Horizon Lines rises on Q2 earnings that beat Street view
Horizon Lines Inc. (NYSE:HRZ) has gained 10% after announcing ahead of the opening its second-quarter earnings had beat analyst estimates, despite declining. For the quarter ended June 22, the Charlotte, N.C.-based company reported net income of $7.2 million, or $0.24 per share, compared with $9.6 million, or $0.28 a share, for the same period a year earlier. Revenues were $331 million versus $295.7 million for the year-ago quarter. Wall Street was expecting earnings per share of $0.21 on revenues of $332.4 million.
“Despite sharply rising fuel costs and volume softness related primarily to the ongoing recessionary business environment in Puerto Rico, we achieved a 13.8% increase in our adjusted earnings per share. We were able to effectively mitigate the impact of steep fuel cost increases in the quarter through a combination of conservation, strict vessel scheduling and fuel cost recovery measures. Additionally, we repaid $10 million in revolving debt during the quarter, further strengthening our financial position,” said chairman, president and CEO Chuck Raymond in a statement.
In today’s trading, shares of the container shipping company are at $9.84 at 10:02 a.m. ET, up $0.93 from Thursday’s close.
For detailed price information and recent news stories about Horizon Lines Inc., click HRZ.
