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2/17/2017 9:00:00 AM Write a Letter to the Editor Write a letter to the Editor

TFI International Profits Increase in Fourth Quarter

TFI International Inc., formerly known as TransForce Inc., reported net income rose 3.9% in the fourth quarter of 2016, although the gains were slightly lower than the consensus forecast from industry analysts.

The Montreal-based company earned C$45.3 million in profits for the final three months of 2016, or 48 cents per share. In the prior year, the figure was C$43.6 million, or 44 cents. Revenue, including fuel surcharges, was $1.14 billion in the fourth quarter, up 11% from the same period in 2015. The trucking company reports earnings in Canadian dollars.

“2016 was a transformational year for the company. We made an important acquisition that bolstered our presence in the North American truckload market, including the growing U.S.-Mexico cross-border corridor,” said chairman and CEO Alain Bédard. “Going forward, almost half our total revenue will be derived in the U.S.”

Within the company, truckload business generated $457.9 million in revenue; package and courier $349.8 million; less-than-truckload revenue $177.1 million and logistics $65.6 million. The LTL division was the only one with lower revenue in the quarter on a year-over-year basis.

Operating income, or the amount left over after expenses were deducted from revenue, decreased in the truckload unit but increased in the other three divisions on a year-over-year basis. Truckload operating income was $28.4 million; package and courier $33.5 million; LTL $15.1 million and logistics $7.1 million.

For the full year, TFI’s revenue was essentially flat at $4.03 billion, less than 0.1% lower than 2015. Adjusted net income rose 5.1% to $195 million, or $2.04 per share. The figure was adjusted to exclude $490.8 million when TFI sold the waste management division in February 2016.

During a extensive question and answer session, Bédard discussed 2016 results, the U.S. truckload market outlook in 2017, U.S. President Trump’s economic and trade policies, and whether TFI will continue last year’s rapid pace of acquisitions.

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