Universal Truckload Services Inc. reported its first-quarter profit fell 29% as its contract-related business declined.
Net income fell to $8.1 million, or 27 cents per share, from $11.4 million, or 38 cents. Revenue rose 12.6% to $279.4 million. Most of the revenue increase reflected the acquisition of Westport Axle last year, which added $25.3 million to sales.
Universal said “a general increase in demand for [its] logistics services and the expansion of services for an automotive OEM was offset by the wind downs of two value-added operations that delivered services to industrial and aerospace customers.”
An additional decline was shown in the intermodal sector, where reduced business for a customer hurt results by $5.1 million. The company added that winter weather hurt results and that a more favorable business outlook lies ahead.
Universal Truckload Services, Warren, Mich., ranks No. 26 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.