TFI has announced its financial results for Q1 2020, reporting $1.24bn in total revenue, compared to $1.23bn in Q1 2019. Revenue before fuel surcharge amounts to $1.11bn, whereas Q1 2019 reported $1.01bn. First quarter operating income is reported to be $118.5m, marking an increase of 13% over the same quarter last year.
Net income of $75.8m increased from $65.1m in Q1 2019, while adjusted EBITDA increased to $118.5m from last year’s $104.9m.
During Q1 2020, revenue results from the segments have remained somewhat stable compared to Q1 2019 (following figures are all revenues before fuel surcharge). Revenue for Truckload is $533.5m, showing an increase of $6.4m Y-o-Y, from $527.1m in Q1 2019. The Logistics segment has also increased revenue to $268.8m, from $224.3m in Q1 2019. The two segments dropping in revenue were Package and Courier, reporting only $139.5m compared to $146.9m in Q1 2019; while the other segment showing decreased revenue is the Less-Than-Truckload segment, falling to $180.2m, from $208.0m in Q1 2019.
Alain Bédard, Chairman, President and Chief Executive Officer, said, “during the first quarter, our operating income climbed 13% over the prior year period, and we again generated robust net cash from operating activities. We also achieved a major milestone with our public listing on the New York Stock Exchange, which was both well-timed and well-received, further strengthening our financial position. In early March as the pandemic began to spread, we quickly implemented cost-saving measures with an eye toward helping TFI emerge even stronger when conditions normalize. Looking ahead, as our highly engaged workforce continues to serve our customers and as we execute on our strategies to create long-term shareholder value, our thoughts remain with the many families impacted by today’s economic disruption.”
Source: TFI International