Vitran touts record 3Q revenue, lower profit

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Vitran Corp. on Wednesday, Oct. 22, announced record revenue of $198.6 million during the three-month period ended Sept. 30, and net income of $2.1 million. In the comparable 2007 third quarter, the company reported revenue of $171.9 million and net income of $3.1 million.

“In the 2008 third quarter, the economic slowdown and significant industry-pricing pressures negatively impacted our LTL operating ratio, and partially offset record revenues that were driven by a strong performance at our logistics unit and 35 percent growth in the company’s LTL cross-border revenue,” said Rick Gaetz, president and chief executive officer of Toronto-based Vitran. “Despite the ongoing economic softness being experienced throughout North America and the uncertainty of when we will see a definitive turnaround, Vitran is operating more efficiently and effectively today as a result of several recently completed internal initiatives.”

Those initiatives, Gaetz said, include the successful launch of Vitran’s hybrid U.S. less-than-truckload IT platform, the standardization of the U.S. LTL wage and benefit structure, and the recent openings of new cross-dock and retail supply chain facilities located in Toronto. “I am also pleased to report that Vitran’s overlap terminal integration was successfully completed one week ahead of schedule,” he said. “With the massive multiphase integration project now behind us, we are in a more favorable position to deal with the challenges of a slowing North American economy.”