TFI Q4 Profit Slumps 33% on Higher Costs, Tonnage Decrease
Bédard Warns Against Optimism About 2025 Freight Environment
“It’s going to be a very difficult 2025,” Bédard said. (TForce Freight)
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Profit at TFI International fell in the fourth quarter of 2024 even as revenue rose on the back of the acquisition of flatbed carrier Daseke.
Increased costs, a decrease in less-than-truckload tonnage and idle specialty truckload rolling stock hurt TFI earnings in the most recent quarter as the North American freight market remained in a rut, said CEO Alain Bédard, warning analysts the outlook was no better for 2025.
TFI posted Q4 net income of $88.1 million, a 33% slump compared with $131.4 million in Q4 2023, while revenue rose to $2.08 billion from $1.97 billion.
Montreal-based TFI saw its truckload unit revenue jump 64% to $693.2 million from $399.3 million in the year-ago period, but revenue at the LTL and Logistics divisions fell by 13% and 14%, respectively.
Daseke, the No. 1-ranked flatbed carrier in North America, boosted revenue at TFI’s specialized truckload unit to $531.9 million from $283.4 million in the same period a year earlier.
However, the specialized truckload unit’s operating ratio was 91.6 in Q4, compared with 87 in the year-ago period.
Operating ratio provides insight int…
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