Universal Logistics Holdings, Inc. (NASDAQ:ULH) Q3 2024 Earnings Conference Call October 25, 2024 10:00 AM ET

Company Participants

Steven Fitzpatrick - VP, Finance and IR
Tim Phillips - CEO
Jude Beres - CFO

Conference Call Participants

Andrew Cox - Stifel

Operator

Hello and welcome to Universal Logistics Holdings' Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. [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 words such as beliefs -- 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 is 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 begin.

Tim Phillips

Thank you, Joanna and good morning everyone, and thank you for joining Universal's 2024 third quarter earnings call. As evidenced by our results, Universal's diverse service offerings continue to set us apart from the competition in the transportation and logistics industry. Our comprehensive offering of logistics solution has once again enabled us to achieve exceptional results even during this extended downturn in the transportation sector.

Before diving into the details of our performance, I want to take a moment to express my gratitude to the entire Universal team. The dedication and hard work of our over 10,000 employees and contractors are the driving force behind these achievements.

I would also like to welcome the over 2,100 employees from the recent acquisition of the Parsec Group to the Universal family. It is each associate's commitment that allows us to consistently deliver outstanding service to our customers and maintain our position as a leading transportation and logistics provider.

Now, let's discuss the quarter. Universal once again delivered solid results in the third quarter of 2024. We grew top line revenues by 1.3%, delivered a double-digit operating margin and increased our earnings per share by 14.7% compared to the same period last year. This was accomplished while going through one of the most prolonged freight recessions I have ever experienced.