WOODSTOCK, Ont. — Contrans’ first quarter profit dipped slightly to $3.4 million (from $3.6M in the first quarter of 2010), but the company says it’s well poised to take advantage of a strengthening economy.

“We have been encouraged by evidence that the economic recovery is gaining momentum,” said Contrans’ chairman and CEO Stan Dunford. “Shipping activity has increased with many of our customers. We are also beginning to see more tenders for freight. Recently, Contrans was awarded two major contracts.”

Dunford said the company’s new waste collection business has already exceeded expectations and he anticipates growing that segment of the business. He also said the fleet has been upgrading its equipment in preparation for improved freight demand.

“For years, Contrans has had equipment that has been the envy of the industry and the standard against which others have measured themselves,” Dunford said. “Last year, in anticipation of an improving economy, we decided to invest in further upgrading our equipment. We now have the youngest, most competitive fleet that we have ever had.”