Vitran reports $4.2 Million Q2 Net Loss
TORONTO — Canadian trucking and logistics giant Vitran Corp. reported a Q2 net loss of US$4.2 million, or $0.25 a share, compared to last year’s loss of $2.3 million, or $0.14 a share. (Vitran sits at the number-three spot on the Today’s Trucking Top 100 List of For-Hire Canadian fleets.)
This year, Vitran’s less-than-truckload (LTL) business saw a 4.5-percent revenue increase since last year, boosting their revenue to $183.8 million.
“Our U.S. LTL operation continues to be our main challenge, priority and opportunity,” said Vitran president and Chief Executive Officer Rick Gaetz.
“Although U.S. LTL operating results in the second quarter improved approximately 10 per cent from the 2012 first quarter, the improvement was much less than we anticipated.”
While revenues grew to $213.1 million from $208.9 million a year ago, operating expenses also rose to $211.2 million from $205.1 million last year for the same quarter.
But Vitran shares stayed at $5.77 on the Toronto Stock Exchange on July 18.
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