July 12, 2011 / 11:24 AM / 7 years ago

UPDATE 1-Vitran expects Q2 loss on higher costs

* Sees Q2 adj loss/shr $0.03-$0.06

* Expands revolving credit facility to $111.5 mln (Follows alerts)

July 12 (Reuters) - Vitran Corp Inc said it expected an adjusted loss for the second quarter, hurt mainly by higher labor costs and poor performance at its U.S. based less-than-truckload (LTL) operations.

The company, which offers LTL and logistics services across Canada and the United States, expects an adjusted loss of 3-6 cents per share for the quarter.

For the first quarter, it had earned 2 cents a share on an adjusted basis.

In January, Vitran had bought the LTL business of Tennessee-based transportation services company Milan — which operates 34 facilities in central and southeastern United States.

The Toronto-based trucker also said it increased its revolving credit facility to $111.5 million from $100 million, to execute its operational and capital plans for the next year.

Shares of the company closed at C$13.15 on Monday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Maju Samuel)

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