MONTREAL, Que. – TFI International posted a adjusted net income of $48.8 million in the third quarter, on $1.05 billion in revenues.
Revenue was up 17% and TFI gained $70.1 million in the sale of real estate.
“We constantly strive to create and unlock shareholder value at TFI International. During the third quarter, we remained focused on operational efficiencies, executed the sale and leaseback of select real estate assets and produced strong cash flow,” said Alain Bédard, chairman, president and CEO. “We are encouraged by recent improvements in the U.S. truckload market, which should allow us to increase contract renewal rates as we move through 2018.”
For the nine-month period ending Sept. 30, TFI reported $3.559 billion in revenue, up from $2.887 billion over the same period in 2016.
The results, TFI reported, reflect difficult conditions in the U.S. domestic truckload market, which were partially offset by efficiency gains in other segments. The company also incurred a one-time cost of $3.2 million related to the integration of CFI, mainly due to fleet rebranding an renewal programs.