Vitran edges up 15% on better-than-expected Q2 revenues

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Vitran Corporation Inc. (Nasdaq:VTNC) has gained more than 15% in pre-market trading today after the company announced second-quarter record revenues ahead of the bell. The Canada-based company said that for the quarter ended June 30, revenues were $196 million, compared with $170.1 million for the same period a year ago. Net income was $4.6 million, or $0.34 per share, versus $5.5 million, or $0.41 a share, for the quarter a year earlier. Wall Street was expecting earnings per share of $0.17 on revenues of $192 million.

"The sequential improvements were driven by double-digit growth in our revenue per shipment, and a more than seven percent increase in revenue per hundredweight during the period. Cross-border revenue also rose 32 percent, compared to the 2007 second quarter. Most importantly, these gains were achieved in the face of the successful implementation of our new IT operating system,” said Rick Gaetz, president and CEO, in a statement.

Before the opening, shares are at $19, up $2.50 from Tuesday’s close. The shares have ranged between $11.21 and $22.32 during the past year.

For detailed price information and recent news stories about Vitran Corporation Inc., click VTNC.