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Horizon Lines logs higher 1Q net loss

Horizon Lines today said it had a net loss of $34 million in the first quarter, or $1.10 per share, higher than the $13.2 million net loss, or 43 cents a share, in the same quarter last year.

The Charlotte-based company’s first-quarter revenue rose to $285 million from $274.6 million in the year-ago quarter.

In the recent first quarter, the company logged $2.2 million in legal expenses related to a federal antitrust violation. In February, the company pleaded guilty to participating in a scheme to fix rates involving freight transport between the continental U.S. and Puerto Rico.

In a statement, CEO Stephen Fraser called the recent quarter “very challenging.”

“The historically soft quarter was additionally impacted by the termination of various Maersk agreements,” he said, “and the seasonal slowness associated with the startup of our new China service in the post Chinese New Year period. These factors were further exacerbated by a steep decline in international rates, a sharp rise in fuel prices and the ongoing slow business conditions in Puerto Rico and Hawaii.”

Horizon Lines is in the domestic ocean shipping and integrated logistics business.

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