Tuesday, marine inland transportation and services company American Commercial Lines, Inc. (ACLI) reported a decline in fourth-quarter profit from a year-ago on 23% lower transportation and services revenue.
American Commercial's fourth-quarter profit from continuing operations declined to $14.2 million or $1.09 per share from $22.9 million or $1.81 per share in the prior-year period. This includes an after-tax loss of $4.8 million or $0.37 per share on the previously announced sale of Summit Contracting.
Net earnings fell to $9.34 million or $0.72 per share from $23.69 million or $1.87 per share last year.
Analysts polled by Thomson Reuters expected the company to report EPS of $0.06 for the quarter. Analysts estimates typically exclude one-time items.
American Commercial's posted a 16.4% year-over-year decrease in revenue to $226.9 million from $271.6 million due to changes in the mix of commodities shipped by the company's transportation customers, decreased towing revenue, lower grain freight rates and lower fuel prices; which are generally passed on to the company's customers.
Analysts expected the company to report fourth-quarter revenue of $222.49 million.
Transportation segment posted a 23.3% year-over year decline in revenue to $177.5 million from the prior-year quarter. Transportation and services revenue fell to $181.71 million from $233.65 million. The company attributed the revenue decline to 24.5% lower gross ton-mile pricing on affreightment contracts, 9.8% lower non-grain affreightment ton-mile volume, a 12.4% decline in towing ton-miles and $16.6 million in lower grain pricing.
Manufacturing segment revenue increased to $45.19 million from $37.90 million primarily due to a change in the mix of internal ACL barges and external customer barges.
For the full-year, loss from continuing operations was $2.02 million or $0.16 per share, compared to income of $47.38 million or $3.73 per share a year ago. Net loss was $12.05 million or $0.95 per share, compared to a profit of $48.01 million or $3.78 per share last year. Revenue declined 27.1% to $846.0 million from $1.16 billion. Analysts expected a loss of $0.81 per share on revenue of $861.71 million.
Despite a decline in fourth-quarter profit, ALCI is currently trading at $20.27, up $4.11 or 25.44%, on a volume of 370,797 shares on the Nasdaq.
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