Horizon Lines' financing arrangements hit Q3 profits

摘要

The US domestic ocean carrier Horizon Lines has reported much lower profits for the third quarter of 2007, compared with the same period last year, due to several financial management initiatives. Horizon Lines' operating revenues grew by 5.3%, up to USD321.1 million. But the company's operating profit (EBITDA) was only USD12.8 million for Q3 2007, compared with USD51 million last year. Thus, its return on sales dropped from 17% to 3.9% between the two quarters.