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Pacer International Reports Three-fold Increase In Second Quarter Earnings

Pacer International, Inc. (Nasdaq: PACR), the asset-light North American freight transportation and logistics services provider, today reported financial results for the three and six month periods ended June 30, 2011.

  • Revenues were $386.3 million. Excluding revenues from the transitioned east-west big box business during 2010, intermodal revenues improved by $27.2 million or 9.8%;
  • Gross margin percentage improved to 12.0% in the 2011 period compared to 11.2% in the 2010 period;
  • Selling, general and administrative expenses decreased $3.2 million or 8%;
  • Income from operations increased $4.3 million or 134% to $7.5 million;
  • Operating margin percentage improved to 1.9% in the 2011 period compared to 0.8% in the 2010 period;
  • Net income increased by $2.8 million to $4.2 million; and
  • Earnings per share increased by $0.08 to earnings per share of $0.12 in 2011.

(In millions, except for per share data)
2011 2010
Q1       Q2 Q2
Revenue $ 358.4 $ 386.3 $ 401.0
Gross margin $ 42.1 $ 46.3 $ 44.8
Gross margin % 11.7% 12.0% 11.2%
SG&A $ 36.5 $ 37.0 $ 40.2
Income from operations 3.9 7.5 3.2
Operating margin % 1.1% 1.9% 0.8%
Net income 2.0 4.2 1.4
Earnings per share $ 0.06 $ 0.12 $ 0.04

“We continued on the track of improved sustainable profitability as our earnings per share increased to $0.12 for the quarter and to $0.18 year-to-date. Our continued focus on growth and leveraging our SG&A has resulted in our positive financial results to date,” said John J. Hafferty, CFO of Pacer.

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