MONTREAL, Que. – TFI International capitalized on a strong trucking environment in the third quarter, posting its second straight quarter of record operating results.
Operating income was up 107% year-over-year, at $125.1 million. The company brought in $1.29 billion in total revenue in the third quarter, up from $1.12 billion, a 9% increase. Its net income was $86.7 million. For the nine-month period ended Sept. 30, net income was $215.3 million compared to $37.8 million over the same period in 2017. The decline was attributed to the sale of real estate in 2017.
Adjusted net income was up 93% to $94.5 million.
“Our second straight month of record operating results was driven by strength across all segments, reflecting our unwavering commitment to driving profitable growth and operating efficiencies,” said Alain Bedard, chairman, president and CEO of TFI International.
“Our operating income of $125.1 million more than doubled from a year earlier. While margins improved at all our segments, we are especially pleased with truckload, where our operating margins reached 14.5% in Canada, and 7.6% in the U.S., capping four consecutive quarters of sequential improvement in the U.S.”
The company also announced Diane Giard has joined its board of directors. She has more than 30 years of experience in the banking industry, most recently serving as National Bank’s executive vice-president of personal-commercial banking and marketing.
“We are extremely pleased to have Diane join the TFI Board given her breadth of impressive experience,” said Bedard. “Throughout her distinguished career, she has attracted recognition as a natural leader who makes an impact both vertically and horizontally across entire organizations. Her consistent focus on fostering high levels of employee engagement and optimal performance will enhance TFI’s strategic approach going forward.”