The Jones Act container carrier had a $65.7 million pre-tax restructuring charge related to its exit from Puerto Rico trade.
Horizon Lines had a loss of $94.6 million in its fiscal year that ended December 21, 2014 compared with a loss of $31.9 million in its 2013 fiscal year, according to the ocean carrier’s latest financial statements. Revenue in 2014 was $1.08 billion compared with $1.03 billion in fiscal 2013.
The fourth quarter loss was $76.3 million compared with $14.2 in the fourth quarter of 2013. In the fourth quarter, revenues were $255.8 million compared with $255.4 million in the fourth quarter of 2013.
The company had a $65.7 million pre-tax restructuring charge related to its decision to exit the Puerto Rico market at the beginning of this year.
In November, Horizon announced agreements to sell its Hawaii business to Pasha and have the remainder of the company acquired by Matson.
Horizon said it expects “2015 revenue container loads in our two remaining markets to be above 2014 levels due to anticipated modest volume growth in both markets we serve. Overall, revenue container rates are expected to decline slightly in 2015 largely due to cargo mix.”
Horizon takes a loss in 2014
