Universal Logistics Holdings, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with operating revenues reaching $1.846 billion, an 11.1% increase from $1.662 billion in 2023. The company’s net income also rose to $129.9 million, a 39.8% increase compared to $92.9 million in the previous year. This growth was primarily driven by a surge in revenues from the contract logistics segment, which included $228 million from a specialty development project and $59.5 million from the acquisition of Parsec, LLC, which was completed in September 2024.
In terms of operational metrics, Universal Logistics expanded its service capabilities, operating 52 company-managed terminal locations and servicing 90 value-added programs across North America. The company’s employee headcount increased to 10,821, with approximately 46% of employees represented by unions. The acquisition of Parsec added approximately 2,100 employees and enhanced the company’s terminal management services, particularly in the rail sector.
The company’s strategic focus on the automotive industry, which accounted for 47% of total revenues in 2024, remains a key driver of growth. Universal Logistics aims to capitalize on outsourcing trends in logistics, particularly as automotive manufacturers seek to manage rising labor costs. The company also plans to expand its agent and owner-operator network to penetrate new markets and enhance service delivery.
Looking ahead, Universal Logistics anticipates continued growth through both organic expansion and strategic acquisitions. The company has outlined plans to invest between $190 million and $215 million in capital expenditures for 2025, focusing on transportation equipment and the expansion of its terminal network. However, the company also acknowledged challenges, including labor shortages and fluctuating fuel prices, which could impact profitability. The management is committed to addressing these challenges while enhancing operational efficiencies and maintaining strong customer relationships.
About UNIVERSAL LOGISTICS HOLDINGS, INC.
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