Contrans Group Inc. (TSX:CSS) earned a $36.8-million profit in its second quarter, as the trucking company sold its waste collection business and increased earnings at its remaining operations.
The profit amounted to $1.07 per diluted share, up from 24 cents per share or $8.1 million in total in the second quarter of 2013.
Excluding the sale of the waste collection business, Contrans earned $10 million or 29 cents per share from continuing operations for the three months ended June 30, up from $7.4 million or 21 cents per share in a year earlier.
Revenue from continuing operations increased to $153.7 million from $132.6 million.
Woodstock-based Contrans provides trucking services in Canada and parts of the United States.
Last week, the company's board announced its support of a friendly takeover offer by Montreal-based TransForce (TSX:TFI).
TransForce is offering to pay $495 million or $14.60 per share in cash and assume $85 million of debt to acquire Contrans. In addition, Contrans would pay its shareholders a special dividend of 40 cents per share, with the cash coming from the sale of the waste transportation business.
This content appears as provided to The Globe by the originating wire service. It has not been edited by Globe staff.