Horizon Lines Reports Profit in 2Q

Ocean shipper Horizon Lines earned a profit of $3.7 million, or 12 cents a share, in the second quarter, compared with a loss of $31.1 million, or $1.02, a year earlier.

The company, which also has logistics operations, reported a 10% growth in its operating revenue to $305.6 million, from $278.5 million a year ago.

The income accounts for a $20 million charge related to a class-action legal settlement,  a $10.6 million tax valuation and $4.1 million in pretax antitrust-related legal expenses, the Charlotte, N.C.-based company said.