Vitran’s Operating Loss Widens

Vitran Corp. Thursday reported a first-quarter operating loss but posted a profit from gains from the sale of its supply chain business.

Its operating loss widened to $17.6 million, or $1.07 per share, compared with an operating loss of $7.2 million, or 44 cents, a year ago.

Revenue fell 9.5% to $161.1 million, Toronto-based Vitran said in a statement.

Vitran completed the $97 million sale of its supply chain business in early March.

In early April, the company named Bill Deluce Vitran’s interim CEO after former CEO Rick Gaetz left the company.

Deluce said in a statement that Vitran was “very disappointed with [its] financial results” and that its board is “focused on the objective of enhancing shareholder value.”

Vitran is ranked No. 34 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.