TFI posts strong Q2 results

TFI International posted a strong second quarter as it continues to improve the efficiency of TForce Freight through a reshaping of its network.

Adjusted net income was up 76% to $241.1 million (all figures U.S.) year over year (once adjusted to reflect one-time gains in Q2 2021).

“TFI International produced exceptionally strong results despite volatile macro conditions, with strong across-the-board performance and robust free cash flow that demonstrates the strength of our operating principles, a wealth of internal levers to drive efficiencies, and the growing diversity of our end markets,” said Alain Bédard, chairman, resident and chief executive officer.

“Our adjusted net income grew 76% over the year-ago quarter and our free cash flow expanded another 16% above already strong levels. In addition to double-digit top line growth generated by LTL, TL and logistics, our operating ratios were remarkably strong, including 69% for Canadian LTL, underscoring the untapped potential across much of our network.”

Growth was driven organically and through acquisitions, the company reported in its Q2 earnings. LTL revenue grew 39% to $870.2 million, while truckload revenues jumped 16% to $556.9 million. Logistics revenue rose 12% to $453.7 million. The package and courier segment saw revenue decrease 14% to $125.1 million.

The quarter marked the first time the company generated more than $300 million in free cash flow in a quarter.