Canadian transportation firm TransForce Inc. said its income dropped in the fourth quarter, which was mostly attributed due to bad weather, and Contrans Group reported its earnings increased in 2014.
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 year earlier, TransForce said in a Feb. 27 statement.
Revenue grew 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," TransForce Chairman and CEO Alain Bédard said. "In addition, initiatives to reduce our costs and our asset base in several divisions resulted in additional expenses of about C$7 million."
TransForce, which ranks No. 8 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers. said it cut back facilities and staff in its package and less-than-truckload segments.
For all 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 to C$3.1 billion from C$3.14 billion
