Q4 2024 TFI International Inc Earnings Call Transcript
Key Points
- TFI International Inc (TFII) reported strong free cash flow of more than $200 million during the fourth quarter, bringing the full-year total to over $750 million.
- The company successfully reduced its debt by $156 million during the quarter, ending the year with a funded debt-to-EBITDA ratio of 2.11.
- TFI International Inc (TFII) completed a bolt-on acquisition and increased its quarterly dividend by 13% to $0.45 per share.
- The acquisition of Daseke contributed to a 9% growth in total revenue before fuel surcharge, reaching $1.8 billion for the fourth quarter.
- The company is planning to redomicile from Canada to the US to better align with its shareholder base and commercial presence, which could offer strategic advantages.
- Operating income for the fourth quarter decreased to $160 million from $198 million, with the operating margin dropping to 8.8% from 11.8% the previous year.
- Adjusted net income fell to $102 million from $148 million, and adjusted EPS decreased to $1.19 from $1.71.
- The company faced unusually high accident-related expenses, which were about $9 million higher than the prior year period.
- TFI International Inc (TFII) experienced a decline in logistics revenue, which was down from $472 million to $410 million year-over-year.
- The company is facing challenges in its US LTL operations, with a high claims ratio and issues with cost management and density.
Good day, ladies and gentlemen. Thank you for standing by. Welcome to TFI International's fourth-quarter 2024 results conference call. (Operator Instructions) Please be advised that this conference call will remain -- will contain statements that are forward-looking in nature and subject to a number of risks and uncertainties that could cause actual results to differ materially. I would also like to remind everyone that this conference call is being recorded on February 20, 2024.
I will now turn the conference over to Alain Bedard, Chairman, President and Chief Executive Officer of TFI International. Please go ahead, sir.
Well, thank you for the introduction, operator, and thank you, everyone, for joining our call.
So yesterday, after market close, we reported quarterly results reflecting the industry-wide slump in freight volumes as well as the ongoing effort by our team to make the most of the challenging conditions. We again produced strong
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