Pacer International, (FRA:PA1) Operating Income : €10.9 Mil (TTM As of Dec. 2013)

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What is Pacer International, Operating Income?

Pacer International,'s Operating Income for the three months ended in Dec. 2013 was €3.0 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2013 was €10.9 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Pacer International,'s Operating Income for the three months ended in Dec. 2013 was €3.0 Mil. Pacer International,'s Revenue for the three months ended in Dec. 2013 was €189.7 Mil. Therefore, Pacer International,'s Operating Margin % for the quarter that ended in Dec. 2013 was 1.58%.

Pacer International,'s 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Pacer International,'s annualized ROC % for the quarter that ended in Dec. 2013 was 8.99%. Pacer International,'s annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2013 was 23.20%.

Pacer International, Operating Income Historical Data

The historical data trend for Pacer International,'s Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Pacer International, Operating Income Chart

Pacer International, Annual Data

Trend

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Operating Income

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-148.11

6.12

20.52

6.78

10.59

Pacer International, Quarterly Data
	Mar09	Jun09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13
Operating Income	Get a 7-Day Free Trial															3.12	1.85	2.27	3.74	2.99

Pacer International, Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2013 adds up the quarterly data reported by the company within the most recent 12 months, which was €10.9 Mil.

Pacer International, (FRA:PA1) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Pacer International,'s annualized ROC % for the quarter that ended in Dec. 2013 is calculated as:

	ROC % (Q: Dec. 2013 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2013 )	+	Invested Capital (Q: Dec. 2013 ))	/ count )
=	11.972 * ( 1 - 48.72% )	/	( (66.347	+	70.226)	/ 2 )
=	6.1392416	/	68.2865
=	8.99 %

where

	Invested Capital		(Q: Sep. 2013 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	169.721	-	73.678	-	( 29.696	-	max(0, 73.678	-	121.55	+	29.696	))
=	66.347

	Invested Capital		(Q: Dec. 2013 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	165.053	-	61.028	-	( 33.799	-	max(0, 69.423	-	120.158	+	33.799	))
=	70.226

Note: The Operating Income data used here is four times the quarterly (Dec. 2013) data.

2. Joel Greenblatt's definition of Return on Capital:

Pacer International,'s annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2013 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2013 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2013		Q: Dec. 2013
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	11.972	/	( ( (34.932 + max(18.176, 0))	+	(33.142 + max(16.936, 0)) )	/	2 )
=	11.972	/	( ( 53.108	+	50.078 )	/	2 )
=	11.972	/	51.593
=	23.20 %

where Working Capital is:

	Working Capital		(Q: Sep. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(81.981	+	0	+	9.873)	-	(73.678	+	0	+	0)
=	18.176

	Working Capital		(Q: Dec. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(80.3	+	0	+	6.059)	-	(61.028	+	0	+	8.395)
=	16.936

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2013) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Pacer International,'s Operating Margin % for the quarter that ended in Dec. 2013 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2013 )	/	Revenue (Q: Dec. 2013 )
	=	2.993	/	189.727
	=	1.58 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Pacer International, Operating Income Related Terms

Thank you for viewing the detailed overview of Pacer International,'s Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.

Pacer International, (FRA:PA1) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Pacer International, Inc. (FRA:PA1) » Definitions » Operating Income

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Address

Website

http://www.pacer.com

Pacer International, Inc., is an asset-light transportation and global logistics services provider. The Company provide its services from two operating segments, an intermodal segment, which provides intermodal transportation services mainly to beneficial cargo owners, transportation intermediaries and steamship lines who use intermodal transportation, and the logistics segment, which provides highway brokerage, supply chain management services, international freight forwarding, ocean shipping, and warehousing and distribution services to a wide variety of end-user customers. Intermodal segment offers full service door-to-door intermodal services to its customers, which include end-user customers, transportation intermediaries, such as intermodal marketing companies, and steamship lines. The Company logistics segment consists of: Highway brokerage services; International freight forwarding and NVOCC services; Warehousing and Distribution services; and Supply Chain Management services. The Company provides transportation and logistics services to many Fortune 500 and multi-national companies as well as to numerous other shippers and transportation third parties. The Company has direct sales and customer service representatives in its intermodal and logistics segments that sell and support its portfolio of services to a diverse customer base which includes beneficial cargo owners, steamship lines, truckload carriers, truck brokers, freight forwarders and other third party transportation service providers such as intermodal marketing companies, third-party logistics companies, and shippers' agents. The Company's main competitors are J.B. Hunt Transport, Schneider National, the Hub Group, C.H. Robinson, the supply chain solutions divisions of Ryder and Menlo Worldwide, Expeditors International and UTi Worldwide, Inc. The Company's facilities and operations are subject to federal, state and local environmental, hazardous materials transportation and occupational health and safety requirements, including those relating to the handling, labeling, shipping and transportation of hazardous materials, discharges of substances into the air, water and land, the handling, storage and disposal of wastes and the cleanup of properties affected by pollutants.

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