Wheels Group Reports First Quarter Loss

Canadian logistics company Wheels Group reported a net loss in the first quarter, due in part to a “challenging operating environment.”

The company lost $1.4 million,  or 2 cents per share, in the quarter compared with a loss of $600,000, or 1 cent, in the same period a year earlier. Revenue increased to $87.9 million from $84.9 million a year ago.

“Wheels was not immune from the negative impacts of the extreme weather conditions and constrained carrier capacity experienced by the transportation industry in the quarter,” CEO  Doug Tozer said in a statement. “Despite these challenges, Wheels’ overall revenue increased 3.5%. The Canadian business fared better with double-digit revenue growth, while the U.S. business was down from the prior year.”

Revenue in its Canadian segment increased 13.5% to $46 million, and its U.S. segment revenue dropped 5.6% to $2.5 million, the Toronto-based company said.