WARREN, Mich. (AP) â¿¿ Freight carrier Universal Truckload Services Inc. said Thursday that improvement in industrial sectors, especially the metals market, helped its first-quarter profit rise 14-fold from the same period a year earlier.
The earnings of $2.1 million for the quarter that ended April 3 were equivalent to 13 cents per share, compared with a profit of $139,000, or 1 cent per share, a year earlier.
Included in net income for the latest quarter was $1.1 million, or 7 cents per share, of after-tax gains on the sales of marketable securities classified as available for sale.
Revenue in the quarter rose nearly 21 percent to $139.0 million from $115.0 million a year earlier.Analysts surveyed by Thomson Reuters, who generally exclude one-time items from their estimates, were expecting a first-quarter profit of 11 cents per share on revenue of $136.8 million. On the minus side, the company said seasonal shipping patterns and bad weather caused some breaks in momentum during the quarter. Company shares rose 25 cents, or 1.3 percent, to close at $19.19 in Thursday trading.