TFI International Down 1.3% After Hours as Q3 Results Fall Short of Estimates

TFI International (TFII.TO, TFII) were last seen down 1.3% in after-hours New York trade as it reported lower-than-expected revenue and earnings per share for the third quarter.The logistics and trucking company said its adjusted profit, excluding most one-time items, rose to US$136.6 million, or US$1.60 per share, from US$136 million, or US$1.57, in the year prior quarter, but fell shy of the consensus analyst estimate for a US$1.78 per share profit, according to Capital IQ.The company said revenue rose to US$2.18 billion, up from US$1.91 billion in the year-prior quarter. The result missed the consensus forecast of US$2.26 billion, according to Capital IQ.The increase in revenue is due to contributions from acquisitions, which were partially offset by lower volumes from a weaker transportation environment and decreased fuel surcharge revenue, the company said."While business conditions for US Less Than Truckload are challenging, our Logistics segment performed very well, and both our Truckload and Canadian LTL operations have remained solid. We were also able to reduce debt during the quarter, reducing our leverage ratio," Chief Executive Alain Bedard said.The board approved a quarterly dividend of $0.45 per share, to be paid on Jan. 15, 2025, to shareholders of record at the close of business on Dec. 31.The company's shares were last seen down US$1.71 to US$133.00 after hours. They closed down $3.42 to $186.53 on the Toronto Stock Exchange.

TFI International Down 1.3% After Hours as Q3 Results Fall Short of Estimates

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