North American transportation company Vitran Corp posted a wider fourth-quarter loss, hurt by higher-than-expected insurance-related expenses and increased operating costs.
Vitran, which has operations across Canada and the United States, posted a loss of $42.9 million, or $2.63 cents a share, in the October-December quarter. That compares with a loss of $2.3 million, or 14 cents a share, in the year-ago period.
The Toronto-based company, which has been focusing on its less-than-truckload (LTL) and supply chain logistics services, lost 8 cents a share, excluding the impact of tax valuation allowance.
“Pricing in our U.S. LTL business unit continued its positive trend improving from the third quarter of 2010. These positives were offset by higher than expected insurance-related expenses and purchased transportation costs,” the company said.
The company said it sold the majority of the assets of its truckload segment in the fourth quarter, for about $5 million.
Operating expenses rose nearly 10 percent to $168.1 million in the quarter.
Total revenue rose 10 percent to $172 million, helped by supply chain operation segment. (Reuters)