Charlotte-based Horizon Lines
posts 3Q profit of $12.5 million
Charlotte-based Horizon Lines on Friday reported a third-quarter profit of about $12.5 million, up from $1.6 million a year earlier.
Revenue at the shipping and logistics company was almost $353 million, up 10 percent from more than $321 million in the third quarter of 2007. Higher fuel surcharges, revenue from the acquisition of a logistics company and other factors offset a decline in shipping volume, the company said.
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Horizon scaled back its outlook for the year, citing a recession in Puerto Rico, a weaker Hawaiian economy and fuel price uncertainty. The company expects its adjusted earnings per diluted share to be from 68 cents to 96 cents, down from earlier estimates of $1.03 to $1.43.
Horizon Lines operates container ships and port terminals that link the continental U.S. with Alaska, Hawaii, Puerto Rico, Guam and Micronesia.
Meineke's parent company plans to acquire Maaco
Charlotte-based Driven Brands Inc., parent of Meineke Car Care Centers, said it's buying Pennsylvania-based Maaco Franchising Inc., the franchise auto body repair and painting company. Financial terms were not disclosed.
In the transaction, Charlotte-based investment firm Carousel Capital, in conjunction with management, is buying Driven Brands and Maaco. It's a return engagement for Carousel, which invested in Meineke in 2003 but cashed in its stake in 2005 after a management buyout.