MONTREAL, Que. – TFI International posted record Q3 results for operating income Thursday, highlighted by a 19% year-over-year increase in the truckload division.

The company’s operating income was up 3% y-o-y at $131.9 million. The company also said it is expanding its share repurchase program and raising its quarterly divided by two cents to 26 cents.

“TFI International has continued to perform well throughout 2019 and we are pleased to report record third quarter results. While we closely monitor economic conditions and their impact on the North American freight business, our own attention to the fundamentals of the business has allowed us to outperform,” said Alain Bedard, chairman, president and CEO. “We set another third quarter TFI record for operating income, and produced double-digit growth in net cash from operating activities. Three of our four segments produced higher operating income than a year earlier, including a 19% increase for truckload.”

Total revenue for the quarter was $1.3 billion, an increase of 1%. Net of fuel surcharge, revenue was up 3%. Operating income grew 3% y-o-y. Profit was $82.6 million, a decrease from $86.7 million last year.

LTL revenue declined 10%, but all other segments saw gains.

Through the first three quarters of the year, total revenue reached $3.87 billion, up compared to $3.8 billion over the same period in 2018. Net income through the first nine months of the year was $247.9 million, compared to $215.3 million over the same period last year.