Less-than-truckload carrier Vitran nearly quadrupled its profit and raised its yield in the second quarter, as its freight volume surged 10 percent.
The Toronto-based company, which operates on both sides of the U.S.-Canadian border, raised its net income from $440,000 a year ago to $1.7 million.
Its revenue jumped 12.8 percent from last year's second quarter to $179 million.
The carrier, which targets shipments moving across the U.S.-Canada border, returned to profitability after a $930,000 loss in the first quarter of 2010.
Vitran had a net loss of $4 million on $629.3 million in sales last year.
"We continue to be pleased with the improvement in the LTL segment's results and strong performance in the supply chain operation," said Rick Gaetz, president and CEO. "Most importantly our yield grew sequentially each month from February."
LTL yield, a measure of pricing, improved 2.1 percent from April through June, Gaetz said. "We believe we can continue to increase yield through the third quarter.
Revenue per hundredweight was up 1.1 percent compared with the first quarter.
Vitran's LTL operations reported $3.9 million in operating income, up from $1.2 million a year ago. Shipments and tonnage improved 6.1 and 9.7 percent.
Its supply chain operations increased revenue 12.5 percent to $20.9 million, while its income decreased slightly year-over-year.
Revenue at Vitran's truckload operations rose 10 percent year over year, but that segment's income declined 28.1 percent to $184,000.
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