Pacer Lowers ’07 Guidance
Transportation and third-party logistics firm Pacer International lowered its full-year earnings guidance, said it would consolidate some operations and said its board authorized a buyback of up to $100 million of the company’s stock.
Pacer said it would earn $1.50 to $1.60 per share this year, down from a February projection of $1.95 to $2.05 per share.
“We plan to consolidate some of our operations, reduce headcount, invest in [information technology] and undertake other initiatives that could result in restructuring charges and increased expenses during 2007 and could lower earnings per share for the year,” Michael Uremovich, Pacer’s chairman and chief executive officer, said in a statement.
The company’s stock fell $1.80 Wednesday to close at $25.70 a share, down from $27.50 on Tuesday on the Nasdaq Stock Market, Bloomberg reported.
