Horizon Lines’ 2nd quarter earnings up 50%
U.S. Jones Act carrier Horizon Lines today reported second quarter net income of $9.6 million, a 50 percent rise compared to $6.4 million in the same 2006 quarter.
Operating income for the latest quarter grew 2 percent to $22.9 million while revenue increase by the same percentage to $295.7 million.
“Despite some lingering volume softness, we once again overcame challenges and delivered solid earnings in the second quarter of 2007,” said Chuck Raymond, Horizon Lines’ chairman, president and chief executive officer.
For the year to date, Horizon Lines posted net income of $16.6 million, up 89 percent over $8.8 million after six months last year. First half operating income improved 3 percent to $39.4 million with revenue up 6 percent to $596.4 million.
The Charlotte, N.C. headquartered company is projecting operating revenue of $1.19 billion to $1.2 billion for the full year. The carrier provides service between Elizabeth, N.J. and Puerto Rico.
Horizon Lines’ 2nd quarter earnings up 50%
