COMPETITION WATCH: Vitrans increases revenue but net income drops in Q1

Avatar photo

TORONTO, Ont. — Vitran’s first quarter revenue was up 15.2% in the first quarter of 2008, but its net income was down from US$3.4 million during the same time last year to US$1.1 million this year, the company reported.

“Downward pressure on Vitran’s margins continued during the first quarter of 2008, as the weak economic environment continued to weigh on our bottom-line profitability,” stated Vitran president and CEO Rick Gaetz.

Despite the challenges faced in Q1, Gaetz noted Vitran has improved daily tonnage by 3.1% during the quarter while growing cross-border revenue by 51%.

Vitran’s LTL segment generated $2.1 million in income during the first quarter. Revenue in this segment was up 9.7%, revenue per shipment improved 6.6% and tonnage increased 1.5%. However, the total number of shipments handled by Vitran’s LTL segment dropped 1.6%.

Avatar photo

Truck News is Canada's leading trucking newspaper - news and information for trucking companies, owner/operators, truck drivers and logistics professionals working in the Canadian trucking industry.


Have your say


This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.

*