Vitran Corp. Inc. on Tuesday, April 26, reported an 18.0 percent increase in consolidated revenues to $185.4 million in the first quarter of 2011 compared to $157.1 in the first quarter of 2010. Adjusting for the impact of foreign exchange on Vitran’s Canadian operations, consolidated revenue increased 16.0 percent. The company recorded a net loss from continuing operations of $0.2 million compared to a net loss of $1.3 million.
On a non-GAAP basis including Vitran’s normal income tax provision for its U.S. operations, the company recorded earnings from continuing operations of $0.02 per diluted share compared to a loss from continuing operations of $0.08 per diluted share.
“We are pleased to have posted an adjusted first-quarter profit of 2 cents per diluted share,” said Rick Gaetz, president and chief executive officer of Toronto-based Vitran. “It was a significant improvement compared to the first quarter of 2010, particularly given the severe winter weather and sharp increase in full costs this quarter.”
Gaetz said that during the first quarter, Vitran added five new southern states – North Carolina, South Carolina, Georgia, Alabama and Mississippi – to its operating footprint through the acquisition of Milan Express Inc.’s less-than-truckload operation. “This acquisition, along with growth in our legacy LTL and supply chain operations, contributed to the improvement in the first-quarter revenue,” he said.
“The LTL pricing environment continues to firm, and we believe yield will improve in the coming months,” Gaetz said. “Our supply chain operation performed well driven by increased activity levels throughout our North America infrastructure. We believe our operating discipline will pave the way for continued growth in the year.”