Universal Logistics Holdings, Inc. (NASDAQ:ULH) Q3 2023 Earnings Conference Call October 27, 2023 10:00 AM ET
Company Participants
Steven Fitzpatrick - Vice President, Finance and Investor Relations
Tim Phillips - Chief Executive Officer
Jude Beres - Chief Financial Officer
Conference Call Participants
Matt Milask - Stifel
Operator
Hello and welcome to Universal Logistics Holdings Third Quarter 2023 Earnings Conference Call. [Operator Instructions]
During the course of this call, management may make forward-looking statements based on their best view of the business as seen today. Statements that are forward-looking relate to Universal’s business objectives or expectations and can be identified by the use of the words such as believe, expect, anticipate and project. Such statements are subject to risks and uncertainties and actual results could differ materially from those expectations. As a reminder, this conference is being recorded.
It’s now my pleasure to introduce your host, Mr. Tim Phillips, Chief Executive Officer; Mr. Jude Beres, Chief Financial Officer; and Mr. Steven Fitzpatrick, Vice President of Finance and Investor Relations. Thank you. Mr. Phillips, you may now begin.
Tim Phillips
Thank you, Nick and good morning and welcome to Universal Logistics Holdings 2023 third quarter earnings call. Third quarter was a tale of two tapes. Our Contract Logistics Group navigated late-quarter market disruption with outstanding performance, while headwinds continue to hamper our intermodal and brokerage segment. Our Truckload segment outperformed expectations with a strong showing from its specialized services group. I am extremely proud of our employees, contractors and agents who continue to provide superior customer service to our diversified customer base. While individual segments of ULH are facing various challenges, our experienced management team has been able to adjust and shine the light on best practices with the path forward for our associates and customers.
We continue to make headway in the electric vehicle space with various automotive manufacturers. Major investments in this space will shape the future landscape of the automotive industry. Understanding the changing landscape, Universal will continue to invest in technology and human capital to address these future needs. There will be challenges along the way such as the current UAW strike at the Big 3 and Mack Trucks. While not immune from the impact of striking locations, the majority of our contracts do contain fixed and variable pricing components, which helps us absorb some of the shock of these unpredictable events. We understand labor is searching for their footing in a changing environment, but remain hopeful an agreement can be reached with all in the near future.