We consider the transport spectroscopy of a quantum dot with an even number of electrons at finite bias voltage within the Coulomb blockade diamond. We calculate the tunneling current due to the elastic and inelastic co-tunneling processes associated with the spin-singlet ground state and the spin-triplet first excited state. We find a step in the differential conductance at a bias voltage equal to the excitation energy with a peak at the step edge. This may explain the recently observed sharp features in finite bias spectroscopy of semi-conductor quantum dots and carbon nanotubes. Two limiting cases are considered: (i) for a low excitation energy, the excited state can decay only by inelastic co-tunneling due to Coulomb blockade (ii) for a higher excitation energy the excited state can decay by sequential tunneling. We consider two spin-degenerate orbitals that are active in the transport. The nonequilibrium state of the dot is described using master equations taking spin degrees of freedom into account. The transition rates are calculated up to second order in perturbation theory. To calculate the current we derive a closed set of master equations for the spin-averaged occupations of the transport states.