Toronto, Canada-based trucking conglomerate Vitran Corp. said its second quarter net income increased 61% to $4.4 million on 12% higher revenues of $93.9 million. Profits for the first half of 2004 went up 46% to $6 million on revenues of $181.1 million compared to the same periods in 2003.
Vitran said its LTL segment posted the strongest results in the second quarter, with profits increasing 28% to $5.5 million, with approximately 10% revenue growth at both its Canadian and the U.S. divisions. Vitran’s logistics and truckload divisions had much smaller gains, however. Its truckload segment reported profits of $500,000 on 8% higher revenues, while its logistics operation netted just $400,000 on 23% higher revenues.
With the company profitable, president & CEO Richard Gaetz said Vitran plans to continue focusing on expanding the company via acquisitions in the near future.
“Our balance sheet is healthier than it has ever been, as we have lowered long-term debt an additional 15% this year, while maintaining a strong cash position,” he said. “We remain committed to our acquisition strategy to further expand Vitran's North American freight distribution network.”
