MONTREAL, Que. — TransForce closed out its fiscal year strong, posting a 36% increase in Q4 revenue and more than doubling its profits to $47.5 million.
“TransForce completed several significant business acquisitions in 2014, including Contrans, our largest ever. These network additions in all business segments expanded our service offering, geographic reach and, above all, our pool of talent. Going forward, these strengths will be leveraged by further improving operating efficiency and asset utilization with the stated objectives to maximize cash flow generation and create lasting shareholder value, as we have always done with previous acquisitions and as we constantly do with existing operations,” said Alain Bedard, chairman, president and CEO of TransForce.
It was TransForce’s first quarter ever recording total revenue of more than a billion dollars. Total revenue on the year was $3.7 billion, up 19% from 2013.
Looking ahead, Bedard is upbeat about the company’s position.
“TransForce enters 2015 stronger than ever. Last year’s acquisitions have bolstered our strength, further added talent to our workforce and solidified our position in the markets we serve,” he said. “Although the Canadian economy is lagging, a weaker currency should create momentum to the manufacturing sector in Central Canada to the benefit of LTL and TL operations, where we also stand to gain from last year’s acquisitions.”
TransForce also announced the departure of Alain Raquepas as chief financial officer. It is now seeking a replacement.
Truck News is Canada's leading trucking newspaper - news and information for trucking companies, owner/operators, truck drivers and logistics professionals working in the Canadian trucking industry. All posts by Truck News