Another quarter, another record for TFI International when the Montreal-based conglomerate released its first-quarter financial report April 23.
The company’s total revenue was up 3% from the same period a year ago, reaching C$1.23 billion compared with C$1.19 billion in the first three months of 2018.
Net income was C$65.1 million or 74 cents a share compared with C$48.2 million or 53 cents a share a year ago.
Operating income surged by 41% compared with a year ago, reaching a first-quarter record of C$106.3 million compared with C$75.4 million in 2018.
In the fourth quarter of 2018, the company reported a 60% increase in profits and as was the case last year, the increase came from all segments. Also, TFI completed the acquisition of three businesses during the first quarter.
“The year is off to a strong start at TFI International, continuing our momentum that grew throughout 2018. We produced record first-quarter results due to our relentless focus on strong execution and profitable growth, regardless of the economic cycle,” CEO Alain Bédard said in a statement. “The significant year-over-year increase in our quarterly operating income was driven by strong performance across all segments.”
The company also announced it returned C$117 million to its shareholders through a combination of dividends and stock repurchases.
TFI provides parcel delivery, truckload and less-than-truckload freight hauling, plus warehousing and transportation management services and logistics throughout North America.
TFI International ranks No. 9 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.