Cost ImpactTransport segment had revenue roughly flat, with reduced volume offset by higher job values, and the margin was impacted by increased rent costs and depreciation from newly developed facility.
Logistics MarketStrength in demand from GMK Flooring logistics and mining customers partly offset the expected continued softening in the logistics market.
Market PerceptionThe market is pricing CLX as ex-growth with a trailing P/E of 8.7x, not appreciating the investments the Company has made into their network and footprint over the past few years.