Jones Act domestic carrier Horizon Lines reported a first quarter net loss but a 25.7 percent increase in adjusted earnings before interest, taxes, depreciation and amortization from continuing operations.
Horizon’s net loss narrowed to $20.1 million from $26.8 million a year earlier, as operating revenue declined to $244.5 million from $263.4 million.
Adjusted EBITDA from continuing operations improved to $13.7 million from $10.7 million. The company said it expects adjusted EBITDA this year to be in the $85 million to $97 million range, compared with $65 million last year.
Container loads fell 10.1 percent to 57,086, with one less sailing from a year earlier, but per-container revenue rose to $4.363 from $4,257. Net of fuel surcharges, per-container revenue was $3,286, up 1.9 percent.