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TFI powers through flat fourth quarter as truckload keeps delivering

Canadian transportation company delivers impressive performance in weak freight market as it finishes 2019 with 20% increase in operating income on strength of its truckload and logistics businesses.

TFI International (TSX: TFI) reported essentially flat fourth-quarter results Monday as its truckload and logistics businesses helped the Canadian firm power through a weak freight market. 

TFI earned C$76.5 million in net income, or adjusted earnings per share of C$0.95, on revenue of C$1.3 billion in the fourth quarter of 2019, in line with analysts’ expectations. The results are slightly lower compared to the fourth quarter of 2018, which saw C$86.3 million in net income, or an adjusted EPS of C$0.96 on C$1.32 billion in revenue. 

“We are pleased with our strong results during what has been a challenging time for the broader transportation industry and believe our performance despite current market conditions stems from our sharp focus on the fundamentals of the business,” CEO Alain Bedard said in a statement. 

TFI’s truckload business, its largest, helped the company deliver a 20% increase in operating income to a record C$124 million during the quarter. 

The truckload segment posted C$61.3 million in operating income on C$544.8 million in revenue versus C$52.3 million in operating income on C$528.2 million in 2018.

Bedard was scheduled to discuss the results with analysts at 5 p.m. Monday.

This story is developing. 

Nate Tabak

Nate Tabak is a Toronto-based journalist and producer who covers cybersecurity and cross-border trucking and logistics for FreightWaves. He spent seven years reporting stories in the Balkans and Eastern Europe as a reporter, producer and editor based in Kosovo. He previously worked at newspapers in the San Francisco Bay Area, including the San Jose Mercury News. He graduated from UC Berkeley, where he studied the history of American policing. Contact Nate at