Montreal-based truckload carrier TFI International Inc. reported third quarter net income of C$48.8 million, down nearly 9% from $53.5 million in the same period a year ago. The 53 cents per-share income met the Bloomberg forecast of industry analysts of 53 cents a share, but was down from 57 cents a year ago.
Revenue before fuel surcharge from continuing operations totaled $1.05 billion, up 17% from $897 million a year ago.
“During the third quarter, we remained focused on operational efficiencies, executed the sale and leaseback of select real estate assets and produced strong cash flow,” Chairman Alan Bedard said in a statement. “We are encouraged by recent improvements in the U.S. Truckload market, which should allow us to increase contract renewal rates as we move forward thorough 2018.”
TFI’s truckload segment garnered revenue of $483.2 million, a jump of 40%, and operating income of $16.6 million.
The package and courier unit had revenue of $305.5 million, down from $321.2 million, and operating income of $31.4 million.
The less-than-truckload segment saw revenue of $198.7 million, a 7% rise, and operating income of $13.4 million.
The logistics group had revenue of $72.9 million, a 25% rise, and operating income of $6.3 million.
The company said it also saw a gain of $70.1 million on the sale of property.
TFI ranks No. 10 on the Transport Topics Top 100 list of for-hire carriers in North America.
