Wednesday, Dynamex Inc. (DDMX), a logistics service provider, reported a decline in third quarter profit hurt by an 18.4% decline in quarterly revenues. The company also backed its full year 2009 guidance.
The Dallas, Texas-based company reported third-quarter net income of $1.64 million or $0.17 per share, compared to net income of $3.77 million or $0.37 per share in the same quarter last year.
On average, five analysts polled by Thomson Reuters expected the company to earn $0.12 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter were $92.23 million, down 18.4% from $112.98 million a year ago. Analysts expected the company to report revenue of $91.02 million for the quarter.
The lower exchange rates and reduced fuel surcharges accounted for approximately 6.7% and 5.1% decline in the quarterly sales respectively.
Selling, general and administrative expenses were $21.3 million, down 6.5% from $22.82 million in the year ago quarter.
Operating income declined 55% to $2.70 million from $6.02 million in the comparable quarter last year.
For the nine-month period, net income was $6.98 million or $0.71 per share, compared to net income of $11.19 million in the previous year period. Sales for the period declined to $305.24 million from $336.68 million in the year ago period.
Looking ahead to fiscal year 2009, the company backed its guidance and expects sales in the range of $390 million - $405 million, with net income in the range of $0.80 - $1.00 per share. Analysts currently anticipate the company to earn $0.86 per share on revenue of $398.31 million for the full year.
DDMX closed Wednesday's trading at $16.61, down $0.38 or 2.24%, on a volume of 37,306 shares on the Nasdaq.
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