Trucking giant TFI International ended 2022 with improved profits despite a decline in revenue caused in part by the slowdown in certain niches of the U.S. trucking market.
Thus, in its fourth quarter ended December 31, TFI posted a net profit up 6% to 153.5 million US, compared to 144.1 million US a year earlier. The operating profit for the quarter is also up 1% year on year, to reach 216.9 million US.
Meanwhile, TFI’s total revenue as of 4e quarter fell 8% to US$1.96 billion. According to TFI senior management, this decline in revenue is “primarily attributable” to the sale of the trucking business in Mexico in August 2022, but also to “reduced volumes in LTL (partial) haul operations in United States due to weaker demand. »
Nevertheless, in the opinion of its Chairman of the Board and Chief Executive Officer, Alain Bédard, “TFI International managed to end 2022 with solid results for the fourth quarter, despite macroeconomic instability, fuel-related expenses and the sale of assets last summer. »
For its full fiscal year 2022, TFI’s total revenues amounted to US$8.81 billion, a notable increase of 22% compared to revenues of US$7.22 billion during the 2021 year of recovery from the socio-economic crisis. economics of the pandemic.
Excluding the fuel surcharge, annual revenue was $7.36 billion, up 14% from the prior year.
As for the net profit for the 2022 financial year, it amounts to 823.2 million US, up 9% compared to the amount of 754.4 million US recorded in 2012.
For TFI’s Canadian shareholders, earnings per share thus amount to CA$9.02 at the end of fiscal 2022, or 14% more over one year. The company has also recently raised the amount of dividend on these common shares by 30%, which now stands at 35 cents CA per quarter.