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Trucking, rail service problems will reduce second-quarter earnings, Pacer says


Last week, Pacer International Inc. announced its second-quarter earnings are expected to range between a lower-than-expected 24 cents to 27 cents per share because of a recent truck owner-operator work stoppage and ongoing Class I service problems.

The work stoppage caused Union Pacific Railroad to temporarily embargo some northern California terminals, which impacted Pacer Stacktrain, Cartage and Rail Brokerage operations, and led some shippers to divert freight to other modes, according to a prepared statement. The disruptions also slowed activity at some major West Coast ports.

"The impact of the work stoppage, coupled with railroad service issues, has had an impact on our financial results, [but] we do not expect this one-time event to change our earnings estimate of $1.22 to $1.28 [per share] for the year," said Pacer Chairman and Chief Executive Officer Don Orris.

Pacer will issue a report on its second-quarter financial results during the first week of August.

Contact Progressive Railroading editorial staff.

More News from 6/14/2004