Third-party logistics provider Pacer International posted lower-than-expected quarterly results as its intermodal volumes were hurt by effects of Hurricane Alex in Mexico.
For the third quarter, the company reported earnings of $1.1 million, 3 cents a share, compared with $600,000 or 2 cents a share a year ago.
Revenue fell 13 percent to $364.8 million. Hurricane Alex hurt operating income by about $3.5-$4.0 million for the quarter, Pacer said.
Analysts on average had expected earnings of 9 cents a share, on revenue of $427.6 million, according to Thomson Reuters I/B/E/S.
“Alex, which made landfall on June 30, caused severe flooding, track damage and bridge impairment, resulting in the closure of the primary line of our rail carrier for more than four weeks ...,” the company said in a statement. (Reuters)