TFI International earnings boosted by UPS Freight acquisition
TFI International saw earnings soar in the fourth quarter, thanks in part to its “transformational acquisition” of UPS Ground Freight, the company announced Feb. 7.
“During the fourth quarter, our operating income grew 84% and our adjusted diluted EPS (earnings per share) grew 60%,” said Alain Bedard, chairman, president and CEO.
“It is gratifying to see all our business segments delivering year over year growth in revenues and operating income, on the tremendous efforts of our thousands of talented team members. By focusing through the pandemic on our longstanding operating principles that emphasize efficiency, strong cash flow, and the strategic allocation of capital, we have entered the new year stronger than ever.”
Total revenue for the fourth quarter was US$2.14 billion, up from $1.12 billion in Q4 2020 (a 91% jump). Net income was $144.1 million, up from $86.3 million (year over year – a 67% increase).
By segment, on the year, total revenue grew: 21% for package and courier; 378% for LTL; 24% for truckload; and 76% for logistics.
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Hard not to make money when the government lets you have a monopoly in the industry