July 23, 2008 / 1:39 PM / 10 years ago

Vitran profit drops as fuel costs rise

TORONTO (Reuters) - Canadian transportation company Vitran Corp VTN.TO reported a 17 percent drop in second-quarter profit on Wednesday as rising fuel costs offset record revenue.

Vitran said earnings fell to $4.6 million, or 34 cents a share, down from $5.5 million, or 41 cents, a year earlier.

Revenue for the quarter rose to $195.9 million, up from $170.1 million, due in part to growth in its revenue per shipment and the implementation of the company’s IT operating system in the United States.

Analysts, on average, had expected profit of 19 cents a share, according to Reuters Estimates.

Rick Gaetz, president and chief executive, said in a statement the company was pleased with top and bottom-line performance in the quarter, given a slumping U.S. economy and record fuel costs.

Vitran, based in Toronto, provides freight surface transportation and related logistics services in Canada and in the United States.

($1=$1.01 Canadian)

Reporting by Jennifer Kwan and Scott Anderson

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