Universal Logistics Holdings (NASDAQ:ULH) reported on Thursday that its profits fell by almost 30% during the first quarter as COVID-19-related slowdowns in manufacturing and retail hit its truckload and dedicated operations.
Universal Logistics had a net income of $12.2 million, or 45 cents per share, on $382.2 million in revenues during the quarter. Net income came in 29.4% lower than a year earlier, while revenues increased by 1.2%.
CEO Tim Phillips characterized the results as “pretty solid”...