30% year over year to $2,183. The average number of tractors in the quarter decreased 15.5% year over year to 699.

Revenue in the intermodal segment decreased 15.9% year over year to $73.1 million in the fourth quarter. Load volumes in the segment declined 15.3% year over year to 

100,457.

Average operating revenue per load in the intermodal segment, excluding fuel surcharges, declined 2.2% year over year to $537.

Universal Logistics announced a cash dividend of 10.5 cents per share of common stock. The dividend is payable to shareholders of record by April 1.

The company will hold a conference call to discuss results with analysts at 10 a.m. Friday.

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