TFI International Inc. reported revenue of US$2.24 billion, up seven percent over the previous year.
Once the fuel surcharge was factored out, revenue was $1.86 billion, down by one percent compared to the prior year.
Operating income was $318.4 million compared to $191.6 million the prior year period. The sale of CFI resulted in a $75.7 million gain in the quarter, and the remainder of the increase is from business acquisitions and organic growth across the company, despite the impact of a non recurring charge for the settlement of a legal claim for $11.4 million.
Net income of $245.2 million increased 86 percent from $131.6 million in the prior year period, and net income of $2.72 per diluted share increased 97 percent from $1.38 in the prior year period. Adjusted net income was $181.2 million, or $2.01 per diluted share, up 30 percent from $138.9 million, or $1.46 per diluted share, the prior year period.
For the package and courier segment, revenue before fuel surcharge decreased 10 percent to $120.2 million, and operating income increased 42 percent to $33.9 million.
In the less-than-truckload segment, revenue before fuel surcharge decreased five percent to $817.2 million, and operating income increased five percent to $100.5 million.
For the truckload segment, revenue before fuel surcharge increased four percent to $510.2 million, and operating income increased 73 percent to $96.6 million.
The Logistics segment saw revenue before fuel surcharge increase four percent to $424.1 million, and operating income decreased 13 percent to $29.0 million, partly thanks to an $11.4 million legal settlement.
For the first nine months of 2022, total revenue of $6.86 billion was up 35 percent and, net of fuel surcharge, revenue of $5.74 billion was up 25 percent compared to the prior year period.
Net income was $669.7 million, or $7.27 per diluted share, compared to $610.3 million, or $6.40 per diluted share a year ago,
which included a $283.6 million bargain purchase gain. Adjusted net income was $579.9 million compared to $349.7 million,
a 66 percent increase.
During the first nine months of 2022, revenue before fuel surcharge grew 56 percent for less-than-truckload, 13 percent for truckload, 10 percent for logistics and declined 10 percent for package and courier. Operating income was higher across all segments in Q3 in comparison to 2021 , after the impacts from the bargain purchase gain recognized in 2021 have been excluded and the non-recurring legal claim settlement expense of $11.4 million in the Logistics segment.
“TFI International continued to perform throughout the quarter even as broader macro uncertainty spread, producing robust
financial results including a 69 percent year-over-year increase in adjusted operating income despite non-recurring charges, and a 73 percent increase in free cash flow,” said Alain Bédard, chair, president and CEO.
Bédard said the company’s resiliency in the face of challenging industry-wide conditions reflects the diversity of its clients, including lower reliance on retail markets.