Joseph Bonney, Senior Editor | Aug 02, 2012 5:42PM EDT
Horizon Lines reported a $29.8 million net loss for the second quarter but the U.S. domestic ocean carrier’s operating results improved as container volume rose 3.6 percent.
Adjusted earnings before interest, taxes, depreciation and amortization from continuing operations fell to $15.2 million from $19.7 million a year earlier. The latest quarter’s results included $5.4 million in costs for drydocking ships in China.
The net loss compared with a net profit of $4.5 million a year earlier, and was affected by onetime charges. Revenue rose to $270.9 million from $253.7 million.
President and CEO Sam Woodward said the adjusted EBITDA was “better than expected” and that the domestic ocean carrier expects container volumes to rise 1 to 2 percent this year and rates net of fuel surcharges to increase slightly.
Container volume totaled 59,768 revenue loads, compared with 57,677 a year earlier. Revenue per container averaged $4,269, up from $4,079 a year earlier. Per-container revenue net of fuel surcharges rose 1.1 percent to $3,174.
Horizon said fuel prices during the second quarter averaged $733 a ton, up 10.9 percent year-over-year. The company forecasts they will average $675 to $680 in 2012.
Contact Joseph Bonney at jbonney@joc.com. Follow him on Twitter at @JosephBonney
