July 21, 2011 / 9:14 PM / in 7 years

UPDATE 1-Vitran Q2 lags Street on weak US operations

* Q2 shr loss $0.14 vs est loss $0.01

* Q2 rev up 23.1 pct to $208.9 mln (Follows alerts)

July 21 (Reuters) - Canadian trucking company Vitran Corp posted a wider-than-expected quarterly loss, despite a 23 percent rise in revenue, hurt partly by weakness in its U.S. operations.

“Our U.S. LTL (less than truckload) operation had a significant challenge working out of the first-quarter weather issues that were compounded by the acquisition of Milan on Feb. 19,” Chief Executive Rick Gaetz said in a statement.

Milan Express, a Tennessee-based less-than-truckload transportation service company, had about 2.5 days of freight backlogged by the time the acquisition was closed, Gaetz said.

For the second quarter, net loss from continuing operations was $2.3 million or 14 cents per share, compared with net earnings of $1.6 million, or 10 cents per share, a year ago.

Adjusted loss from continuing operations was 3 cents per share in the quarter.

Revenue rose 23.1 percent to $208.9 million.

Analysts on average were expecting the company to post a loss of 1 cent per share on revenue of $201.4 million, according to Thomson Reuters I/B/E/S.

Shares of the company closed at C$10.38 on Thursday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Prem Udayabhanu)

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