Pacer sees earnings drop
Pacer International said it had profit of $13.4 million in the third quarter versus $18.3 million the same period the prior year.
Revenue was $489.3 million, compared to $458.2 million for the third quarter of 2006.
“We have seen continued improvement in intermodal volumes for our Stacktrain operation, up 8.7 percent, with increases in all three lines of business, and for our rail brokerage operation, up 11.1 percent, as compared to last year,” said Mike Uremovich, Pacer’s chairman and chief executive officer. “There remains, however, excess capacity — particularly in our domestic intermodal business — that has led to lower pricing, margins and income.”