Q2 2024 TFI International Inc Earnings Call Transcript
Key Points
- Revenue before fuel surcharge increased by 27% year-over-year to $1.96 billion.
- Operating income rose to $208 million from $192 million in the same quarter last year.
- Adjusted net income grew to $146 million from $139 million a year earlier.
- Free cash flow generation improved to $151 million from $138 million.
- The Daseke acquisition added $329 million to revenue and $23 million to operating income.
- Operating margin decreased to 10.6% from 12.4% year-over-year.
- The freight environment remains very challenging, with no significant improvement expected in the near term.
- US LTL operating ratio remains high at 90.8%, indicating inefficiencies.
- Canadian LTL saw a decline in weight per shipment and revenue per shipment by 4.5% and 1.2%, respectively.
- A nonrecurring restructuring charge of $20 million related to the Daseke acquisition impacted consolidated results.
Good day, ladies and gentlemen. Thank you for standing by. Welcome to TFI International's second-quarter 2024 results conference call. (Operator Instructions) Please be advised that the conference call will contain statements that are forward-looking in nature and subject to a number of risks and uncertainties and that could cause actual results to differ materially. Also, I would like to remind everyone that this conference call is being recorded on Friday, July 26, 2024.
I will now turn the conference call over to Alain Bedard, Chairman, President and Chief Executive Officer of TFI International. Please go ahead, sir.
Well, thank you, operator, and welcome, everyone, to our call today. Our results released yesterday after the close, where again, very solid with a year-over-year increase in both revenue and operating income. In all of our segments, our performance is still very lackluster freight environment. Our results reflect the hard work every day of
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