Pacer Reports Second-Quarter Loss
Transportation and third-party logistics firm Pacer International said it lost $7.3 million, or 21 cents per share, compared with a profit of $13.4 million, or 39 cents, a year earlier.
Income from operations fell to a loss of $11.8 million, from income of $22.9 million a year ago. Revenue fell 27.1% to $376.6 million, Pacer said late Wednesday.
Pacer’s intermodal unit lost $5.7 million, compared with operating income of $31.6 million last year. Volumes showed improvement from the first quarter of 2009, but were still below the year-ago quarter.
Logistics operations lost $1.4 million, compared with a loss of $1.7 million a year ago. Increased warehousing business and reduced truck services losses were the main contributors to the slight logistics improvement, Pacer said.
Pacer said last week that it would sell its Pacer Transport heavy-load business to Universal Truckload Services, in a deal likely to close this month.
Pacer International, which runs rail intermodal, less-than-truckload and warehousing operations, is ranked No. 16 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
