TFI International's logo is seen in this undated photo. THE CANADIAN PRESS/HO, TFI *MANDATORY CREDIT*
MONTREAL – TFI International Inc. reported earnings of US$128.2 million in the second quarter, down from US$276.8 million a year earlier.
The Montreal-based trucking company says total revenue for the quarter ended was US$1.8 billion, down from US$2.4 billion during the same quarter last year.
Diluted earnings per share were US$1.47, down from US$3.00.
The company says its lower income is partly due to overall lower revenues and volumes associated with freight, as well as several other costs.
President and CEO Alain Bedard says in a press release that the company’s results come despite a difficult freight market and reduced volumes across the industry.
He says TFI’s strong financial foundation has helped the company allocate capital strategically, noting it’s completed seven acquisitions so far this year.
This report by The Canadian Press was first published July 31, 2023.
Companies in this story: (TSX:TFII)
