TransForce Income Fund's 3Q Profits Fall; Revenue Rises

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anadian transportation firm TransForce Income Fund on Tuesday reported net income in the third quarter dropped to C$38.9 million or 46 cents a share, down from C$68.4 million or 90 cents a year earlier.

Revenue rose 18% to C$454 million, the company said in a statement.

Earnings before interest, taxes, depreciation and amortization grew to C$67.2 million from C$53.2 million a year ago.

During the quarter, TransForce acquired Canadian less-than-truckload carrier Byers Transportation System from Landtran Systems, a Canadian logistics firm. (Click here for previous coverage.)

In late August, TransForce acquired Howard’s Transport Services, a specialized carrier that serves the oilfield industry, for an undisclosed amount. (Click here for previous coverage.)

In early October, the firm sold the hazardous waste and industrial cleaning operations of Services Matrec, its waste management subsidiary, to Newalta Income Fund for C$31.8 million. (Click here for previous coverage.)

TransForce is ranked No. 22 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies.