Pacer International, Inc. (Nasdaq: PACR), the asset-light North American freight transportation and logistics services provider, today reported financial results for the three and nine-month periods ended September 30, 2011.
THIRD QUARTER RESULTS
- Revenues increased by 3.0% to $375.8 million. Intermodal revenues improved by $46.5 million or 18.2%, while logistics revenues decreased by 32.6% to $73.7 million primarily due to the absence of the low-margin military shipments in our international operations in the 2011 period;
- Gross margin increased by 15% to $46.0 million;
- Selling, general and administrative expenses increased by a moderate $0.5 million or 1.4%;
- Other income improved by $2.6 million due to the sale of railcar assets in the 2011 period;
- Income from operations more than tripled, increasing by $8.1 million to $11.4 million. The 2010 period was negatively impacted by Hurricane Alex; and
- Earnings per share increased by $0.16 to earnings per share of $0.19 in 2011.
(In millions, except for per share data)
|Gross margin %||11.7||%||12.0||%||12.2||%||11.0||%|
|Income from operations||3.9||7.5||11.4||3.3|
|Earnings per share||$||0.06||$||0.12||$||0.19||$||0.03|
“We are very pleased with our third consecutive quarter of more than doubling our earnings per share year over year with this quarter increasing more than six fold. Our company continues to drive double digit earnings growth despite the turbulent economic environment. In addition to our significantly increased EPS, we continue to generate positive cash flow, are now debt-free for the first time in our history as a public company, and have cash to reinvest back into our business to drive future earnings,” said John J. Hafferty, CFO of Pacer.