Pacer’s 3Q Income Rises 52%
Transportation and third-party logistics firm Pacer International’s third-quarter profit rose 52% to $20.4 million, or 59 cents a share, from $13.4 million, or 38 cents, a year ago.
Revenue for the quarter ended Sept. 19 rose 14% to $556.2 million, the company said late Tuesday.
“We were pleased with our solid financial results and cash flow in the third quarter, a quarter in which the global economy began to experience a significant downturn,” said Chairman and Chief Executive Officer Michael Uremovich.
“We are happy to report that our company remains on a solid financial foundation as we enter what is likely to be a tough economic period in the fourth quarter of this year and well into 2009,” 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.
