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First look: LTL operating income falls at TFI International

Transport and logistics company cites ‘weak market conditions’

John Kingston
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A first look at the earnings of TFI International. (Photo: Jim Allen/FreightWaves)

A preliminary look at third-quarter earnings at TFI International: 

  • Less-than-Truckload operating income at TFI International (NYSE: TFII) was $96 million in the third quarter compared to $125.6 million in the corresponding quarter a year earlier “due to weak market conditions in the U.S.,” according to the company’s prepared statement.
  • Truckload operating income was up 44% to $72.2 million, but that number includes the impact of the Daseke acquisition, which closed in April.
  • In part because of the revenue impact from Daseke, revenue before fuel was $1.9 billion, up from $1.63 billion, an increase of 16.7%. Adjusted earnings before interest, taxes, depreciation and amortization rose even more, up by 18.1% to $357.2 million. But net income fell to $128 million, down from $133.3 million, and adjusted net income was essentially flat.
  • Adjusted earnings per share of $1.60 missed consensus forecasts by 18 cents a share, according to SeekingAlpha. Revenue fell short of consensus by $80 million.

An  earnings call with analysts is set for 8:30 a.m. Tuesday. CEO Alain Bedard generally does the call solo.

All figures are in U.S. dollars. 


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John Kingston

John has an almost 40-year career covering commodities, most of the time at S&P Global Platts. He created the Dated Brent benchmark, now the world’s most important crude oil marker. He was Director of Oil, Director of News, the editor in chief of Platts Oilgram News and the “talking head” for Platts on numerous media outlets, including CNBC, Fox Business and Canada’s BNN. He covered metals before joining Platts and then spent a year running Platts’ metals business as well. He was awarded the International Association of Energy Economics Award for Excellence in Written Journalism in 2015. In 2010, he won two Corporate Achievement Awards from McGraw-Hill, an extremely rare accomplishment, one for steering coverage of the BP Deepwater Horizon disaster and the other for the launch of a public affairs television show, Platts Energy Week.