MONTREAL – TFI International Inc. increased its revenue in the latest quarter despite weakening transportation demand, but the numbers fell short of expectations.
On Monday, the country’s largest trucking company reported that net profit fell 4 percent to $128.0 million in the three months ended Sept. 30, compared with $133.3 million in the same period last year.
TFI said third-quarter revenue rose 14 percent to $2.18 billion from $1.91 billion a year ago, partly due to recent acquisitions.
On an adjusted basis, profit rose slightly from $1.57 per share to $0.160 per share, 10 percent 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 the terms and conditions for “part-load” deliveries, which are multiple shipments rather than sending full-load shipments, are “challenging,” but that full-load and Canadian part-load shipments are not more were available -The truck loading operation remained solid.
The company says its board approved a quarterly dividend of 45 cents, an increase of 13 percent.
This report by The Canadian Press was first published Oct. 21, 2024.
Companies in this story: (TSX:TFII)
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