Canadian transportation and logistics company TFI International reported second-quarter net income of C$80.4 million, or 89 cents per share, a significant turnaround from last year when TFI reported a quarterly loss of $75 million, or 82 cents per share.
“Our financial results easily exceeded the expectations during the second quarter, and we continue to have a strong year,” Chairman and CEO Alain Bédard said on a conference call with reporters and financial analysts July 26. “As always, our main focus at TFI is creating shareholder value, unlocking it for our investors and returning the excess capital to our shareholders. Our methods to accomplish these goals remain unchanged.”
TFI’s quarterly total revenue was $1.32 billion, compared with $1.26 billion in 2017.
The Montreal-based company has four business divisions, three of which posted increases in revenue. Package and courier reached $159 million compared with $153 million in 2017. Less-than-truckload improved to $239 million from $232 million. Truckload reached $525 million compared with $518 million in same period last year, and logistics and last-mile saw revenue decline to $247 million compared with $255 million in 2017.
“U.S. truckload is definitely a driver for us now,” Bédard said, “and we view the improvement there as a sustainable trend.”
TFI ranks No. 9 on the Transport Topics Top 100 list of the largest North American for-hire carriers.