Pacer sextuples 3Q net income

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Pacer International Inc., an asset-light North American freight transportation and logistics services provider, on Thursday, Oct. 27, said revenues for the third quarter ended Sept. 30 increased by 3.0 percent to $375.8 million. Intermodal revenues improved by $46.5 million or 18.2 percent, while logistics revenues decreased by 32.6 percent to $73.7 million, primarily due to the absence of the low-margin military shipments in its international operations in the 2011 period. Net income increased to $6.6 million from $1.1 million.

“Our company continues to drive double-digit earnings growth despite the turbulent economic environment,” said John J. Hafferty, chief financial officer of Dublin, Ohio-based Pacer. “We continue to generate positive cash flow, are now debt-free for the first time in our history as a public company, and have cash to reinvest back into our business to drive future earnings.”

Year-to-date, revenues were $1.12 billion. Excluding revenues from the transitioned east-west big box business during 2010, intermodal revenues improved by $100.6 million or 12.8 percent. Net income increased to $12.8 million from $2.0 million.

“We continue to execute on our key strategic initiatives while delivering best-in-class service to our customers,” said Daniel Avramovich, chairman and chief executive officer of Pacer. “Our year-over-year financial performance has delivered strong earnings growth in an uncertain environment. We continue to focus on enhancing our capabilities while reducing our cost structure in both our intermodal and logistics segments.”