Updated at 11:56 a.m., Friday, February 1, 2008
Horizon Lines reports higher fourth-quarter profit
Advertiser Staff
Horizon Lines Inc., Hawai'i's second largest shipping company, said its fourth-quarter earnings edged up as stable vessel rates and a diversified cargo mix balanced higher fuel costs and weakness in the container shipping company's Puerto Rican business.The company earned $10.7 million, or 32 cents per share, compared with $10.6 million, or 31 cents per share, in the year-ago quarter.
Operating revenue rose 10 percent to $316 million, from $287.5 million in the prior-year period.
Analysts were expecting a profit of 31 cents per share on revenue of $312.4 million, according to a poll by Thomson Financial.
The company said a more profitable cargo mix, stable rates in offshore markets, and cost cuts offset continuing weakness in its Puerto Rican business and "unprecedented increases" in fuel prices.
For the full-year, profit sank 60 percent to $28.9 million, or 85 cents per share, compared with $72.4 million, or $2.14 per share, in 2006. Revenue rose 4 percent to $1.21 billion.
Shares soared $1.14, or 6 percent, to $20.05 in morning trading.
