Pacer Swings to First-Quarter Profit

Pacer International reported a first-quarter profit but its intermodal and logistics revenue declined from a year ago.

Net income was $1.3 million or 4 cents a share, compared with a loss of $300,000, or 1 cent, a year ago. Revenue fell to $232.7 million from $345.9 million a year ago, the company said.

Intermodal revenue fell 36.7% to $180.4 million on a new cross-border agreement with Union Pacific where Pacer no longer passes along rail transportation costs to automotive intermediaries, Pacer said.

Logistics revenue fell 13.9% to $52.6 million.