MONTREAL — TFI International Inc. says its net income for the first quarter of 2023 was US$111.9 million, down more than 24 per centfrom US$147.7 million a year earlier.
The Montreal-based trucking company says total revenue was US$1.85 billion, down more than 15 per centfrom US$2.19 billion a year earlier.
Earnings per diluted share for the quarter ended were US$1.27, down from US$1.57 a year earlier.
Chairman, president and CEO Alain Bédard said in a press release that intensifying macro headwinds drove reduced volumes over the past year.
TFI says its lower revenues are mainly due to the sale of CFI’s Truckload, Temp Control and Mexican non-asset logistics business in August, as well as reduced volumes driven by weaker demand.
Bédard said the company's board of directors approved a 30 per cent dividend increase during the quarter, reflecting confidence in TFI's long-term outlook despite current economic uncertainty.
This report by The Canadian Press was first published April 25, 2023.
Companies in this story: (TSX:TFII)
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