Pacer results boosted by UP
Pacer International said it had fourth quarter net profit of $10 million compared to a loss of $64 million in the same 2008 period.
The year-earlier result included $73.3 million in after-tax impact of a goodwill impairment charge.
Revenue in the fourth quarter of 2009 was $420.2 million compared to $510.3 million for the same 2008 quarter.
During the quarter the company said it entered into new multiyear agreements with Union Pacific Railroad covering, among other things, domestic big box (48- and 53-foot container) shipments tendered by Pacer for transportation by UP and fleet sharing arrangements. Pacer received a cash payment of $30 million from the railroad.