Horizon reports 2nd quarter profit
Horizon Lines said on Friday that it had second quarter net profit of $3.7 million compared to a $31.1 million loss in the same 2009 period.
Revenue in the quarter ending June 20 was $305.6 million, up from $278.5 million in the year-earlier period.
'Conditions improved somewhat, but remained challenging during the second quarter as the pace of our business continued to be impacted by the slow, uneven global economic recovery,' said Chuck Raymond, chairman, president and chief executive officer. 'We nevertheless achieved improved financial results by focusing on profitable revenue growth and continued diligent cost management
The company said it plans to launch a transpacific liner service in December and has decided to call at the ports of Ningbo and Shanghai. The company had charted space on its eastbound ships in its service to Guam and China to Maersk Line, but decided February to end the slot charter agreement and market its own inbound service from China.
Horizon reports 2nd quarter profit
