TFI International has announced its 2020 full-year results with total revenue declining by 3.3%.
Total revenue for the year ending December 31, 2020, was $3.78bn versus $3.90bn in 2019, a decrease of 3.3% y-o-y. Net of fuel surcharge, revenue was $3.48bn, flat with the prior year.
Operating income from continuing operations totalled $416.6bn, or 12.0% of revenue before fuel surcharge, an increase of 9% compared to $382.9m and 11.0% of revenue before fuel surcharge in the prior year. The increase is mainly attributable to the Canadian Emergency Wage Subsidy of $52.3m offset by a decrease in revenues due to the COVID-19 pandemic.
Net income from continuing operations was $275.7m, compared to $244.2m in 2019. Adjusted net income from continuing operations, a non-IFRS measure, was $299.8m.
During 2020, total revenue grew 22% for Logistics reaching $923.5m but declined for the other three segments. Revenue was down 2% for Package and Courier ($481.5m), 19% for Less-Than-Truckload ($522.9m) and 8% for Truckload ($1.6bn) relative to 2019. Operating income was up 7% for Less-Than-Truckload, 7% for Truckload and 48% for Logistics, and down 4% for Package and Courier.
“TFI International had a successful 2020 that began with our listing on the New York Stock exchange and culminated with our robust fourth-quarter results that featured a 26% increase in operating income and a 36% increase in adjusted diluted EPS,” said Alain Bédard, Chairman, President and Chief Executive Officer. “We strategically made thirteen acquisitions during 2020 including five during the fourth quarter, and in the new year have already announced two additional strategic acquisitions, including the transformational purchase of UPS Freight.”
Source: TFI International
