Pacer International on Thursday reported a 3.5 percent decrease in revenue to $345.9 million in the first quarter despite a 1.9 percent increase in intermodal revenue.
Pacer, a freight transportation and logistics provider, reported a loss of $300,000 for the quarter, a decline of $2.3 million year-over-year.
“While our overall results are down year-over-year, driven mainly by logistics, we continued to show strong positive growth in our intermodal segment,” said John J. Hafferty, chief financial officer.
Logistics revenue declined 22.7 percent to $61.1 million, and income from operations fell $3.9 million, mainly because of lower income in the logistics segment. Selling, general and administrative expenses decreased $500,000, or 1.4 percent.
Intermodal revenue improved to $5.4 million. “In particular, the domestic portion of our intermodal segment continues to be very strong, with double-digit revenue and margin growth year over year,” Hafferty said.
Chief Executive Dan Avramovich said Pacer took several steps in the first quarter that will continue to enhance its business performance. This includes the announcement this week of an alliance with CRST for intermodal drayage.
The pact will give Pacer more drayage capacity. Working together, the two companies will attempt to reduce empty miles and attract more short-haul business.