MONTREAL, QC – TFI International saw a 23% boost in revenue in the second quarter of 2017, reaching $1.12 billion – but Canada’s largest carrier still posted a $47.2 million operating loss because of a $129.8 million goodwill write-off of U.S. truckload operations.

Adjusted operating income rose 12% to $82.6 million, excluding the goodwill write-off.

“Although TFI International’s results remain affected by difficult conditions in the U.S. truckload market, we are pleased that benefits from earlier initiatives aimed at improving efficiency and generating superior returns are materializing in all other operating segments,” said Alain Bedard, chairman, president and Chief Executive Officer. The company also repurchased $42.5 million in common shares.

Package and Courier operating margins rose 70 basis points compared to last year, driver by related cost-cutting measures and a better mix of Canadian and U.S. same-day activities, he said. Profits also improved in the LTL segment.

“The result of the Canadian truckload operating segment continued its strong performance in Q2. However, in the U.S. TL operating segment, persistent weakness in the U.S. market is negatively affecting volume and rates and initiatives aimed at reducing equipment costs have yet to fully achieve their objectives,” he added.