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.