Canada’s largest publicly traded trucking company is reporting that profits jumped by 67 per cent to US$144.1 million in the quarter ended Dec. 31 from US$86.3 million a year earlier.
TFI, which reports in U.S. dollars, says revenue leapt 91 per cent to US$2.14 billion in the fourth quarter from US$1.12 billion during the same period in 2020.
On an adjusted basis, the Montreal-based company says diluted earnings per share increased 60 per cent to $1.57 from 98 cents.
The figure registered more than one-third above analyst expectations of $1.17 per share, according to financial data firm Refinitiv.
While the trucking sector continues to face hurdles including a dire labour shortage, surging demand for consumer items, raw materials and manufacturing components has fuelled growth across the industry.
TFI CEO Alain Bedard said TFI’s “highly successful year” also benefited from the company’s acquisition of UPS Ground Freight, which boosted financial results.
“It is gratifying to see all our business segments delivering year-over-year growth in revenues and operating income,” Bedard said in a statement.
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