Rising Profit Tide for Horizon

Monday, October 30, 2006
AP reported that Horizon Lines Inc. said its third-quarter profit rose, aided by a large tax benefit. For the quarter ended Sept. 24, the company reported net income of $52.9 million, or $1.57 per share, versus prior-year profit of $2.8 million, or 14 cents per share. Revenue rose to $304.7 million from $289.1 million in the year earlier period. Horizon elected to pay an alternative tonnage tax instead of federal corporate income tax on qualifying shipping activities, which cut its income tax bill by $39.4 million, or $1.17 per share for the quarter. Excluding the total tax savings, adjusted net income totaled $14.3 million or 43 cents per share. Wall Street expected profit of 59 cents per share, according to Thomson Financial, on projected sales of $307.3 million. The company forecast fourth-quarter operating revenue of $287 million to $292 million, earnings before interest and other items between $39 million to $41 million, and earnings per share of 21 cents to 23 cents per share excluding the tax savings, and 31 cents to 33 cents per share with the savings. For the full year, Horizon forecast revenue of roughly $1.16 billion, earnings before items between $163 million to $165 million, and earnings per share of 92 cents to 94 cents per share excluding tax savings, and of $2.19 to $2.21 per share including the tax factor. Previous guidance, issued earlier this month, called for earnings of $2.13 to $2.18 per share, including the tonnage tax election. Horizon shares lost 99 cents, or 4.5 percent, at $21 in morning trading on the New York Stock Exchange. Source: AP
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Offshore Oil & Gas: Brazil’s Northern Frontier

In an effort to spread out oil and gas production to other parts of the country and increase overall oil production, Brazil has finally intensified hydrocarbon

Safety the Focus as Heavy Lifting Picks Up

Modern heavy lift capabilities are crucial for safe, efficient operations offshore Heavy lift operations offshore are an awe-inspiring feat, but an operation that

Azeri Shipyard, BP Sign Vessel Construction Contract

Azeri state energy company SOCAR's shipyard and British oil major BP have signed a $378 million deal to design and build a subsea construction vessel for the Shah Deniz II gas project,

Finance

Hong Kong Receive BMT Maritime Strategic Study

BMT Asia Pacific (BMT), a subsidiary of BMT Group Ltd, says it has completed a major strategic study - “Enhancing Hong Kong’s Position as an International Maritime Centre (IMC)”,

Mitsui O.S.K. Ship Ready To Leave Chinese Port

Japanese shipping firm Mitsui O.S.K. Lines Ltd said on Thursday that its ship, the "Baosteel Emotion" 226,434 deadweight-tonne ore carrier, is ready to leave

Peel Ports Signs £100M Contract For Cranes For New Liverpool Terminal

Peel Ports Group has signed a multi-million pound deal with Shanghai-based Zhenhua Heavy Industries Co. (ZPMC) for 17 ‘mega cranes’ for its new £300m Liverpool2 container port.

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0966 sec (10 req/sec)