* Says daily activity to be "bit better" sequentially in
* Sees small sequential improvement in April yield
* Shares touch 19-month high
April 28 North American transportation company
Vitran Corp VTN.TO VTNC.O said it has started to see some
improvement in spot pricing in its truckload business, sending
its shares to a 19-month high.
Vitran, which offers less-than-truckload (LTL), supply
chain, truckload and freight brokerage services, said it
expects April to be "bit better" sequentially from a daily
"The bleeding has stopped from the pricing perspective,"
Chief Executive Rick Gaetz said on a conference call with
The North American trucking industry had been hit hard
during the recession as excess capacity put pressure on pricing
and dented margins.
Gaetz said pricing erosion had come to a "kind of full stop
in February and we actually saw a very small sequential gain in
"We expect a similar small sequential improvement in yield
for the month of April," the CEO added. On Tuesday, Vitran
posted a narrower first-quarter loss, driven by reduced loss
from operations and higher shipments at its LTL segment.
The company said it is also seeing signs of improved
consumer spending that will boost its retail-based supply chain
business, which is the second largest contributor to overall
It expects 2010 total capital expenditure of $10 million to
Vitran shares were up 70 Canadian cents at C$14.59
Wednesday morning on the Toronto Stock Exchange.
(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by
Ratul Ray Chaudhuri)