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Horizon Lines


was one of the big winners on the

New York Stock Exchange

TheStreet Recommends

Thursday after the company raised its earnings guidance for the third quarter and full year.

The company attributed the better forecast to its decision to pay a tonnage tax in lieu of the regular federal corporate income tax, as allowed by the American Jobs Creation Act of 2004.

Shares of Horizon were trading above a 52-week high, gaining $1.66, or 8.9%, to $20.34. The stock has traded between $11 and $19.20 in the past year.

Previously, Horizon expected earnings of 40 cents to 42 cents a share for the third quarter, but now says it should have a profit of $1.57 to $1.59. For the year, the company lifted its estimate to a range of $2.13 to $2.18 a share from the old projection of 85 cents to 90 cents.

Horizon is a container-shipping and logistics company, operating 16 U.S.-flagged vessels. The company runs routes linking the continental U.S. with Alaska, Hawaii, Guam and Puerto Rico.