TFI International Announces 2023 Second Quarter Results


TFI International Inc. announced its results for the second quarter ended June 30, 2023. All amounts are shown in U.S. dollars.

  • Operating income of $192.4m compares to $391.0m the same quarter last year, reflecting reduced freight volumes and non-recurring costs, including $60.6m reduction in gains on sale of real estate, $5.8m of IT systems and related transition expenses in U.S. LTL, $5.3m unfavorable variance in the MTM of DSUs, $6.1m unfavorable currency translation impact relative to the same period last year and $23.0m from the divestiture of CFI.
  • Net income of $128.2m compared to $276.8m in Q2 2022, while adjusted net income of $138.9m compared to $241.1m because of the items described above.
  • Diluted earnings per share (diluted “EPS”) of $1.47 compared to $3.00 in Q2 2022, while adjusted diluted EPS of $1.59 compared to $2.61.
  • Net cash from operating activities of $200.4m compares to $247.8m in Q2 2022 and free cash flow of $138.1m compares to $309.6m in Q2 2022.
  • The Board of Directors approved a $0.35 quarterly dividend, an increase of 30%

“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 $200m in net cash from operating activities. 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, and our opportunistic share repurchases. I wish to thank the talented men and women of TFI for their hard work in our continual quest to create shareholder value.” says Alain Bédard, Chairman, President and Chief Executive Officer.

Source: TFI International