Transportation and third-party logistics firm Pacer International said its third-quarter profit fell to $600,000, or 2 cents per share, compared with $20.8 million, or 59 cents, a year earlier.
Income from operations fell $28.6 million to $700,000, from $29.3 million a year ago. Revenue fell $139.1 million to $418.7 million in the quarter ended Sept. 19, Pacer said late Wednesday.
Pacer’s intermodal unit saw an operating income of $4.9 million, compared with $34.9 million last year. Volumes showed improvement from the second quarter of 2009, especially automotive volumes, but were still below the year-ago quarter.
Logistics operations lost $200,000, compared with income of $1.7 million a year ago. The loss was primarily due to losses at its truck services unit, Pacer said.
Pacer also said that it had set a multi-year agreement with Union Pacific Railroad, extending the previous agreement that gave Pacer access to UP’s entire network.
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.
