TFI cruises to healthy earnings despite driver shortage, high fuel costs

MONTREAL – TFI International is reporting a major earnings boost in its latest quarter, with revenues up by nearly a third and adjusted profits rising more than three-quarters.

Canada’s largest trucking company says total revenue surged 32 per cent year over to $2.42 billion in the three months ended June 30 from $1.84 billion a year earlier.

The Montreal-based outfit says adjusted net income increased 76 per cent to $241.1 million in its second quarter from $137.2 million in the same period last year.

On an adjusted basis, diluted earnings per share rose 80 per cent to $2.61 from $1.44 per share.

Analysts on average were expecting adjusted diluted earnings of $1.69 per share, according to financial data firm Refinitiv.

The forecast-beating results come despite a range of hurdles faced by the trucking sector including a dire labour shortage and soaring fuel prices.

This report by The Canadian Press was first published July 29, 2022.

Companies in this story: (TSX:TFII)