October 20, 2005 9:15 AM, EDT

Vitran’s Income, Revenue Reach Record in 3Q

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oronto-based transportation and logistics firm Vitran Corp. reported Thursday that its third-quarter net income rose to a record $5.4 million or 42 cents a share, up from $4.5 million or 36 cents a year earlier.

Vitran’s revenue rose 20% to $116.2 million, also a record.

The record income would have been higher if it were not for a strike during the quarter at the Port of Vancouver, British Columbia, and two accidents at its truckload unit, Vitran said in a statement.

The company maintained its 2005 diluted earnings per share guidance of $1.35 to $1.47.

Vitran has truckload and less-than-truckload operations in the United States and Canada.

Income from LTL operations grew 31% in the quarter to $7.7 million, led by a 27% increase at its U.S. operations, augmented by its acquisition of Kansas regional LTL carrier Chris Truck Line in May. (Click here for previous coverage.)

Its truckload segment had operating income of $400,000 on revenue of $8.9 million and its logistics segment had 49% higher income from operations, Vitran said.

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