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March 21, 2014 11:00 AM, EDT
Ocean Shipper Horizon Lines Reports 4Q Loss
Susan Goldman/Bloomberg News

Ocean shipper Horizon Lines reported a fourth-quarter loss of $14 million, or 36 cents a share, compared with a loss of $17.9 million, or 52 cents, a year earlier.

The company, which also has logistics operations, reported a 1.7% decline in operating revenue, to $255.4 million from $259.8 million a year ago.

Adjusted earnings before interest, taxes, depreciation and amortization increased 33% to $14.7 million in the fourth quarter.

“The improvement in adjusted earnings before interest, taxes, depreciation and amortization was driven largely by reduced vessel charter expense, the absence of vessel incidents and an increase in third-party services,” Horizon Lines CEO Sam Woodward said in a statement. “The factors driving adjusted EBITDA growth were partially offset by modestly lower rates, net of fuel and reduced fuel recovery.”

The Charlotte, N.C.-based company reported a full-year net loss of $33.4 million, or 91 cents per share, from a loss of $74.4 million, or $3.26, in 2012. Full year revenue declined 3.8% to $1.03 billion.