TFI International Announces 2023 Second Quarter Results

– Second quarter operating income of $192.4 million compares to $391.0 million the same quarter last year, reflecting reduced freight volumes and non-recurring costs, including $60.6 million reduction in gains on sale of real estate, $5.8 million of IT systems and related transition expenses in U.S. LTL, $5.3 million unfavorable variance in the MTM of DSUs, $6.1 million unfavorable currency translation impact1 relative to the same period last year and $23.0 million from the divestiture of CFI.

– Second quarter net income of $128.2 million compared to $276.8 million in Q2 2022, while adjusted net income1 of $138.9 million compared to $241.1 million as a result of the items described above.

– Second quarter diluted earnings per share (diluted “EPS”) of $1.47 compared to $3.00 in Q2 2022, while adjusted diluted EPS1 of $1.59 compared to $2.61.

– Second quarter net cash from operating activities of $200.4 million compares to $247.8 million in Q2 2022 and free cash flow1 of $138.1 million compares to $309.6 million in Q2 2022.

The Board of Directors approved a $0.35 quarterly dividend, an increase of 30%

Montreal, Quebec, July 31, 2023 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced its results for the second quarter ended June 30, 2023. All amounts are shown in U.S. dollars. “Despite a difficult freight market and reduced volumes industrywide, our results reflect the quality of our operations and our team’s skill in responding to rapidly changing market conditions. We produced solid operating ratios across all our business segments while again generating more than $200 million in net cash from operating activities” said Alain Bédard, Chairman, President and Chief Executive Officer. “During challenging times for our industry, TFI International’s relentless focus on our longstanding operating principles, our business line diversity and niche positioning, and our ongoing progress on multiple self-help initiatives are what differentiates our performance and future potential. TFI’s strong financial foundation and focus on profitability and cash flow is allowing us to remain strategic in our allocation of capital, remaining active in M&A including seven completed acquisitions year to date, while also returning capital to shareholders through both our dividend, with our Board approving a 30% increase over the past year (…).

The full statement is here.

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