Joseph Bonney, Senior Editor | May 09, 2012 5:11PM EDT
Horizon Lines said its first quarter loss on continuing operations narrowed to $6.1 million from $9.4 million a year earlier as the Jones Act domestic carrier’s volume and per-container revenue rose modestly.
The carrier posted a net loss of $26.8 million, compared with a net loss of $20.2 million a year earlier, including adjustments related to debt conversion. Revenue from continuing operations rose 9.4 percent to $263.4 million.
Horizon’s first quarter results were issued only a month after the company reported fourth quarter losses in a report that was delayed to allow company officials to complete a debt-to-equity conversion that was the final phase of a multipart refinancing.
Horizon’s first quarter earnings before interest, taxes, depreciation and amortization rose to $5.6 million from $5 million a year earlier. Adjusted EBITDA from continuing operations rose 2.8 percent to $10.6 million.
The carrier’s container volume from continuing operations rose 0.4 percent to 57,086 loads in the first quarter. Per-unit container revenue increased to $4,257 from $3,896 in the first quarter of 2011.
Excluding fuel surcharges, per-unit revenue rose 1 percent to $3,225. Horizon’s fuel costs averaged $693 per metric ton, up 26.5 percent year-over-year.
Horizon reaffirmed its projections that container volumes will range 1 to 2 percent this year and that rates net of fuel surcharges will rise slightly.
Contact Joseph Bonney at jbonney@joc.com. Follow him on Twitter at @JosephBonney.