Vitran Corp. Inc. (VTNC, VTN.TO), a North American transportation and logistics firm, Wednesday reported a decline in second quarter income over the prior-year period. Earnings per share decreased 17% year-over-year, yet beat analysts'consensus estimate.
Second quarter net income was $4.6 million, or $0.34 per share, lower than $5.5 million, or $0.41 per share, in the year-ago period. Seven analysts polled by First Call / Thomson Financial had a consensus earnings estimate of $0.17 per share for the second quarter.
Revenue for the quarter increased to $196 million from $170.1 million in the comparable period of 2007. Street analysts were expecting $192.16 million for the second quarter.
Rick Gaetz, president and chief executive officer said, "During the quarter, we announced the launch of the company's U.S. LTL IT operating platform, which is expected to facilitate revenue growth, increase productivity, streamline our cost structure and help deliver bottom line improvements."
For the six-month period, net income decreased to $5.7 million, or $0.42 per share, from $8.9 million, or $0.65 per share, in the same period last year.
Revenue for the period increased to $373.5 million from $324.3 million in the first six months of the previous year.
VTNC is currently trading on Nasdaq at $18.03, up $1.53 or 9.27% on a volume of 256 thousand shares. VTN is trading at $18.22, up $1.64 or 9.89%, on the TSX.
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