Pacer’s Income Falls 41%
Transportation and third-party logistics firm Pacer International’s first-quarter net income plunged 41% to $14.4 million or 15 cents a share, from $24.4 million or 36 cents a year ago.
The earnings drop reflected a “softening in intermodal and truck volumes” for the quarter ended April 6, Pacer said in a statement late Thursday.
Quarterly revenue dipped $4.3 million to $465.1 million.
The company has “established a senior management team to identify and implement process improvements and other savings opportunities to improve results in the future,” chief executive officer Michael Uremovich said in a statement.
Last month, Pacer lowered its full-year earnings guidance to $1.50 to $1.60 per share, down from $1.95 of $2.05.
Pacer is ranked No. 18 the Transport Topics 100 list of U.S. and Canadian for-hire trucking companies.
