Business

Carolinas Roundup

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.

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.

Jefferson George

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.

Rick Rothacker
  Comments