The earnings call highlighted TFI International's ability to maintain strong free cash flow and revenue growth despite challenging industry conditions, particularly in the LTL segment. However, significant declines in operating income and adjusted net income, coupled with ongoing challenges in the U.S. LTL segment and logistics revenue, indicate ongoing struggles. The company is focused on leveraging its strategic initiatives and cost management, but the outlook remains cautious due to market uncertainties.

Company Guidance

During TFI International's Fourth Quarter 2024 Results Conference Call, the company provided several financial metrics and guidance insights. In Q4, total revenue before fuel surcharge rose by 9% to $1.8 billion, partly due to the Daseke acquisition. However, operating income declined to $160 million from $198 million, resulting in an operating margin decrease from 11.8% to 8.8%. Adjusted net income fell to $102 million from $148 million, with adjusted EPS down to $1.19 from $1.71. Notably, accident-related expenses increased by $9 million compared to the prior year. The free cash flow for the quarter was $208 million, down from $244 million the previous year. TFI International's LTL segment, which made up 40% of revenue before fuel surcharge, saw a 10% increase in revenue to $737 million. The adjusted LTL operating ratio worsened to 90.3% from 86.1%. The truckload segment benefited from the Daseke acquisition, growing revenue to $693 million with an operating ratio of 91.5% from 87.3% the previous year. The logistics segment, however, saw a decline in revenue to $410 million and an operating margin drop to 10.5% from 11.6%. Additionally, TFI reduced its debt by $156 million, ending the year with a funded debt-to-EBITDA ratio of 2.1. The company also announced a 13% increase in its quarterly dividend to $0.45 per share and repurchased $42.4 million worth of shares. Looking ahead to 2025, TFI International expressed caution due to ongoing freight recession challenges and did not provide formal guidance, indicating an expected difficult year with potential EPS in the range of $5.75 to $6.00, similar to 2024.

Strong Free Cash Flow

TFI International produced strong free cash flow of more than $200 million during the quarter, bringing the full year total to over $750 million, marking the third consecutive year achieving this despite industry challenges.

Revenue Growth

Total revenue before fuel surcharge grew 9% year-over-year to $1.8 billion, benefiting from the acquisition of Daseke.

LTL Segment Performance

LTL revenue before fuel surcharge was up 10% to $737 million, and operating income increased by 34% despite higher accident-related costs, showing resilience in this segment.

Debt Reduction

TFI International reduced debt by $156 million during the quarter, contributing to a funded debt-to-EBITDA ratio of 2.1 by year-end.

Increased Dividend and Share Repurchase

The Board declared a 13% increase in the quarterly dividend to $0.45 per share, and the company repurchased $42.4 million worth of shares.

---

TFI International (TFII) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

TFII Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 29, 2025	2025 (Q1)	1.21 / -	0.874	―	―	―
Feb 19, 2025	2024 (Q4)	1.58 / 1.19	1.71	-30.41% (-0.52)
Oct 21, 2024	2024 (Q3)	1.77 / 1.60	1.57	1.91% (+0.03)
Jul 25, 2024	2024 (Q2)	1.62 / 1.71	1.59	7.55% (+0.12)
Apr 25, 2024	2024 (Q1)	1.35 / 1.24	1.33	-6.77% (-0.09)
Feb 08, 2024	2023 (Q4)	1.67 / 1.71	1.72	-0.58% (-0.01)
Oct 23, 2023	2023 (Q3)	1.73 / 1.57	2.01	-21.89% (-0.44)
Jul 31, 2023	2023 (Q2)	1.73 / 1.59	2.61	-39.08% (-1.02)
Apr 25, 2023	2023 (Q1)	1.47 / 1.33	1.68	-20.83% (-0.35)
Feb 06, 2023	2022 (Q4)	1.73 / 1.72	1.57	9.55% (+0.15)

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

---

TFII Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 19, 2025	$127.61	$101.48	-20.48%
Oct 21, 2024	$134.26	$135.44	+0.88%
Jul 25, 2024	$155.03	$152.82	-1.43%
Apr 25, 2024	$139.47	$136.59	-2.06%

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.

---