MONTREAL, Que. – TFI International saw earnings weighed down by continuing difficulties in the overall US truckload market as well as integration costs related to its CFI acquisition.
The company reported Q1 revenue of $1.06 billion, a 22% increase excluding fuel surcharges. Net income from continuing operations was $14.1 million, down from $15.3 million in the first quarter of 2016.
“As anticipated, TFI International’s first quarter results were affected by difficult conditions in the US truckload market and certain integration costs related to the CFI acquisition. This overshadowed significant profitability increases in all other business segments, reflecting our commitment to improve efficiency and to focus on niches generating superior returns,” said Alain Bedard, chairman, president and chief executive officer of TFI International.
Bedard said the company remains “cautiously optimistic” about the North American economy, given low unemployment and healthy consumer spending.
“We are also seeing a modest rebound in the level of investment in the energy sector,” Bedard said. “These factors should, over time, improve market conditions, but we do not expect any significant improvement before the end of 2017. TFI International will also continue to execute its selective acquisition strategy, targeting profitable and well-managed companies that offer synergies, reinforce existing operations and further expand its geographic footprint.”