April 22, 2009 / 9:59 PM / 9 years ago

UPDATE 1-Vitran posts Q1 loss

* Q1 rev down 21 percent

April 22 (Reuters) - Transportation and logistics company Vitran Corp Inc VTNC.O VTN.TO posted a first-quarter loss, weighed down by weakness at its less-than-truckload segment.

Vitran reported a net loss of $2.4 million, or 17 cents per share, for the quarter, compared with a profit of $1.1 million, or 8 cents a share, in the year-ago period.

Quarterly revenue fell 21 percent to $139.6 million, hurt by fluctuation in fuel surcharge and foreign exchange on its Canadian operations, the company said.

The company’s less-than-truckload (LTL) segment posted a loss of $2.7 million, compared with a profit of $2.1 million a year earlier.

“The economic environment remains very demanding, but we continue to modify our LTL operating structure to reduce costs and expand Vitran’s market share,” Chief Executive Officer Rick Gaetz said in a statement.

Analysts on average expected a loss of 18 cents a share, before items, on revenue of $153 million, according to Reuters Estimates. (Reporting by Richa Dubey in Bangalore; Editing by Deepak Kannan)

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