Universal Logistics Holdings Inc. reported a third-quarter net loss of $8.4 million, compared with $15.1 million net income in the third quarter of 2018. Universal said earnings per share were minus 30 cents, compared with 53 cents per share a year ago. Revenue was $375.5 million for the period ended Sept. 28, up 0.3% from $374.3 million a year before. The Warren, Mich.-based logistics company said factors leading to the net loss included $24.8 million in a pre-tax charge for a previously disclosed legal settlement and an additional $2.2 million charge for......
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Expanding its own shipping services is taking a toll on Amazon.com Inc. ’s bottom line. The e-commerce market leader’s profit fell 26% in the third quarter even as revenue grew 24%, the WSJ’s Dana Mattioli reports, as world-wide shipping costs soared 46%. The $9.6 billion in shipping expenses was even more than Amazon spent in last year’s busy fourth quarter and a sign of the tumultuous changes underway in the company’s logistics operations as it handles more of its own packages. Amazon is taking on those costs as it rolls out one-day shipping for Prime subscribers, promising to......
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Chicago-based global container logistics company EagleRail Container Logistics has signed a Memoranda of Understanding (MoU) with Chittagong Port Authority (CPA), Chattogram, Bangladesh, to begin transforming and improving throughput on CPA’s port roads and gates, described as “overcrowded and gridlocked.” EagleRail has developed what it describes as “the world’s first automated, 100% electric overhead container transportation solution, a patented and environmentally conscious system to increase port throughput and capacity. Its technology and infrastructure solution replaces the manual, dirty reliance on diesel trucks with a short-haul, suspended overhead container movement system that quickly lifts containers......
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International construction consultancy, Linesight, is leading the way in successfully delivering AXA Insurance Gulf’s first fully owned building in Bahrain, on time and within budget, as activity in the country’s construction sector steadily picks up. According to GlobalData’s latest market report, Bahrain’s construction market is regaining momentum after a challenging period of subdued performance, with the industry’s output value expected to increase at a compound annual growth rate (CAGR) of 5.58% until 2023. Ciaran McCormack, Regional Director for the Middle East, Linesight, said: “Recent investments in transport and energy infrastructure as well as......
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