Launch costs associated with a new business win at an auto manufacturer’s facility pulled down Universal Logistics Holdings’ third-quarter results.
The Warren, Michigan-based asset-light transportation and logistics provider recorded a $7.1 million loss on the new piece of business in the period, which in part pushed earnings per share 24% lower year-over-year to 38 cents, well short of the 64-cent-consensus estimate.
In total, $12.9 million in startup and litigation costs weighed on Universal’s (
https://www.freightwaves.com/news/universal-logistics-seeks-expense-relief-from-customers