Intermodal Q2 YTD 2011 Adjusted: Top - Excluding Loss Of International Customer In 2011, Intermodal Revenue Increased 10.7% YoY. Bottom - Excluding Loss Of International Customer In 2011, Intermodal Operating Income Increased 7.3% YoY. (Graphic: Business Wire)
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, 2012.
SECOND QUARTER RESULTS
- Total intermodal revenue improved $2.9 million or 1.0%. Excluding the impact in volume from an ocean carrier customer of $22.9 million in the second quarter of 2011, intermodal revenues grew by 9.2%. Logistics revenues declined to $61.8 million. In total, revenues decreased by 4.7% to $368.3 million;
- Intermodal gross margin declined by $5.6 million. Excluding the reduced volume from the ocean carrier customer, intermodal gross margin decreased by $3.1 million. Logistics gross margin declined by $2.1 million;
- Income from operations decreased by $5.0 million in the 2012 period compared to the 2011 period. Income from operations in the intermodal segment decreased $3.8 million to $9.4 million. Excluding the reduced volume from the ocean carrier customer, intermodal income from operations decreased year over year by $1.3 million;
- Selling, general and administrative expenses improved by $2.8 million or 7.6%;
- Net income decreased $2.9 million to $1.3 million; and
- Earnings per share decreased from $0.12 in the 2011 period to $0.04 in the 2012 period.
|(In millions, except for per share data)|
|Gross margin %||10.9||%||10.5||%||12.0||%|
|Income from operations||-||2.5||7.5|
|Net income (loss)||(0.3||)||1.3||4.2|
|Earnings (loss) per share||$||(0.01||)||$||0.04||$||0.12|
“Our second quarter proved to be a very challenging quarter for us. While our intermodal revenues grew at 9.2% and our domestic volumes in this segment grew by 17.0%, we were unable to take full advantage of this growth with margin and profitability improvement. Our logistics segment operating loss (excluding severance) improved sequentially by $0.9 million, and we have taken several actions in the quarter to improve the financial performance of this segment, however the global freight forwarding market continues to remain quite sluggish,” said Chief Financial Officer John J. Hafferty.
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