BAX Global reported an operating profit of $10.6 million in the third quarter, compared to an operating loss of $10.9 million in the same period last year. The operating profit was the highest in nearly three years for BAX, based in Irvine, Calif.
The logistics provider's revenue increased 12 percent to $483.3 million from $431.3 million a year ago. Most of that was due to a 20 percent jump in international revenue, which rose to $245.2 million from $204.2 million, primarily reflecting strong Asia-Pacific business. Domestic revenue climbed six percent, to $255.8 million from $241.1 million.
The increase in revenue and a continuing focus on cost reduction were responsible for the dramatic turnaround, according to parent The Pittston Co..
Most of the improvement in BAX's operating earnings came from its North American business, which turned around an operating loss of $12.2 million in the third quarter of 2001 to a profit of $4.7 million. International operating profit rose from $5.4 million to $9.3 million.