Universal Truckload’s Earnings Slip

Universal Truckload Services, Warren, Mich., said it earned about $3.5 million, or 22 cents a share in the second quarter of 2008, down from $4.7 million, or 29 cents, in the 2007 quarter.

Revenue for the quarter was $199.4 million, up from $178.2 million a year ago.

"Recent acquisitions, decreasing industry truck capacity and improving load volumes all contributed to our positive operating results," said Don Cochran, Universal Truckload’s chief executive officer.

Cochran noted that Universal took a $1.4 million charge in the second quarter to write down the value of the company’s stock portfolio. Cochran cited poor performance among the company’s equity holdings in the financial sector.

Universal Truckload ranks No. 40 on the Transport Topics 100 list of the largest U.S. and Canadian for-hire carriers.