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Vitran Posts Second-Quarter Loss

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7/21/2011 4:30:00 PM

Vitran Corp. late Thursday reported a second-quarter loss, compared with a profit a year ago.

The Toronto-based carrier lost $2.3 million, or 14 cents per share, compared with a profit of $1.7 million, or 11 cents, a year ago. Revenue rose 23.1% to $208.9 million.

Vitran’s less-than-truckload unit reported an operating loss of $1.2 million, compared with operating income of $3.9 million a year ago. Revenue rose 20% to $178.4 million.

LTL shipments and tonnage improved 9.9% and 10.6%, respectively, Vitran said.

While its Canadian LTL operation posted strong results, Vitran’s U.S. LTL operation faced a “significant challenge working out of the first-quarter weather issues� that were compounded by the acquisition of Milan Express earlier this year, CEO Rick Gaetz said in a statement.

Its supply chain segment’s operating income rose to a record $2.3 million, from $1.4 million a year ago, while revenue rose 46.1% to $30.5 million.

Vitran is ranked No. 34 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.

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Vitran Posts Second-Quarter Loss (7/21/2011 4:30:00 PM)
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