A preliminary look at third-quarter earnings at TFI International:
Less-than-Truckload operating income at TFI International (NYSE: TFII) was $96 million in the third quarter compared to $125.6 million in the corresponding quarter a year earlier “due to weak market conditions in the U.S.,” according to the company’s prepared statement.
Truckload operating income was up 44% to $72.2 million, but that number includes the impact of the Daseke acquisition, which closed in April.
In part because of the revenue impact from Daseke, revenue before fuel was $1.9 billion, up from $1.63 billion, an increase of 16.7%. Adjusted earnings before interest, taxes, depreciation and amortization rose even more, up by 18.1% to $357.2 million. But net income fell to $128 million, down from $133.3 million, and adjusted net income was essentially flat.
Adjusted earnings per share of $1.60 missed consensus forecasts by 18 cents a share, according to SeekingAlpha. Revenue fell short of consensus by $80 million.
An earnings call with analysts is set for 8:30 a.m. Tuesday. CEO Alain Bedard generally does the call solo.
All figures are in U.S. dollars.
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