Trade Resources Company News TransForce Inc.Said Its Income Dropped in The Fourth Quarter

TransForce Inc.Said Its Income Dropped in The Fourth Quarter

Canadian transportation firm TransForce Inc.said its income dropped in the fourth quarter,which it said was mostly due to bad weather.

Net income was C$12.3 million,or 13 cents a share in the quarter,down from C$36.1 million,or 37 cents a share,a year earlier,TransForce said in a Feb.27 statement.

Revenue grew slightly to C$792.6 million,from C$778.4 million.

"Although the fourth quarter produced lower year-over-year results,factors affecting profitability were mostly related to harsh weather,"said Alain Bédard,chairman and CEO of TransForce."In addition,initiatives to reduce our costs and our asset base in several divisions resulted in additional expenses of about C$7 million."

TransForce cut back facilities and staff in its package and less-than-truckload segments,it said.

For the full year of 2013,profit fell to C$101.7 million,or C$1.08 a share,compared with$154.2 million,or C$1.55,in 2012.Revenue dropped slightly to C$3.1 billion,from C$3.14 billion.

 

Source: http://www.ttnews.com/articles/basetemplate.aspx?storyid=34270&t=TransForces-4Q-Income-Falls-on-Weather
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Transforce’S 4q Income Falls on Weather
Topics: Transportation