April 26, 2007 11:00 AM, EDT

Vitran’s 1Q Earnings Dip

Ambassador Bridge — TT File Photo

Toronto-based transportation firm Vitran Corp. said its first-quarter profit was $3.4 million or 25 cents a share, down from $3.8 million or 28 cents a year ago.

Revenue rose to $154.1 million from $115.1 million last year, the company said late Wednesday.

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

The year is “off to a reasonably good start given the challenges of a soft economic environment,” Vitran Chief Executive Officer Rick Gaetz said.

“Our newly acquired LTL companies are performing on-plan, Vitran's existing and new customers are seeing the value in our inter-regional sales offerings and we are pleased with the additional business,” he said in a statement.

Operating income from LTL operations rose 22.9% to $6.2 million. Logistics segment fell to $440,000 from $514,000.

The company reiterated that its 2007 earnings per share would be $1.60 to $1.70.

Vitran is ranked No. 60 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.