July 21, 2005 8:45 AM, EDT

Vitran's 2Q Truckload, LTL Income, Revenue Improve

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oronto-based transportation firm Vitran Corp. reported Thursday that its second-quarter net income rose to $4.8 million or 38 cents a share, up from $4.4 million or 34 cents a year earlier.

Vitran’s revenue rose to $105.1 million, from $93.9 million last year.

Vitran, which has truckload and less-than-truckload operations in the United States and Canada, switched its U.S. trading to Nasdaq from the American Stock Exchange on March 7. It also trades on the Toronto Stock Exchange.

Vitran is ranked No. 58 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.

Income from LTL operations grew 20% in the quarter to $6.6 million, with a 12% increase at its U.S. unit. The truckload segment had a 47% income rise in the quarter.

“The second quarter was another record for Vitran,” Chief Executive Officer Rick Gaetz said in a statement.

Gaetz cited the closing of the company’s acquisition of Chris Truck line during the quarter, which he said would boost the year-end bottom line.

When it announced the deal May 31, Vitran raised its year-end earnings guidance to $1.35 to $1.47 a share. (Click here for previous coverage.)