October 31, 2011 / 11:10 AM / 7 years ago

UPDATE 1-Vitran posts Q3 loss on higher US worker costs

(Follows alerts)

Oct 31 (Reuters) - Canadian trucking company Vitran Corp posted a quarterly loss, hurt by higher workers’ compensation and healthcare costs in its less-than-truckload (LTL) segment in the United States.

For July-September, loss from continuing operations was $3.4 million, or 21 cents per share, compared with an income of $1.9 million, or 11 cents a share, a year ago.

Adjusted loss from continuing operations was 6 cents a share.

Revenue rose 18 percent to $206.2 million.

Vitran had bought Tennessee-based LTL transportation service Milan Express earlier this year and expected it to add to earnings immediately, but had faced roadblocks.

The LTL segment, which transports smaller volumes of goods of many customers in a single truck, posted a loss of $2.9 million in the quarter, nearly reversing all its $3 million profit from the 2010 third quarter.

The $1.5 million rise in U.S. workers’ compensation and healthcare costs weighed on the quarter, the company said in a statement. (Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below