Horizon Lines reports 1st quarter earnings boost
Horizon Lines reported first quarter net income of $7.1 million compared to $2.4 million in the 2006 first quarter.
After adjustments to exclude a deferred tax revaluation benefit in 2007, and applying tonnage tax on a pro-forma basis in 2006, adjusted net income was $4.5 million in the first quarter, $3.6 million for the first quarter of 2006.
The Jones Act carrier said operating revenue fell slightly to $273.7 million, compared to $274.9 million during the 2006 first quarter.
The revenue decline was primarily due to a 6.5 percent reduction in volumes, reflecting continued soft market conditions in Puerto Rico and an extended winter in Alaska. Higher margin cargo mix, general rate increases and fuel recoveries nearly offset the volume-related revenue decline.