Universal Truckload Services Inc. said its net income rose in both the fourth quarter of 2013 and the full year.
Profit in the fourth quarter grew to $11.3 million, or 38 cents a share, from $2.5 million, or 8 cents, a year earlier, Universal said Feb. 20. Revenue was $259.5 million, a slight increase from the 2012 quarter.
For the full year, net income increased to $50.6 million, or $1.68 a share, from $47.7 million, or $1.59 a share, in 2012. Revenue grew slightly to $1.03 billion, the carrier reported..
“Our largest customers performed well throughout 2013, and Universal’s overall financial performance reflects their confidence in us,” CEO Scott Wolfe said in a statement. “However, a harsh winter presents challenges and disruptions to the trucking industry, generally, and to the supply chain operations of our key customers. Our outlook for the next few quarters is decidedly mixed, and we are cautious about prospects for near-term growth.”