Universal Logistics Holdings reported a $74.8 million net loss for the third quarter due to an $81.2 million impairment charge in its intermodal segment. Operating income was 85% lower year over year, with an adjusted EBITDA down 44% to $43 million.

Consolidated revenue of $397 million was 7% lower year over year. The contract logistics unit saw an 8% increase in revenue, while the intermodal unit experienced a 17% decline. Universal CEO Tim Phillips stated the core business model remains intact despite the impairments.

The contract logistics unit reported a $264 million revenue, an 8% increase year over year. The unit’s operating margin decreased to 5.2%, with headcount in value-added services up 45% year over year.

Intermodal revenue was down 17% year over year to $65 million, with a $10.7 million adjusted operating loss. The trucking unit reported a 22% decline in revenue to $68 million, with a 5.8% operating margin. Phillips aims to return the intermodal segment to profitability.

Read more at Yahoo Finance: Intermodal asset impairment sinks Universal Logistics’ Q3