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TFI International Inc. reported higher revenue in the third quarter of 2019, while profits ticked downward.
The Montreal-based truckload and logistics company reported income was C$82.6 million in the third quarter ended Sept. 30, down 4.7% from $86.7 million in the third quarter of 2018.
Earnings per share were 98 cents, up from 96 cents per share in the comparable quarter a year before.
Total revenue was $1.3 billion, up 1% from $1.29 billion a year before.
“While we closely monitor economic conditions and their impact on the North American freight business, our own attention to the fundamentals of the business has allowed us to outperform,” Chairman and CEO Alain Bedard said.
Bedard said three of TFI’s four segments produced higher operating income than a year earlier, including a 19% increase in truckload performance. TFI reported the truckload segment earned $75.8 million in operating income, up from $63.7 million a year ago.
TFI reported total revenue grew for package and courier services, truckload, logistics and last-mile operations. TFI’s less-than-truckload revenue declined 10% year-over-year.
Bedard said the company returned $84 million to shareholders through dividends and share repurchases. Bedard said TFI plans to continue emphasis on returning excess capital to shareholders whenever possible.
TFI International ranks No. 10 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.
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