Vitran posts gains in 3Q

Canadian trucking and logistics firm Vitran Corp. posted an 80% gain in net income for the third quarter, largely the result of double-digit increases in cross-border freight demand between the U.S. and Canada, according to president & CEO Richard Gaetz. Vitran's net income in the third quarter topped $2.29 million Canadian on revenues of $77.4 million, compared to about $1.27 million in net income on revenues of around $76.8 million in the same quarter last year. For the first nine months of 2002, net income exceeded $4.68 million on revenues of about $226 million, compared to net income of $932,400 on revenues of about $228.7 million over the same period in 2001. Toronto-based Vitran said income from its LTL operating unit rose 12.7% in the third quarter compared to last year, with its truckload and logistics operations posting income gains of 58% and 33%, respectively, in the same period. However, its year-end numbers will be affected by accounting changes that required a $4.8 million charge against earnings for the valuation of its intermodal, highway brokerage, and truckload units.