TransForce Reports Lower 2Q Profit

Canadian transportation firm TransForce Inc. said Monday its second-quarter net income declined, and that it has reached an agreement to acquire an oil field carrier.

Net income fell to C$26.6 million, or 28 cents per share, from C$34.1 million, or 34 cents, a year earlier. Revenue fell 2.4% to C$792.3 million, the Montreal-based trucking and logistics company said.

TransForce said it entered an agreement to acquire JCF Inc. and its subsidiary E.L. Farmer, a pipe storage and oil field hauler.

Terms were not disclosed, but TransForce said the purchase is expected to generate about $70 million in annual revenue.

TransForce Inc. is ranked No. 8 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.