TFI International grew revenue in the first quarter but saw profits slide due to weaker overall market conditions.

“TFI International performed well in a challenging environment, while making notable advancements in our US LTL business,” said Alain Bédard, chairman, president and CEO. “Through strong execution, we’ve reached an important inflection point in our turnaround of TForce Freight, with rapidly improving service driving tonnage growth, resulting in revenue per shipment before fuel surcharge increasing 12%. Also noteworthy, our logistics segment turned in very strong results, benefiting from last year’s acquisition of JHT.”

First quarter revenues totaled US$1.87 billion, up from $1.85 billion the same period last year. Net income was $92.8 million compared to $111.9 million the same quarter in 2023.

Revenue growth came from acquisitions, but was partially offset by weaker volumes and lower fuel surcharge revenue. Logistics revenue surged 26%, while there were declines in the package and courier segment (11%), LTL (4%) and truckload (6%).