Universal Truckload Services reported net income in the first quarter of 2013 totaling $11.4 million, compared with net income of $14.4 million and pro forma net income of $10.4 million in the same quarter of 2012.
Net income and earnings per share declined because of the change in tax status of LINC Logistics Co., which the company purchased in the fourth quarter of 2012.
Quarterly operating revenue fell 3.1 percent year-over-year to $248.1 million for the 13 weeks ended March 30, 2013. Growth in demand for intermodal and value-added services (up 31.8 percent and 5.6 percent, respectively) was offset by reduced demand for transportation services, the company said.
“Demand for our transportation services started slowly in 2013, which reflects decisions we undertook to shed certain underperforming sales channels, deferred demand from our alternative energy customers, recent economic trends, and unfavorable weather,” said Scott Wolfe, Universal’s CEO, in a written statement. “Nevertheless, we continue to execute our plan for the transactional side of our business with a focus on enhancing our agent base, expanding awareness of Universal’s identity in the marketplace, and developing enterprise accounts.”