MONTREAL, Que. -- Acquisitions of Loomis Express, IE Miller and Quik X propelled TransForce to a 25% increase in revenue in the second quarter. Total revenue increased $161.2 million to $812.0 million in the three-month period ending June 30.
Profits rose 39% year-over-year, reaching $68.6 million, or 8.5% of total revenue, up from $49.3 million, or 7.6% of total revenue in the corresponding period a year earlier. All business segments delivered a higher year-over-year profit in monetary terms, the company announced.
"TransForce achieved a strong 39% increase in its key EBIT metric despite market conditions that resulted in flat volume and limited pricing power. Approximately 50% of the EBIT increase reflects our ongoing drive to optimize efficiency and asset utilization, while the other half is from strategic acquisitions," said Alain Bédard, chairman, president and CEO of TransForce.
“In Package and Courier, margins are maintaining their gradual sequential increase, as we continue to aggressively implement profit enhancement measures to return to profitability levels achieved prior to the Dynamex and Loomis Express acquisitions. Our constant focus on maximizing return on assets and discipline with regards to capacity in the less-than-truckload and truckload segments continues to pay off, as margins improved substantially despite slightly declining revenue. The acquisitions in the energy sector continue to drive our strong performance in both revenue and operating profitability.”
For the six-month period ended June 30, total revenue reached $1.6 billion, up 32% from $1.2 billion for the same period a year earlier.