MONTREAL, Que. – TFI International enjoyed a record-setting second quarter this year, with operating income from continuing operations reaching $149 million during the period that ended June 30 — up 21% over 2018.
“Our consistent ability to perform even during challenging freight environments is a result of our relentless focus on profitable growth, through strong execution of business fundamentals,” said Alain Bédard, chairman, president and CEO.
Total revenue reached $1.338 billion, compared to $1.318 billion in the second quarter of 2018. Revenue before fuel surcharges was at $1.184 billion and $1.157 billion, when comparing the two periods.
Three out of four business segments generated double-digit growth.
Canada’s largest for-hire fleet also completed several acquisitions during the quarter.
TFI International’s U.S. last mile division, TForce Final Mile, took over select assets of BeavEx and its affiliates, Guardian Medical Logistics (GML), JNJW Enterprises, and USXP. The fleet also purchased specialized transport provider Aulick Leasing, and its tank trailer manufacturing affiliate, ShirAul.
But the company also closed its long-established Highland Transport division, which provided truckload and intermodal activities.
TFI International’s truckload business reported $570.4 million in quarterly revenue compared to $525.1 million during the same period in 2018. That was followed by $244.9 million from logistics and last mile activities (down from $246.9 million), $219.1 million from LTL business (down from $239.2 million), and $158.5 million in the package and courier segment (down from $158.8 million).
Total revenues from the truckload and package and courier segment are up in the first half of the year, while LTL revenue was down 4% compared to the first half of 2018. Last-mile revenue dropped 3%.
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