Vitran’s Fourth-Quarter Loss Narrows
Vitran Corp. on Wednesday said its losses for the fourth quarter and full year both declined from a year ago.
For the quarter the carrier lost $8.1 million, or 49 cents per share, compared with a loss of $42.9 million, or $2.63 a year ago. Revenue rose 20% to $205 million, the Toronto-based carrier said in a statement.
For the full year, Vitran lost $14 million, or 86 cents per share, compared with a loss of $40.2 million, or $2.47, a year earlier. Full-year revenue rose 20%, to $806 million.
Its less-than-truckload operations posted a $4.2 million loss for the quarter on revenue of $172 million. Tonnage rose 9.9% and shipments gained 10.1%.
CEO Rick Gaetz said in a statement that the company “did not take advantage of a reasonable operating environment to improve results” in its U.S. operations.
“We are making progress; however, we are not yet monetizing the changes that are occurring in the business,” Gaetz said in the statement.
Vitran is ranked No. 34 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
