Vitran trucking firm reports net loss of $4.2 million for Q2

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TORONTO - Trucking and logistics firm Vitran Corp. (TSX:VTN) is reporting a second-quarter net loss of US$4.2 million compared to a year-earlier loss of $2.3 million on increased operating expenses.

The Toronto-based company, which reports results in U.S. dollars, says its loss amounted to 25 cents per share, compared to 14 cents per share for the same period last year.

While revenues grew to $213.1 million, up from $208.9 million a year ago, operating expenses rose to $211.2 million for the quarter from $205.1 million for the same quarter last year.

The company says workforce turnover is delaying its recovery.

Vitran's less-than-truckload business — the movement of smaller-scale shipments that require less than a big rig to haul — saw revenues improve to $183.8 million, 4.5 per cent higher than the same period last year.

"Our U.S. LTL operation continues to be our main challenge, priority and opportunity," said Vitran president and Chief Executive Officer Rick Gaetz in a statement on Thursday.

"Although U.S. LTL operating results in the second quarter improved approximately 10 per cent from the 2012 first quarter, the improvement was much less than we anticipated."

Vitran shares were unchanged Thursday at $5.77 on the Toronto Stock Exchange.

Organizations: Vitran Corp., TSX, Toronto Stock Exchange

Geographic location: U.S., TORONTO

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