# ULH earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/ULH) · [Earnings tab](https://www.lopjlb.com/stock/ULH?tab=earnings)

Updated: 2026-07-23T06:31:25

Quarters analyzed: 8

## Cross-quarter narrative

Across eight quarterly call summaries ULH’s story shifts from a Q3‑2023 backdrop of low freight demand, UAW‑related auto volume loss and a mixed margin profile to a 2025 outlook where contract‑logistics strength and wind‑haul growth dominate. Early quarters show contract‑logistics margins stabilizing around 17% and then surging to 26% YoY in Q1‑2024, while intermodal and brokerage remain loss‑making, prompting management to flag a bottoming cycle. Capital deployment accelerates, moving from $112 M in FY23 to $315‑330 M in 2024 and funding acquisitions such as Parsec and wind‑haul assets. Guidance remains vague, with revenue targets hovering near $1.8‑1.9 B but operating‑margin guidance slipping from double‑digit highs to 9‑11% as margin pressure returns. New risk themes emerge: tariff exposure on Canada/Mexico lanes and regulatory uncertainty for wind projects, while legacy concerns—UAW strike impact, California drayage losses, and freight‑recession pressures—fade from later calls. Overall, ULH transitions from a defensive posture battling freight softness to a growth‑oriented model leveraging contract‑logistics scale, nearshoring, and specialized wind haulage, yet it continues to wrestle with intermodal weakness and competitive brokerage dynamics.

## Latest CallCard · Q2

ULH Q2 2025: revenue $393.8M, EPS $0.32; Intermodal losses narrowing, targeting profitability H2; Contract Logistics stable with Parsec integration; Trucking mixed with wind growth; guidance Q3 rev $390-410M, full year $1.6-1.7B; tariff uncertainty weighs on Intermodal and Class 8.','tone':{'mgmt':0

**Guidance:** vague

**Tone:** mgmt 0 · Q&A pressure 0 · divergence 0

## Quarter one-liners

- **2025 Q2:** ULH Q2 2025: revenue $393.8M, EPS $0.32; Intermodal losses narrowing, targeting profitability H2; Contract Logistics stable with Parsec integration; Trucking mixed with wind growth; guidance Q3 rev $390-410M, full year $1.6-1.7B; tariff uncertainty weighs on Intermodal and Class 8.','tone':{'mgmt':0
- **2025 Q1:** ULH Q1 2025 revenue $382.4M, EPS $0.23, op margin 4.1%; auto weakness in Jan reversed sharply Feb-Mar; contract logistics 9.3% margin, targeting >$1.1B revenue; intermodal loss $10.7M; Q2 guide $390-410M revenue, 5-7% op margin ex-tariffs; tariff uncertainty looms.','tone':{'mgmt':0.2,'mgmt_rational
- **2024 Q4:** Universal Logistics posted a 19% revenue jump and strong contract‑logistics and heavy‑haul wind results, but intermodal remains weak and tariff exposure, automotive softness and intermodal headwinds add uncertainty as guidance is modestly lowered for 2025.
- **2024 Q3:** ULH Q3: EPS +14.7% YoY, margin 10%; Contract Logistics strong (+17.8%), Parsec acquisition adds $230M revenue; Intermodal improving sequentially; brokerage closed; 2025 guidance $1.8-1.9B rev, 10-12% margin.','tone': {'mgmt': 0.3, 'mgmt_rationale': 'Management highlights solid results despite freigh
- **2024 Q2:** ULH Q2 2024: revenue +12% to $462M, EPS +30% to $1.17, op margin 10.2%; contract logistics strong, intermodal & brokerage weak, trucking boosted by wind specialization; Q3 guide $450-475M rev, 9-11% margin.','tone':{'mgmt':0.5,'mgmt_rationale':'Prepared remarks emphasize diversified model delivering
- **2024 Q1:** ULH Q1 2024 record EPS $1.99 and 15.3% operating margin driven by contract logistics ramp-up; intermodal and brokerage remain challenged but management sees cycle bottom. Q2 guidance: revenue $450-475M, op margin 9-11%.
- **2023 Q4:** ULH Q4 2023: Contract logistics resilient, transportation segments pressured by weak freight rates; 2024 outlook murky but targeting $1.8-1.9B revenue with 8-10% operating margin.','tone': {'mgmt': 0.2, 'mgmt_rationale': 'Management highlights contract logistics strength and cost reduction efforts, 
- **2023 Q3:** ULH Q3 EPS $0.88 vs $1.84 YoY; Contract Logistics stable, Intermodal & Truckload pressured; UAW strike impacts auto volumes; Q4 guidance revenue $350-375M, op margin 7-9%.

## Theme arcs

- **Contract Logistics performance** (improving): Margins rose from ~17% in Q3‑2023 to 26% YoY in Q1‑2024 and remain a revenue engine
- **Intermodal segment** (improving): Losses narrowed sequentially, with operating loss $8 M in Q1‑2024 and $10.7 M in Q1‑2025, but volumes and rates stay pressured
- **Brokerage competitiveness** (deteriorating): Operating losses persist and excess capacity limits pricing
- **Overall operating margin** (deteriorating): Peaked at 15.3% in Q1‑2024, fell to ~10% by Q2‑2024 and remained near that level
- **Guidance uncertainty** (stable): Management consistently offers vague revenue/margin ranges with modest adjustments
- **Capital spending focus** (new): Capex escalated to $315‑330 M in 2024 and funds acquisitions and wind‑haul assets
- **Wind‑haul specialization** (improving): Heavy‑haul wind results highlighted in Q4‑2025 as a growth driver
- **Tariff exposure risk** (new): Canada and Mexico tariff uncertainties introduced in 2025 calls
- **Automotive demand dependence** (deteriorating): UAW strike impact noted in 2023 and auto production slowdown re‑emerges in 2025

## Guidance path

2023 Q3:maintained → 2023 Q4:vague → 2024 Q1:vague → 2024 Q2:vague → 2024 Q3:vague → 2024 Q4:lowered → 2025 Q1:vague → 2025 Q2:vague

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Research context only. Not personalized investment advice.

API: `GET /bff/api/bigfive/earnings-intel/ULH`