MONTREAL, Que. — TransForce grew its revenue and net profit in the first quarter of 2015, thanks in part to acquisitions made last year and a weaker Canadian dollar.
“Despite negative impacts from lower oil prices and harsh winter conditions that affected the East Coast, TransForce generated strong first-quarter results which reflect last year’s significant acquisitions, operating improvements and a favourable effect from currency variations due to our business mix,” announced chairman, president and CEO, Alain Bedard.
Revenue was up 34% to $1.03 billion in the first quarter.
Net income reached $14 million, up from $5.9 million during the first quarter of 2014.
“The US economy remains robust, while a weaker Canadian currency should create momentum in the Central Canada manufacturing sector to offset weakness in Western Canada resulting from lower oil prices,” Bedard said.
“TransForce’s principal operating goal is to further strengthen its leading competitive position by providing innovative, efficient and value-added solutions to its growing North American customer base. Decentralization is the cornerstone of our philosophy. By providing our highly-talented workforce with superior business decision tools and giving them the responsibility and authority to take appropriate actions in their respective business units, TransForce will continue to generate superior returns to the benefit of its shareholders.”