Horizon Lines 1Q Profit Rises

Thursday, April 26, 2007
Horizon Lines Inc., which operates a fleet of containerships and a logistics business, said Thursday its first-quarter profit rose sharply, boosted by a tax gain and rate increases that helped offset weaker freight volumes. Quarterly earnings increased to $7.1 million, or 21 cents per share, from $2.4 million, or 7 cents per share during the same period last year. Excluding tax-related gains from both periods, the company earned $4.5 million, or 13 cents per share in the latest quarter, and $3.6 million, or 11 cents per share a year ago. Revenue fell modestly to $273.7 million from $274.9 million. Analysts expected revenue of $286.2 million. The company blamed its revenue shortfall on a 6.5 percent slide in freight volumes, due to soft market conditions in Puerto Rico and an extended winter in Alaska. Horizon Lines added that a mix of higher-margin cargo, general rate increases and fuel recoveries nearly offset the volume softness.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

Prince Charles Places Final Section of UK Aircraft Carrier

The second of the largest warships ever built for the U.K. Royal Navy, the Queen Elizabeth Class carrier HMS Prince of Wales, was given the royal seal of approval when HRH The Prince of Wales,

US Navy Accepts Delivery of Future USS Montgomery

The U.S. Navy has accepted delivery of future USS Montgomery (LCS 8) during a ceremony on June 23 at the Austal USA shipyard in Mobile, Ala.   Marking the official

ST Marine Delivers 4th Patrol Vessel to Oman

Singapore Technologies Marine Ltd (ST Marine), the marine arm of Singapore Technologies Engineering Ltd (ST Engineering), has held the Interim Acceptance ceremony

Finance

VEB Guarantees $3 Bln of Yamal LNG Debt

Russian development bank VEB said on Friday it had provided a guarantee for $3 billion of debt to the Yamal liquefied natural gas (LNG) project, led by Russian gas firm Novatek.

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

World Stocks Tumble as Britain Votes for EU Exit

Global capital markets reeled on Friday after Britain voted to leave the European Union, with $2 trillion in value wiped from equity bourses worldwide, while money

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Port Authority Salvage Ship Electronics Ship Simulators Winch
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: 0.0810 sec (12 req/sec)