TFI International’s revenues 5.9% higher in 2018

TFI

TFI International’s total revenue grew 5.9% to $5.12bn for the full year ended December 31, 2018, up from $4.84bn in 2017.

Operating income totalled $430.5m, or 9.5% of revenue before fuel surcharge, an increase of 141% compared to $178.4m and 4.1% of revenue the prior year.Net income was $292.0m, or $3.22 per diluted share, up significantly from $158.0m, or $1.70 per diluted share in 2017. The increase of $134.0m is mainly attributable to stronger operating income and to the impairment of intangible assets of $138.4m, net of tax, recorded in 2017, offset by lower gain on sale of property of $52.8m, net of tax, recorded in 2018 compared to 2017 and to the income tax recovery of $76.1m recorded in Q4 2017 as a result of U.S. tax reform. Adjusted net income, a non-IFRS measure, was $321.6m, up 67% from $192.2m in 2017.

Revenue grew for every segment except Logistics and Last Mile, which declined 1%, to $953.7m. Revenue in the Truckload division reached $2,065m and represented the largest division by revenue. Revenue in Package and Courier and Less-Than-Truckload reached $633.0m and $902.3m respectively.

“Record fourth quarter results capped a record year for TFI International, as our singular emphasis on driving profitable growth drove strong performance across all segments,” said Alain Bédard, Chairman, President and Chief Executive Officer.

“Our quarterly operating income of $103.3 million was up 56%. Each segment contributed stronger revenues and notably, Truckload saw operating income more than double. I’m most pleased that our 2018 net cash from operating activities surpassed half a billion dollars for the first time,” summarized Bédard.

Source: TFI