Pacer reports higher earnings
Intermodal and logistics company Pacer International Inc. said it had net income of $20.4 million in the third quarter ending Sept. 19, compared to $13.4 million in the same period the prior year.
Revenue for the quarter was $556.2 million, up from $489.3 million in same quarter the prior year.
“We were pleased with our solid financial results and cash flow in the third quarter, a quarter in which the global economy began to experience a significant downturn,” said Michael E. Uremovich, chairman and chief executive officer. “Our company remains on a solid financial foundation as we enter what is likely to be a tough economic period in the fourth quarter of this year and well into 2009.
“We continued to make progress on our key initiatives to significantly grow our door-to-door transportation services business with both our retail and wholesale customers, and to improve our logistics segment’s performance.” he added. “We are steadily increasing volume on the BNSF intermodal network enhancing our customers’ route and service level choices in many lanes.”