Vitran Corp. announced Thursday, July 19, quarterly financial results for the 2007 second quarter ended June 30. Vitran achieved net income of $5.5 million on revenue of $170.1 million for the 2007 second quarter. In the comparable 2006 quarter, Vitran recorded net income of $5.8 million on revenue of $123.6 million.
“Vitran continues to be impacted by overall softness in the North American economy, which has adversely affected LTL freight levels and, to a lesser degree, industry pricing,” said Rick Gaetz, president and chief executive officer of Toronto-based Vitran.
Gaetz said Vitran’s recent acquisitions continue to perform on plan, and that the company remains well-positioned for future growth, with the expected launch of its new hybrid operating system and the completion of the operational integration — both of which are slated to be finished later this year.
“Once these critical elements are in place, we will be aggressively rolling out the company’s inter-regional cross-selling offerings, as well as focusing on further expanding Vitran’s cross-border business,” Gaetz said. “Lastly, we also continue to seek complementary, accretive LTL acquisitions in regions Vitran is not yet serving.”
During the six-month period ended June 30, Vitran achieved net income of $8.9 million on revenue of $324.3 million. In the comparable first half of 2006, the company reported net income of $9.5 million on revenue of $238.8 million.