TFI International misses expectations even as Q4 profits surge on higher revenues News Staff

MONTREAL — TFI International Inc. reported that its net income attributable to common shareholders surged in the fourth quarter to US$86.3 million, from US$56.7 million a year earlier.

Revenue totalled US$1.1 billion, up from US$989 million.

On an adjusted basis, TFI International says it had a profit of US$93.4 million, compared with a profit of US$60.1 million from the same time a year earlier.

TFI International had an adjusted profit of 98 cents per diluted share, which grew from a profit of 72 cents per diluted share.

Analysts on average had expected revenue of US$1.3 billion and an adjusted profit of US$1.04 per share for the quarter, according to financial data firm Refinitiv.

TFI International’s quarter ended Dec. 31, and the company reports its earnings in U.S. dollars. 

“Throughout the ongoing global pandemic, we’ve remained true to our operating philosophy including our asset-right business plan and an emphasis on free cash flow that we put toward growth objectives while returning excess capital to our shareholders,” stated Alain Bedard, chairman, president and CEO.

“We strategically made 13 acquisitions during 2020 including five during the fourth quarter, and in the new year have already announced two additional strategic acquisitions, including the transformational purchase of UPS Freight.”

For the full year, TFI reported US$3.30 per diluted share in adjusted earnings on US$3.78 billion of revenues, compared with US$2.97 per share on US$3.9 billion of revenues in 2019.

This report by The Canadian Press was first published Feb. 8, 2021.

Companies in this story: (TSX:TFII)

The Canadian Press

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