February 8, 2008 / 1:17 PM / 10 years ago

UPDATE 1-Vitran results hurt by soft economy

(Adds details. In U.S. dollars)

TORONTO, Feb 8 (Reuters) - Vitran Corp VTN.TO reported a lower fourth-quarter profit on Friday hurt by a slumping North American economy.

The Canadian transportation company reported earnings of $1.7 million, or 12 cents a share for the quarter ended Dec. 30, down from $5 million, or 37 cents a share for the same time in 2006.

Revenue for the quarter was $174.3 million, up 13.3 percent from $153.8 million for the same time in 2006.

Analysts were expecting an average of 24 cents a share and revenue of $165.9 million.

“As expected, the fourth quarter of 2007 marked another challenging period for Vitran and the entire North American trucking industry, as margins continued to experience downward pressure as a result of the soft economic environment,” Vitran President and chief executive Rick Gaetz said in a release.

$1=$1.00 Canadian Reporting by Scott Anderson; Editing by Renato Andrade

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