Vitran’s First-Quarter Loss Narrows

Vitran Corp. said late Tuesday it lost $900,000, or 6 cents a share, in the first quarter, narrowing its loss of $2.4 million, or 17 cents, in the same period last year.

Revenue rose to $165.9 million, from $139.6 million last year. The fluctuation in fuel surcharge and foreign exchange on its Canadian operations accounted for $13.1 million of the revenue increase for the first quarter of 2010 compared with last year, Vitran said.

Toronto-based Vitran — which has truckload, less-than-truckload and logistics operations in the United States and Canada — said its loss from LTL operations was $600,000, compared with a $2.7 million operating loss a year ago. LTL revenue jumped to $137 million, from $115.4 million.

LTL shipments and tonnage rose at a double-digit rate, said Chief Executive Officer Rick Gaetz. The growth rate for each month in 2010 was higher than year ago, and in March the company posted its best LTL monthly operating ratio since June 2008, Gaetz said in a statement.

The supply chain segment’s operating income rose to $1.4 million from $420,000, while revenue rose 23.8% to $20.1 million.

Truckload operating income rose to $490,000 from $190,000, while revenue rose 9.7% to $8.8 million.

Vitran is ranked No. 40 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.