Universal Logistics Holdings reported a solid first quarter 2020 with operating revenues of $382.2 million and net income of $12.2 million, despite the impact of the COVID-19 pandemic and automotive production shutdowns.
Operating revenues increased by 1.3% to $382.2 million.
Net income was $12.2 million, or $0.45 per share, including a $0.09 per share holding losses on marketable securities.
Operating income decreased by 9.8% to $23.9 million.
The company withdrew its previously issued earnings outlook for 2020 and temporarily suspended its quarterly dividend due to the uncertainty caused by the COVID-19 pandemic.
Given the current operating environment and the uncertainty caused by the COVID-19 pandemic, the company withdrew its previously issued earnings outlook for 2020 and temporarily suspended its regular quarterly dividend. They have implemented numerous cost-saving initiatives across the organization and anticipate scaling back their planned capital expenditures for the remainder of 2020.
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