North American freight and logistics company Pacer International today reported profit in the fourth quarter of 2012 was $2.2 million, increasing 100 percent from $1.1 million in the fourth quarter of 2011.
Quarterly revenue was $351.9 million, down 1.7 percent from $358.0 million in the same quarter in 2011.
“The quarter was much improved from the previous three as we were focused on improving under-performing traffic corridors and reducing controllable costs to help offset rising external purchased transportation costs,” said Daniel W. Avramovich, chairman and CEO, in a written statement.
Profit for the full year plummeted 69 percent from $13.9 million in 2011 to $4.3 million in 2012. Annual revenue also dropped year-over-year from $1.5 billion to $1.4 billion.