TFI International Reports Record Operating Income for 2Q
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TFI International reported record results for its second quarter ending June 30, the company said in a July 25 press release.
The Montreal-based truckload conglomerate reported net income of C$100.1 million, up 24.6% from $80.4 million in the same quarter of 2018.
Earnings per share were $1.16, up 30.3% from 89 cents in the year-ago period.
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Total quarterly revenue was $1.34 billion, up $20 million, or 1.5%, from the comparable quarter in 2018.
TFI officials credited the strong performance — which included a record for operating income for the second quarter, at $149 million — to growth in the freight industry.
“Our consistent ability to perform even during challenging freight environments is a result of our relentless focus on profitable growth, through strong execution of business fundamentals,” Chairman and CEO Alain Bédard said. “We produced record quarterly operating income from continuing operations, up 21% the past year, with three of our four segments generating double-digit growth.”
TFI officials said the company continues to acquire businesses, and they announced $85 million has been returned to shareholders through dividends and share repurchases. The TFI board also has authorized an expansion of the share repurchase program, contingent upon approval from the Toronto Stock Exchange.
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. 10 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.
