Universal Logistics Reports Brutal April As CEO Looks Toward Recovery 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 furloughed 17% of its regular employees and 33% of administrative staff as part of efforts to cut costs, which also include the suspension of its quarterly dividend. Phillips expressed cautious optimism that plant shutdowns will begin lifting in the coming weeks, helping set the … Full story available on Benzinga.com