Pacer’s 3Q Profit Declines
Transportation and third-party logistics firm Pacer International’s third-quarter profit fell 27% from a year ago, the company said late Tuesday.
Net income for the quarter ended Sept. 21 fell to $13.4 million or 38 cents a share, from $18.3 million or 48 cents a year ago.
Revenue rose 6.8% to $489.3 million, Pacer said in a statement.
“We have seen continued improvement in intermodal volumes for our Stacktrain operation up 8.7% with increases in all three lines of business, and for our rail brokerage operation up 11.1%,” said Mike Uremovich, Pacer’s chairman and chief executive officer.
“There remains, however, excess capacity — particularly in our domestic intermodal business that has led to lower pricing, margins and income,” he said in a statement.
Pacer is ranked No. 15 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
