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    Andrew Baxter Cox • Stifel, Nicolaus & Company, Incorporated

    Andrew Baxter Cox's questions to Universal Logistics Holdings Inc (ULH) leadership

    Andrew Baxter Cox's questions to Universal Logistics Holdings Inc (ULH) leadership • Q1 2025

    Question

    Andrew Baxter Cox of Stifel inquired about the monthly performance progression of automotive OEM volumes during the quarter and their outlook for the rest of the year. He also asked about broader inventory strategies amid tariff uncertainty, the geographic locations of Universal's port-adjacent facilities, scenario planning for a potential drop in imports, and whether the tightening flatbed market or expansion into heavy haul was driving performance.

    Answer

    Executive Jude Beres detailed a significant intra-quarter rebound, moving from a net loss in January to strong profitability in March, driven by a sharp recovery in auto production volumes and reduced auto inventories. Executive Tim Phillips confirmed a 'wait-and-see' approach from customers regarding tariffs but highlighted Universal's readiness to provide storage and logistics solutions across its national footprint, which includes major East and West Coast ports and inland rail hubs. Phillips also clarified that strength in their open deck business is primarily from a strategic expansion in heavy-haul wind operations, not a broad-based flatbed market upswing.

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    Andrew Baxter Cox's questions to Werner Enterprises Inc (WERN) leadership

    Andrew Baxter Cox's questions to Werner Enterprises Inc (WERN) leadership • Q4 2024

    Question

    Andrew Baxter Cox of Stifel asked about the impact of recent tariff threats on Werner's Mexico operations, customer reactions, and the true scale of the company's cross-border business.

    Answer

    CEO Derek Leathers stated that shippers have maintained a steady approach without making dramatic changes in response to tariff rhetoric. He highlighted Werner's diverse Mexico solutions, including cross-docking, Power Only, and intermodal services. Leathers clarified that total revenue exposure to Mexico, across all business segments, is slightly north of 10% of total company revenues, which is a more comprehensive figure than what is disaggregated in SEC filings.

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    Andrew Baxter Cox's questions to Landstar System Inc (LSTR) leadership

    Andrew Baxter Cox's questions to Landstar System Inc (LSTR) leadership • Q4 2024

    Question

    Andrew Baxter Cox, on for Bruce Chan from Stifel, asked for insights on how the BCO fleet's composition has changed, given that the truck count is at a decade-low, inquiring about shifts in trailer type or fleet age.

    Answer

    CEO Frank Lonegro stated that the fleet's composition has remained relatively stable, with little change in the average age of drivers or tractors. Executive Matt Dannegger confirmed the average BCO age remains just over 50 and the average truck age is about 10 years, consistent with historical data. He did note, however, that reflecting the growth in that business, there has been a 17% increase in BCOs participating in the heavy haul segment.

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    Andrew Baxter Cox's questions to TFI International Inc (TFII) leadership

    Andrew Baxter Cox's questions to TFI International Inc (TFII) leadership • Q3 2024

    Question

    Andrew Baxter Cox, on for Bruce Chan, asked about the timing of any potential freight uplift from hurricane relief efforts and sought management's opinion on a potential spin-off of FedEx Freight.

    Answer

    CEO Alain Bedard suggested that any significant freight benefit from hurricane rebuilding is more likely to be a Q1 2025 event, after the initial cleanup phase. Regarding FedEx Freight, he opined that a spin-off would be a net positive for both FedEx shareholders and the broader LTL industry, though he cautioned that executing such a separation is a complex process.

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