Pacer’s 2Q Income Improves
Transportation and third-party logistics firm Pacer International said late Tuesday its second-quarter profit rose 10.4% to $13.8 million, or 40 cents a share, from $12.5 million, or 34 cents, a year ago.
Revenue for the quarter ended June 27 rose to $518.4 million, from $474.9 million last year, the company said in a statement.
Logistics income from operations fell $3.4 million quarter due to excess capacity, declining prices and higher transportation, and fuel costs affecting our trucking units, Pacer said.
Pacer was “particularly pleased with our intermodal segment where we were able to overcome the difficult conditions and improve performance,” said Chairman and Chief Executive Officer Michael Uremovich.
“Our truck services unit also incurred increased claim costs and bad debt expense due to customer bankruptcies during the 2008 period compared to the 2007 period,” he said in a statement.
Pacer International, which runs rail intermodal, less-than-truckload and warehousing operations, is ranked No. 14 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
