Connect with us

Tech

Universal Logistics Seeks Expense Relief From Customers

Published

on

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 (NASDAQ: ULH) operating income line, which was 24% lower year-over-year at $16.7 million even though revenue increased by 22% to $446 million. The net result was a 36-cent hit to EPS.

Universal’s key performance indicators – consolidated

“The ongoing chip shortage and supply chain disruptions hampered North American automotive production throughout the quarter which, in turn, adversely impacted our contract logistics businesses,” CEO Tim Phillips stated in a press release.

Launch costs humble contract logistics unit

The startup costs landed in the contract logistics segment, which reported a 48% year-over-year decline in operating income even though revenue was up 23%. The segment’s 3.8% operating margin was 530 basis points lower than the year-ago quarter with 460 bps of the reduction tied to the contract.

Universal’s key performance indicators – contract logistics

While weakness throughout the auto manufacturing complex continues to limit results, management remains hopeful.

“We continue to remain bullish on autos and Class 8 truck demand in 2022 but there is no end in sight to the current headwinds the industry is facing,” …
Full story available on Benzinga.comRead More

Source Here: benzinga.com

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Tech

Mereo BioPharma’s Etigilimab/Opdivo Combo Achieves One Complete Response in Cervical Cancer

Published

on

Mereo BioPharma Group plc (NASDAQ: MREO) reported interim data from ACTIVATE Phase 1b/2 study of its anti-TIGIT antibody, etigilimab, in combination with Bristol Myers Squibb Co (NYSE: BMY) Opdivo (nivolumab) in select recurrent advanced/metastatic solid tumors.
As of the cut-off date, one complete response in cervical cancer, one partial response in ovarian cancer, and four …
Full story available on Benzinga.comRead More

Original Article: benzinga.com

Continue Reading

Tech

Canada Plastics Pact Welcomes 15 New Partners

Published

on

OTTAWA, Nov. 30, 2021 (GLOBE NEWSWIRE) — Canada Plastics Pact is excited to be welcoming 15 new Partners following last month’s release of it’s shared action plan to build a circular economy for plastics packaging in Canada. The new Partners announced today include leading consumer goods organizations, provincial and municipal governments, resin producers, recyclers, a bio-based plastics startup, one of Canada’s largest waste management companies, a new non-profit Producer Responsibility Organization and leading non-profit organizations from across the country.
Since the CPP launched in January 2021, the CPP has doubled in size to include 81 leading industry, NGO, and public sector organizations who together account for over a third of the plastics packaging in the market nationally. These Partners are working collaboratively towards ambitious 2025 targets to create a circular economy for plastics packaging in Canada where it stays in the economy and out of the environment. This has included the release of Roadmap to 2025: A shared action plan to build a circular economy for plastics …
Full story available on Benzinga.comRead More

Article: benzinga.com

Continue Reading

Tech

HealthRecon Connect Successfully Completes SOC 1(R) Type 1 Examination

Published

on

DALLAS, Nov. 30, 2021 (GLOBE NEWSWIRE) — HealthRecon Connect, leading revenue cycle management solutions provider to Healthcare Providers based in the US, reaffirmed its commitment to internal security controls by successfully completing the System and Organizational Controls SOC 1(R) Type 1 examination. The report independently audited by Stakes CPA, LLC, validates that HealthRecon’s infrastructure, controls, policies, and procedures meet and/or exceeded the SOC 1(R) Type 1 criteria as of July 1, …
Full story available on Benzinga.comRead More

Source Here: benzinga.com

Continue Reading

Trending

BaypointNews.com