Pacer Reports Doubled 3Q Profit
Pacer International Inc. more than doubled third-quarter profits from a year ago, but its intermodal and logistics revenue declined, the company reported.
Net income was $2.9 million, or 8 cents a share, compared with $1.1 million, or 3 cents, a year ago.
Intermodal revenue dropped 33.6% to $193.3 million from $291 million in 2012, and logistics revenue fell 1.1% to $57 million from $58.1 million in 2012.
“We continue to see improved operating results in our intermodal segment from the efforts we have taken to further lower our network costs through better management of our empty miles, network flows, and box utilization,” CEO Daniel Avramovich said in a statement. “Our logistics segment, while not yet profitable, has improved significantly over the last four quarters.”
Revenue fell about 28.3% to $250 million from $ 348.9 million a year ago. Total revenues decreased primarily because of Pacer’s new cross-border agreement with Union Pacific railroad, according to the company.
