Hurt by Charge for Con-Way Freight Deal, TFI Loses Money in Second Quarter

TFI International, the Montreal-based truckload carrier, reported a $75 million operating loss in the second quarter, cautioning investors that the results included a $128.9 million noncash goodwill impairment charge related to the difficult U.S. truckload market and the purchase of the old Con-way Freight truckload unit from XPO Logistics last fall.

On a per-share basis, TFI lost 82 cents compared with a $39.1 million profit or 41 cents one year ago. On an adjusted basis, removing the CFI transaction, operating income rose 12% to $82.6 million.

TFI wrote in its earnings statement that the nonrecurring costs included $6.8 million related to the integration of CFI, mainly in regards to fleet rebranding and renewal programs.

“Although TFI International’s results remain affected by difficult conditions in the U.S. truckload market, we are pleased that benefits from earlier initiatives aimed at improving efficiency and generating superior returns are materializing in all other operating segments,” TFI CEO Alain Bedard said.

Revenue at the package and courier section increased to $324.4 million from $316.2 million. Less-than-truckload revenue went up to $206.5 million from $188.1 million. Truckload revenue increased to $515.6 million from $355.9 million a year ago and logistics revenue rose to $80.1 million from $58.5 million.

The carrier ranks No. 10 on the Transport Topics Top 100 list of the largest North American for-hire carriers.