TFI International demonstrated strong financial management with significant free cash flow and revenue growth, but faced challenges in improving service levels and efficiency, particularly in the U.S. LTL segment. The expectation of flat EPS growth for 2024 suggests ongoing market difficulties.

Company Guidance

During TFI International's Q3 2024 earnings call, Alain Bedard provided comprehensive guidance that included several key financial metrics. The company reported a 37% year-over-year increase in free cash flow to over $270 million, allowing strategic M&A opportunities and debt reduction. Total revenue before fuel surcharge rose 17% to $1.9 billion, supported by the acquisition of Daseke. Operating income increased slightly to $203 million, equating to an operating margin of 10.7%, although this was down from 12.3% the previous year. Adjusted net income was $137 million, with an adjusted EPS of $1.60. Significant cash flow was noted, with $351 million from operating activities and free cash flow of $273 million. The Truckload segment, representing 38% of revenue before fuel surcharge, grew to $723 million, while Logistics, comprising 22% of segmented revenue, saw a 19% increase in operating income. The company paid down $130 million in debt, improving the funded debt-to-EBITDA ratio to 2.07. Looking ahead, TFI expects 2024's performance to align closely with 2023's results, anticipating similar earnings per share levels.

Strong Free Cash Flow

TFI International reported a 37% year-over-year increase in free cash flow to more than $270 million, enabling strategic investments and debt reduction.

Revenue Growth

Overall revenue before fuel surcharge increased by 17% year-over-year to $1.9 billion, benefiting from the acquisition of Daseke.

Logistics Segment Performance

Logistics segment revenue before fuel surcharge was up 2%, with a 19% increase in operating income and an operating margin improvement to 11.4% from 9.8%.

Debt Reduction and Financial Position

Reduced debt by $130 million during the quarter, with an improved funded debt-to-EBITDA ratio of 2.07.

Dividend Increase

The Board raised the quarterly dividend by 13% and renewed the share repurchase program.

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TFI International Inc (TSE:TFII) Earnings, Revenues Date & History

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TSE:TFII Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 26, 2018	2018 (Q2)	- / 1.09	0.788	38.57% (+0.30)	―	―
Oct 22, 2018	2018 (Q3)	- / 1.14	0.592	92.94% (+0.55)	―	―
Feb 27, 2019	2018 (Q4)	- / 1.05	0.683	53.80% (+0.37)	―	―
Apr 23, 2019	2019 (Q1)	- / 0.82	0.626	31.26% (+0.20)	―	―
Jul 25, 2019	2019 (Q2)	- / 1.29	1.092	18.07% (+0.20)	―	―
Oct 24, 2019	2019 (Q3)	- / 1.15	1.142	0.38% (<+0.01)	―	―
Feb 10, 2020	2019 (Q4)	- / 1.03	1.05	-1.92% (-0.02)	―	―
Apr 21, 2020	2020 (Q1)	- / 0.84	0.822	2.63% (+0.02)	―	―
Jul 27, 2020	2020 (Q2)	- / 1.12	1.289	-13.30% (-0.17)	―	―
Oct 22, 2020	2020 (Q3)	- / 1.37	1.146	19.35% (+0.22)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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TSE:TFII Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 21, 2024	C$185.91	C$187.17	+0.68%
Jul 25, 2024	C$214.59	C$211.25	-1.56%
Apr 25, 2024	C$190.62	C$186.19	-2.32%
Feb 08, 2024	C$188.34	C$189.40	+0.56%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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