Vitran Reports Fourth-Quarter Loss

Vitran Corp. Thursday reported losses for the fourth-quarter and full year, though it posted positive income from operations for 2010.

For the quarter the carrier lost $42.9 million, or $2.63 per share, compared with a loss of $2.3 million, or 14 cents a year ago. Revenue rose 10% to $172 million, the Toronto-based carrier said in a statement.

For the full year, Vitran lost $40.2 million, or $2.47 per share, compared with a loss of $4 million, or 28 cents, a year earlier. Revenue rose 13% to $673 million.

Vitran said its fourth-quarter operational loss before charges was $900 million, while for the full year its operational income was $6.8 million.

Its less-than-truckload operations posted a $1.7 million loss for the quarter, compared with an operational of $2.6 million a year earlier. Tonnage rose 1.4% and shipments gained 4.8%.

The company has focused on its LTL operations, as it sold truckload carrier Frontier Transport Corp. late last year for about $5 million.

Vitran announced in January it would buy LTL carrier Milan Express, and said Thursday it planned to finish that deal by Feb. 19.

Vitran is ranked No. 35 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.