Horizon Lines posts record 4th quarter, full year profits
U.S. Jones Act carrier Horizon Lines today posted a best-ever fourth quarter net income of $10.6 million, compared to a net loss of $10.9 million in the same quarter in 2005.
The Charlotte, N.C.-based carrier's operating income in the latest quarter increased 80 percent to $22.5 million from $12.5 million. Revenue improved 3 percent to $287.5 million from $279 million.
'The fourth quarter brought to a very successful close a milestone year in 2006 for Horizon Lines,' said Chuck Raymond, Horizon Lines' chairman, president and chief executive officer. 'We completed the transition that commenced with our September 2005 initial public offering, from private equity ownership to full public company status.'
For the year, Horizon Lines also reported record net income of $72.4 million, compared to deficit of $18.3 million in the previous year. Annual operating income jumped 106 percent to $96 million while revenue improved 6 percent to $1.15 billion.
Horizon Lines posts record 4th quarter, full year profits
