Vitran increases revenue but net income drops in Q1

TORONTO, Ont. — Vitran’s first quarter revenue was up 15.2% in the first quarter of 2008, but its net income was down from US$3.4 million during the same time last year to US$1.1 million this year, the company reported.

“Downward pressure on Vitran’s margins continued during the first quarter of 2008, as the weak economic environment continued to weigh on our bottom-line profitability,” stated Vitran president and CEO Rick Gaetz.

Despite the challenges faced in Q1, Gaetz noted Vitran has improved daily tonnage by 3.1% during the quarter while growing cross-border revenue by 51%.

Vitran’s LTL segment generated $2.1 million in income during the first quarter. Revenue in this segment was up 9.7%, revenue per shipment improved 6.6% and tonnage increased 1.5%. However, the total number of shipments handled by Vitran’s LTL segment dropped 1.6%.