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 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

PSV Launching Ceremony at Gondan

At high tide today at Gondan Shipyard in Figueras, the New PSV (TBN) for the Norwegian Ship-Owner, Simon Møkster Shipping, was launched. Different personalities

New CEO for Evergas

Evergas has appointed Steffen Jacobsen as CEO of the company as of 8 May 2015 Mr. Jacobsen joined Evergas 1 February 2015 as Vice President, Fleet after almost 35 years in Maersk.

Italian Navy Takes Back Fishing Boat Seized Near Libya

The Italian navy took back control on Friday of a Sicilian fishing boat that had been seized overnight by unknown assailants near the Libyan coast, the defence ministry said.

Finance

Seaspan Takes Delivery of New Containership

Seaspan Corporation (SSW) has accepted delivery of a 14000 TEU containership, the YM Wellhead.    The new containership, which was constructed at Hyundai Heavy Industries Co.

'Make in India’ - the Newbuzzword in Indian Shipping Sector

The Prime Minister Narendra Modi's  'Make in India’ initiative offers a plethora of opportunities in the maritime sector, particularly in shipbuilding, with the

Baltic Index Perks up on Increased Rates for Bigger Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Thursday as rates for bigger vessels rose.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pipelines Port Authority Salvage Ship Electronics 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: 0.1212 sec (8 req/sec)