Transportation and third-party logistics firm Pacer International on Wednesday said its second-quarter net income fell 13.8% to $12.5 million or 34 cents a share, from $14.5 million or 38 cents a year ago.
Quarterly revenue rose 3.6% to $474.9 million.
“There still is excess capacity in the market that has led to lower pricing and margins," said Mike Uremovich, Pacer's chief executive officer. He added that results include $1.3 million of costs related to the initial vesting of restricted stock awards in June and $300,000 of additional severance costs during the 2007 second quarter.
Pacer is ranked No. 15 the Transport Topics 100 list of U.S. and Canadian for-hire trucking companies.