Vitran’s Third-Quarter Profit Declines

Vitran Corp. said Tuesday its third-quarter profit was $3.1 million or 23 cents a share, down from $4.9 million or 38 cents a year ago.

The Toronto-based transportation firm’s revenue rose to $171.9 million from $121.5 million a year ago.

Vitran has truckload, less-than-truckload and logistics operations in the United States and Canada.

LTL segment operating income fell to $5.7 million from $6.6 million a year ago.

“While we are clearly unhappy with 2007 third quarter results, it is now obvious that we will not meet our annual guidance of $1.60 to $1.70 per share,” the company said in a statement. “We expect the challenging operating environment experienced in the third quarter to continue through the fourth quarter of 2007.”

Vitran is ranked No. 53 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.