Vitran’s Fiscal Loss Grows in 3Q
Canadian less-than-truckload carrier Vitran Corp. said it lost more money in the third quarter than the same period last year, but earned a profit if its divested United States operations are excluded.
Vitran’s loss was $72.7 million, or $4.42 a share, compared with $10.8 million, or 62 cents, a year earlier, it said in a Nov. 1 statement. Revenue was $49.4 million, slightly lower than last year’s $49.4 million.
The carrier announced in September that it would sell its U.S. LTL business, a sale that closed Oct. 7, it said. Without accounting for those operations, Vitran had a $1.4 million profit in the third quarter, up from $737,000 in 2012.
“While we view these results as impressive, we are especially encouraged considering the challenges of a tepid operating environment in the Canadian market place and with the sale of our U.S. operations,” CEO William Deluce said in the statement.
Vitran is ranked No. 40 on the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers.
