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Pacer International moves to 4Q profit
Pacer International moves to 4th-quarter profit from year-ago period weighed by charge
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acer International Inc. Topics:Earnings Related Quotes
Symbol Price Change
PACR 3.86 +0.83
{"s" : "pacr","k" : "c10,l10,p20,t10","o" : "","j" : ""} On Tuesday February 16, 2010, 6:15 pm EST
CONCORD, Calif. (AP) -- Freight transportation and logistics services provider Pacer International Inc. on Tuesday said it moved to a fourth-quarter profit from a year-ago period weighed by a hefty charge.
In the last quarter of 2009, Pacer earned $10 million, or 29 cents per share, compared with a year-ago loss of $64 million, or $1.83 per share. The 2008 quarter included an after-tax charge of $73.3 million related to an acquisition.
Revenue fell 17.7 percent to $420.2 million from $510.3 million.
Analysts expected the company to post a loss of 4 cents per share on sales of $368.8 million, according to a survey by Thomson Reuters.
For the full year, the company lost $174.1 million, or $5.01 per share, compared with a loss of $16.4 million, or 47 cents per share, in 2008. Revenue fell to $1.57 billion from $2.09 billion.
The company has cut jobs and sold some of its trucking business to cope with a downturn in freight shipping.
Shares of Pacer rose 17 cents, or 5.9 percent, to close at $3.03. In aftermarket activity, they climbed another 33 cents, or 11 percent, to $3.36. They have ranged from $1.57 to $5.68 over the past year.