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TFI profits slip amid ‘challenging’ conditions: CEO
MONTREAL — TFI International Inc. boosted its sales last quarter despite sputtering transport demand, but the figures fell short of expectations.
On Monday, the country's biggest trucking firm reported that net income fell four per cent to $128.0 million in the three months ended Sept. 30 from $133.3 million in the same period a year earlier.
TFI says third-quarter revenue rose 14 per cent to $2.18 billion from $1.91 billion the year before, partly due to recent acquisitions.
On an adjusted basis, earnings inched up to $.160 per share from $1.57 per share, 10 per cent below analysts' expectations of $1.78 per share, according to financial markets firm LSEG Data & Analytics.
Alain Bédard, chairman and CEO of the Montreal-based company, says business conditions for "less-than-truckload" deliveries, which make multiple drops rather than shipping full loads, were "challenging" but that full-truckload and Canadian less-than-truckload operations remained solid.
The company says its board of directors has approved a 45 cent qarterly dividend, an increase of 13 per cent.
This report by The Canadian Press was first published Oct. 21, 2024.
Companies in this story: (TSX:TFII)
