TFI International Announces 2022 Third Quarter Results

Third quarter operating income of $318.4 million increased 66% from $191.6 million in the same quarter prior year

Third quarter net income of $245.2 million increased 86% compared to $131.6 million in Q3 2021, while adjusted net income1 of $181.2 million increased 30% compared to $138.9 million in Q3 2021

Third quarter diluted earnings per share (diluted “EPS”) of $2.72 increased 97% compared to $1.38 in Q3 2021, while adjusted diluted EPS1 of $2.01 increased 38% compared to $1.46 in Q3 2021

The Board of Directors has approved a $0.35 dividend for the next quarterly payment, an increase of 30%

Sold CFI’s Truckload, Temp Control and Mexican non-asset logistics business to Heartland Express, Inc. for $525 million, generating a gain on sale of $75.7 million

TFI International to host Investor Day at the New York Stock Exchange, November 10, 2022

Montreal, Quebec, October 27, 2022 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced its results for the third quarter ended September 30, 2022. All amounts are shown in U.S. dollars.

“TFI International continued to perform throughout the quarter even as broader macro uncertainty spread, producing robust financial results including a 69% year-over-year increase in adjusted operating income despite non-recurring charges, and a 73% increase in free cash flow,” said Alain Bédard, Chairman, President and Chief Executive Officer.

“This resiliency in the face of challenging industrywide conditions directly reflects our end-market and business line diversity including favorable exposure to large industrial end markets and only about a third of our revenues derived from retail channels. In addition, it reflects our team’s proven ability to constantly adjust to the ever-changing landscape by never losing sight of our longstanding operating principals. Our ability to rapidly adjust capacity to match shifting demand is just one driver of the strong operating ratios reported today across our business segments. What’s most encouraging is the self-help nature of the opportunities ahead, with multiple internal initiatives to enhance efficiencies by replicating our past successes throughout our network. While operationally we continue to excel, we’ve also maintained our focus on strategic capital allocation, completing attractive tuckin acquisitions while continuing to repurchase shares, and today we are pleased to announce yet another increase to our quarterly dividend. Our talented team looks forward to sharing more on our operating philosophies, our strategic direction and our ongoing quest to create long-term shareholder value at our upcoming Investor Day.”

The full release can be read here.

Comment on this article

You must be logged in to post a comment.