TransForce Inc.’s second-quarter net income rose to C$26.2 million, or 27 cents a share, from C$17 million, or 18 cents, a year earlier.
Revenue jumped 31% to C$650.8 million, while earnings before interest and taxes rose of 21% to C$49.3 million, the Montreal-based trucking and logistics company said Tuesday.
TransForce, which this year acquired Canadian logistics firm Dynamex, said its revenue growth was driven by acquisitions and the creation of Loomis Express through the acquisition of DHL Express Canada’s domestic operations.
The company also said that effective Monday it acquired the shares of Toronto-based Concord Transportation Inc., an expedited carrier specializing in cross-border transportation.
Concord — which has offices in Ontario, British Columbia, Illinois, California and Washington state — provides coverage throughout North America in both truckload and less-than-truckload sectors, TransForce said in a statement.
An asset light company with annual revenues over C$35 million, Concord has about 100 employees and agreements with about 130 independent contractors.
A portion of the deal was paid by the issuance of 134,228 shares of TransForce at C$14.90 per share, or about $2 million.
TransForce Inc. is ranked No. 10 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
