(Montreal) TFI International posted a second quarter profit of US$128.2 million on Monday, down from US$276.8 million in the same period last year.
The Montreal-based trucking company said its total revenue for the quarter came in at $1.8 billion, down from its $2.4 billion revenue in the second quarter of 2022.
Earnings per share were US$1.47, down from US$3.00 a year ago.
According to TFI, the decline in its profit was explained in particular by a reduction in revenues and overall volumes for freight, as well as other costs.
The President and Chief Executive Officer, Alain Bédard, pointed out in a press release that the most recent results testify to the quality of the activities and the company and the adaptability of its personnel, in a context of difficulties on the the freight market and declining industry-wide volumes.
He says TFI’s strong capital base has helped the company allocate its capital strategically. He also recalled that the company had made seven acquisitions since the beginning of the year.
