TFI International Inc. more than doubled its profits in its first quarter as surging demand for consumer items, raw materials and manufacturing components fuels growth across the shipping industry.
Alain Bedard, chairman and CEO of Canada’s largest trucking company, says TFI was able to seize on “favourable trends” across its segments, which range from logistics to courier service.
TFI, which reports in U.S. dollars, says net income jumped 121 percent to US$147.7 million in the quarter ended March 31 from $66.9 million in the same period a year earlier.
Revenue rose 91 percent to $2.19 billion from $1.15 billion last year, bolstered by TFI’s US$800-million acquisition last April of TForce Freight, the massive transporter of smaller packages and cargo previously known as UPS Freight.
Adjusted diluted earnings jumped to $1.68 per share last quarter from 77 cents per share in 2021, blowing past analyst expectations of $1.21 per share.
The improved earnings come despite a range of hurdles faced by the trucking sector including a dire labour shortage and high fuel prices.