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Vitran Posts Third-Quarter Loss

10/31/2011 11:00:00 AM
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Vitran Corp. on Monday reported a third-quarter loss, compared with a profit a year ago.

The Toronto-based carrier lost $3.4 million, or 21 cents per share, compared with a profit of $2 million, or 12 cents, a year ago. Revenue rose 18.4% to $206 million.

Vitran’s less-than-truckload unit reported an operating loss of $2.9 million, compared with operating income of $3 million a year ago. Revenue rose 17.1% to $176 million.

LTL shipments and tonnage improved 8.3% and 9.2%, respectively, Vitran said.

The company said its LTL operating results were negatively impacted by a $1.5 million increase in expenses from U.S. healthcare and workers compensation from a year ago.

“The LTL segment is much the same as the second quarter of 2011, with strong results in Canada and weaker results in the U.S. operations,� CEO Rick Gaetz said in a statement.

The supply chain segment’s operating income rose to a record $2.9 million, from $2 million a year ago.

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

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