Horizon Lines, Inc. reported a slight year over decline in net income for the third quarter of 2010, as the weak economic recovery continued to impact results for the company.
Horizon Lines, Inc. reported net income of $7.7 million, or $0.25 per diluted share, in the third quarter of 2010, which ended September 30, 2010. The company earned $8.4 million, or $0.27 per diluted share, in the corresponding quarter of 2009.
Sales for the third quarter of 2010 for Horizon Lines, Inc. came in at $311 million, a marginal increase over the $308 million reported in the same quarter of 2009. The increase was led by higher logistics business and fuel surcharges, offset by a decline in container volume.
The management of Horizon Lines, Inc. attributed the results to an inconsistent recovery in the economy, which impacted the businesses that the company operates.
“We had anticipated a firmer overall economic recovery in the third quarter. However, after some initial inventory rebuilding this past spring, economic activity slowed in our tradelanes as consumer spending remained muted in the face of continuing high unemployment,” said Chuck Raymond, the CEO of Horizon Lines, Inc.
Horizon Lines, Inc. reported a decline in container volume on a year over year basis. The company reported 65,726 loads in the third quarter of 2010, compared to 67,649 loads in the same period in 2009.
For more information on the company, go to www.horizonlines.com
Let us hear your thoughts below: