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Company EarningsLess than Truckload (LTL)NewsTruckingTruckload Freight

TFI posts weaker top-, bottom-line results in Q2

Adjusted diluted EPS comes in below street estimates

Mark Solomon
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Weaker second-quarter results for TForce parent TFI

Canadian transport company TFI International (NYSE: TFII) on Monday reported revenue, including fuel surcharges, of $1.79 billion in the second quarter, down from $2.42 billion in the 2022 quarter as weaker volumes ate into its top line.

Operating income was halved to $192.4 million from $391 million, while adjusted diluted earnings per share dropped to $1.59 from $2.61 per share, and below analyst consensus of $1.71-$1.73 a share.

Adjusted net income of $138.9 million was below the $276.8 million in the second quarter of 2022.

The drop in revenue and operating income was due to a decline in volumes and the impact of the sale of subsidiary CFI’s truckload, temperature-controlled and Mexican non-asset-based logistics business in August 2022.


Total revenue declined for all segments relative to the prior-year period, with declines of 27% for less-than-truckload, 32% for truckload (part of which was due to the sale of the CFI business), 15% for package and courier, and 20% for logistics.

TFI’s U.S. LTL operation, TForce Freight, last month agreed to a tentative five-year agreement with the Teamsters union. The tentative agreement affects about 8,000 workers.

Mark Solomon

Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. Solomon began his journalistic career in 1982 at Traffic World magazine, ran his own public relations firm (Media Based Solutions) from 1994 to 2008, and has been at DC Velocity since then. Over the course of his career, Solomon has covered nearly the whole gamut of the transportation and logistics industry, including trucking, railroads, maritime, 3PLs, and regulatory issues. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. Postal Service from a mail-focused service to parcel, as well as the exponential, e-commerce-driven growth of warehouse square footage and omnichannel fulfillment.