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 August 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

ESS Lands Second Contract with Dolphin Drilling

ESS Support Services Worldwide, part of Compass Group, has won a new, three-year contract, worth £10.5 million, to provide hotel and catering services to Dolphin Drilling Ltd.

MNZ Opens New Office in Port Taranaki

Maritime New Zealand (MNZ) informs that for the first time in 5 years it has a permanent presence in New Plymouth on the opening of a new office at Port Taranaki

Fugro Achieves Innovation through Integration

When Aberdeen-based Diamond Offshore wanted to add new functionality to the existing helideck monitoring system on the Ocean Guardian drilling rig in the North Sea,

Finance

Dan-Bunkering Restructures for Expansion

Bunker trading company A/S Dan-Bunkering Ltd. introduced a new organizational structure effective August 1, 2014. The company said the move was made to maintain its position,

1H 2014 Profits of Port of Tallinn Up 16%

Port of Tallinn earned an unaudited half-year net profit of 20.2 million euros with company’s turnover reaching 59 million euros. Compared to last year the turnover

Geo-Science Provider TGS Reports Strong Half 2014 Results

TGS reports net revenues of USD 205 million in Q2 2014, compared to USD 210 million in Q2 2013. Earnings before interest and taxes (EBIT) totaled USD 82 million,

 
 
Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1493 sec (7 req/sec)