Universal Logistics Holdings (NASDAQ:ULH) offered a glimpse of how COVID-19 is playing out at the beginning of the second quarter – a 30% drop in revenue in April. The worst of it was due to shutdowns in auto and heavy truck plants, where dedicated freight volumes fell to zero.
“We had to make some difficult decisions,” CEO Tim Phillips told analysts on Friday, May 1, after the Michigan-based transportation and logistics firm reported first-quarter financial results.
Phillips said Universal...