Vitran posts $4.2M 2Q net loss

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Vitran

Vitran Corp. on Thursday, July 19, reported a 2.0 percent increase in revenue to $213.1 million for the second quarter ended June 30 compared to $208.9 million for second quarter of 2011, while consolidated revenue increased 3.3 percent. The Toronto-based company recorded a net loss of $4.2 million compared to a net loss of $2.3 million.

Vitran reported a 6.7 percent increase in revenue to $420.8 million for the six months ended June 30 compared to $394.3 million for the same period in 2011. The company recorded a net loss of $10.0 million compared to a net loss of $2.5 million.

“We are disappointed with our consolidated second-quarter results,” said Rick Gaetz, Vitran president and chief executive officer. “However, we remain pleased with the operating results generated by our Canadian LTL and Supply Chain operation. Both management groups are focused on expanding their businesses for the balance of 2012.”

Gaetz said Vitran’s U.S. less-than-truckload operation continues to be its main challenge, priority and opportunity. “Although U.S. LTL operating results in the second quarter improved approximately 10 percent from the 2012 first quarter, the improvement was much less than we anticipated,” he said. “The delay in real recovery can be attributed to operating personnel turnover during the quarter as we continue to aggressively upgrade talent. This will help accelerate our recovery in the back half of 2012 and more importantly into 2013.”

Gaetz said many pieces were put in place during the quarter to build a solid foundation for the future. “These include the reintroduction of our freight costing model, the expansion of our shipment reweigh technology, the rollout of our in-cab handheld tablet technology, the rollout of our new dispatch system, the rollout of our new linehaul planning technology and – finally and perhaps most importantly – the implementation of our new linehaul and operating plan on July 9.”