October 26, 2010 / 11:50 AM / in 8 years

UPDATE 1-Vitran Q3 profit trails view; sees better yield in Q4

* Q3 EPS $0.12 vs est $0.13

* Q3 rev up 10 pct

* Truckload segment income down 60 pct

Oct 26 (Reuters) - North American cross-border trucking company Vitran Corp VTN.TO VTNC.O posted a third-quarter profit that trailed estimates, hurt by a 60 percent drop in income from truckload operations.

However, the company, which also offers less-than-truckload (LTL), and logistics services, said it expects its U.S. LTL segment to drive yield through the fourth quarter and improve year-over-year results.

Vitran, which has operations across Canada and the U.S., earned about $2 million, or 12 cents a share, compared with $281,000, or 2 cents a share, a year ago.

The Toronto-based trucker said the fall in its truckload segment income to $70,000 in the third quarter from $175,000 last year, was due to higher-than-anticipated accident costs and a lack of qualified owner operators.

Total revenue, however, rose 10 percent to $182.9 million, helped in part by strong performance at its supply chain operation segment, the company said in a statement.

Analysts on average expected the company to earn 13 Canadian cents on revenue of $179.9 million, according to Thomson Reuters I/B/E/S.

Vitran shares have shed over 15 percent in value since the company posted a lower-than-expected second-quarter profit on July 22.

They closed at C$11.18 Monday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Vyas Mohan)

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