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 July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Motion Compensation Aids Offshore Lifeboat Lift

In a refurbishment program to upgrade lifeboats on offshore platforms, Ampelmann completed a second successful reinstallation using its full motion compensation technology.

Topaz Secures $75m Investment from SCPE

Topaz Energy and Marine, an offshore support vessel company with primary operations in the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico,

Pipeline Corrosion Shutters Statoil's Troll C Platform

Norway's Statoil shut oil and gas production at its Troll C platform in the North Sea after inspections found corrosion damage on a pipeline, the company said in

Finance

Topaz Secures $75m Investment from SCPE

Topaz Energy and Marine, an offshore support vessel company with primary operations in the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico,

Refiners Seek Jones Act Workarounds as Crude Export Debate Heats Up

As the first U.S. oil condensate exports head to Asia from the Gulf Coast, crude producers and refiners are exploring ways to get around a century-old law that

Lukoil Shipped Canadian Crude from Houston

Russian oil major Lukoil has emerged as one of the first companies to buy Canadian crude re-exported from a U.S. port, shipping one cargo last month to its refinery in Augusta,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.1144 sec (9 req/sec)