Pacer International said it had a profit of $1.3 million in the second quarter ending June 30, compared to $4.2 million in the same 2011 period.
The Dublin, Ohio-based transportation and logistics company said revenues in the quarter were $368.3 million, compared to $386.3 in the second quarter of 2011.
The company said total intermodal revenue improved $2.9 million, or 1 percent. Excluding the impact of reduced volume from an ocean carrier customer of $22.9 million in the second quarter of 2011, intermodal revenues grew by 9.2 percent.
Logistics revenues declined to $61.8 million.
“Our second quarter proved to be a very challenging quarter for us,” said chief financial officer John J. Hafferty. “While our intermodal revenues grew at 9.2% and our domestic volumes in this segment grew by 17 percent, we were unable to take full advantage of this growth with margin and profitability improvement. Our logistics segment operating loss (excluding severance) improved sequentially by $900,000, and we have taken several actions in the quarter to improve the financial performance of this segment, however the global freight forwarding market continues to remain quite sluggish.”
Pacer reports lower profit
