Boca Raton, FL, Feb. 24, 2026 (GLOBE NEWSWIRE) -- IB Capital is pleased to announce it served as exclusive M&A advisor to Benchmark Logistics LLC, and its wholly owned subsidiary, Triangle Warehouse, Inc., in their sale to TFI International Inc., which closed in February 2026. Headquartered in Minneapolis, Benchmark Logistics, together with Triangle Warehouse, provides dedicated transportation and warehouse services to a diverse customer base across the Upper Midwestern United States. TFI International Inc. ...

The TFI International fourth quarter 2025 earnings call took place in the middle of the first quarter of 2026, but the company’s two management representatives on the forum made it clear that the first three months of the year have not been going well for the trucking conglomerate. After posting adjusted earnings per share of $1.09 in the first quarter, which topped the 80 to 90 cents that TFI had projected for 4Q on its third quarter earnings call, TFI said it expected its adjusted first quarter earnings ...

Financial Data and Key Metrics Changes - The company generated over $10 per share of free cash flow in 2025, totaling $832 million for the year, with a 25% increase in fourth quarter free cash flow compared to the previous year [4][6] - Total revenue before fuel surcharge was $1.7 billion, down from $1.8 billion a year earlier, with operating income of $127 million, reflecting a margin of 7.6% [5][6] - Net cash from operating activities improved to $282 million, an 8% increase over the prior year quarter [6] Business Segment Data and Key Metrics Changes - LTL (Less Than Truckload) revenue was $661 million, down 10% year-over-year, with operating income of $62 million and an adjusted operating ratio (OR) of 89.9 [6][7] - Truckload revenue was $674 million, down from $693 million the prior year, with operating income of $48 million and an OR of 93.2% [8] - Logistics revenue was $358 million, down from $410 million, with operating income of $31 million and a margin of 8.7% [9] Market Data and Key Metrics Changes - The company noted modest signs of stabilization in overall freight dynamics, with a focus on preparing for a potential industry rebound [4] - The U.S. LTL market remains soft, with expectations of continued challenges in 2026 [16][18] Company Strategy and Development Direction - The company emphasizes strong free cash flow generation and strategic capital allocation, including opportunistic share repurchases and dividend increases [5][10] - There is a focus on improving operational efficiency and service quality, particularly in the U.S. LTL segment, with plans to enhance management tools and sales stability [20][21] Management's Comments on Operating Environment and Future Outlook - Management anticipates a challenging environment in 2026, particularly for LTL, while expressing cautious optimism for improvements in truckload and logistics segments [16][17] - The company is preparing for potential upturns in the truckload sector, driven by regulatory changes and market dynamics [14][18] Other Important Information - The company announced a change in its board of directors, with André Bérard retiring and Diane Giard appointed as the new lead director [11] - The company is exploring smaller acquisition opportunities while remaining cautious about larger deals until market conditions stabilize [74][75] Q&A Session Summary Question: Guidance for fiscal year and scenarios for 2026 - Management provided guidance of $0.50-$0.60 for Q1 2026, indicating a cautious outlook due to ongoing freight recession [14] Question: Segment margin drivers behind EPS guidance - Management expects around 250 basis points of sequential margin deterioration in U.S. LTL, with unique challenges in Q1 due to weather impacts [32] Question: Pricing improvements in contracted rates - Spot rates are increasing, but long-term contract rates are slower to adjust, with expectations for future improvements as supply and demand dynamics shift [42][44] Question: Specialty truckload business outlook - Management highlighted early signs of improvement in specialty truckload, particularly in energy and industrial sectors, with a focus on high-value freight [56][58] Question: Impact of non-domiciled CDL on capacity - The company noted that the impact of non-domiciled CDL is more pronounced in the van segment than in specialty truckload, with expectations for gradual improvements in revenue per mile [90] Question: Logistics segment performance and margin expansion - Management confirmed that logistics margins expanded sequentially from Q3 to Q4, with ongoing efforts to improve service metrics [63][64]

Financial Data and Key Metrics Changes - The company generated over $10 per share of free cash flow in 2025, totaling $832 million for the year, with a 25% increase in fourth quarter free cash flow compared to the previous year [4][6] - Total revenue before fuel surcharge was $1.7 billion, down from $1.8 billion a year earlier, with operating income of $127 million, reflecting a margin of 7.6% [5][6] - Net cash from operating activities improved to $282 million, an 8% increase over the prior year quarter [6][10] Business Segment Data and Key Metrics Changes - LTL (Less Than Truckload) revenue was $661 million, down 10% year-over-year, with operating income of $62 million compared to $70 million a year earlier, and an adjusted operating ratio (OR) of 89.9 [6][7] - Truckload revenue was $674 million, down from $693 million the prior year, with operating income of $48 million and an OR of 93.2% [8] - Logistics revenue was $358 million, down from $410 million, with operating income of $31 million and a margin of 8.7% [9] Market Data and Key Metrics Changes - The company noted modest signs of stabilization in overall freight dynamics, with a focus on preparing for a potential industry rebound [4] - The U.S. LTL market remains soft, with expectations of continued challenges in 2026 [16][18] Company Strategy and Development Direction - The company emphasizes strong free cash flow generation and strategic capital allocation, including opportunistic share repurchases and dividend increases [5][10] - The management is focused on improving operational efficiency and service quality, particularly in the U.S. LTL segment, while also exploring bolt-on acquisition opportunities [10][11] Management's Comments on Operating Environment and Future Outlook - The management anticipates a challenging environment in 2026, particularly for the LTL segment, but sees early signs of improvement in the truckload sector [14][16] - The company is prepared for potential upcycles in the U.S. LTL market, having implemented new management tools and improved sales stability [20][21] Other Important Information - The company announced a change in its board of directors, with André Bérard retiring and Diane Giard appointed as the new lead director [11] - The company is targeting net capital expenditures of $225 million to $250 million for 2026, excluding real estate [10] Q&A Session Summary Question: Guidance for fiscal year 2026 - Management provided guidance of $0.50-$0.60 for Q1 2026, indicating a cautious outlook due to ongoing freight recession [14] Question: Segment margin drivers for EPS guidance - Management expects around 250 basis points of sequential margin deterioration in U.S. LTL, with unique challenges in Q1 due to weather impacts [31][32] Question: Pricing improvements in contracted rates - Management noted that while spot rates are increasing, long-term contract rates are slower to adjust, reflecting ongoing supply-demand dynamics [40][42] Question: Specialty truckload business outlook - Management highlighted early signs of improvement in the specialty truckload sector, particularly in energy and data center logistics [55][70] Question: Impact of non-domiciled CDL on capacity - Management indicated that the impact of non-domiciled CDL is more pronounced in the dry van segment than in specialty truckload, with expectations of gradual improvement in revenue per mile [86][88] Question: Logistics segment performance - Management confirmed that logistics margins expanded sequentially from Q3 to Q4 2025, with expectations for continued improvement [106]

Financial Data and Key Metrics Changes - The company generated over $10 per share of free cash flow in 2025, totaling $832 million for the year, with fourth quarter free cash flow being 25% higher than the previous year [3][4] - Total revenue before fuel surcharge for the fourth quarter was $1.7 billion, down from $1.8 billion a year earlier, with operating income of $127 million and a margin of 7.6% [4][5] - Net cash from operating activities improved to $282 million, an 8% increase over the prior year quarter [5] Business Segment Data and Key Metrics Changes - LTL (Less Than Truckload) revenue was $661 million, down 10% year-over-year, with operating income of $62 million and an adjusted operating ratio (OR) of 89.9 [5][6] - Truckload revenue was $674 million, down from $693 million the prior year, with operating income of $48 million and an OR of 93.2% [6] - Logistics revenue was $358 million, down from $410 million, with operating income of $31 million and a margin of 8.7% [7] Market Data and Key Metrics Changes - The company ended the year with a 2.5 times funded debt to EBITDA ratio, maintaining a strong balance sheet [8] - The company anticipates adjusted diluted EPS for Q1 2026 to be in the range of $0.50-$0.60, reflecting a cautious outlook due to ongoing market conditions [8] Company Strategy and Development Direction - The company focuses on strategic capital allocation, investing for the long term and returning excess capital to shareholders through dividends and share repurchases [4] - The management is preparing for a potential industry rebound while controlling costs and improving operational efficiency [3][4] - The company is exploring accretive bolt-on acquisition opportunities, with a focus on smaller regional deals rather than large acquisitions due to market uncertainties [8][76] Management's Comments on Operating Environment and Future Outlook - The management noted that the freight recession persists, particularly in the LTL sector, but there are early signs of improvement in the truckload sector [12][14] - The Canadian market is performing better than the U.S. market, with a focus on improving service and reducing claims ratios [15] - The management expressed optimism about logistics improving in Q3 and Q4 of 2026, driven by customer demand in the energy sector and data centers [14][72] Other Important Information - The company announced a change in its board of directors, with André Bérard retiring and Diane Giard nominated as the new lead director [9] - The company is focused on transitioning away from retail freight towards industrial freight, aiming to increase the weight per shipment [60][61] Q&A Session Summary Question: Guidance for fiscal year and scenarios for 2026 - Management indicated that Q1 guidance reflects a cautious outlook due to ongoing freight recession, with early signs of improvement in truckload [11][12] Question: Segment margin-related drivers behind EPS guidance - Management expects around 250 basis points of sequential margin deterioration in U.S. LTL, with weather impacting costs significantly [24][30] Question: Pricing improvements in contracted rates - Management noted that while spot rates are increasing, contracted rates take longer to adjust, and the supply-demand balance is beginning to shift [40][41] Question: Specialty truckload business and industrial activity - Management highlighted early signs of industrial activity, particularly in the energy sector, and emphasized the importance of focusing on high-value freight [52][54] Question: Impact of non-domiciled CDL on specialty flatbed - Management noted that the impact is more pronounced in the van segment, with less benefit seen in specialty truckload due to unique skill requirements [88][90]

Fourth Quarter Ended December 31, 2025 Forward-Looking Statements In the interest of providing shareholders and potential investors with information regarding TFI International, including management's assessment of future plans and operations, certain statements in this presentation are forward-looking statements subject to risks, uncertainties and other important factorsthat could cause the Company's actual performance to differ materially from those expressed in or implied by such statements. Such factors ...

Core Insights - TFI International's adjusted operating ratio in U.S. LTL improved to 95.3% in Q4 from 97.3% a year ago, indicating operational efficiency despite challenging market conditions [3] - The Canada-based LTL adjusted operating ratio rose to 81.7%, up from 81% year-over-year, with claims ratio nearing zero [3] - Operating income across segments, including TL and logistics, decreased to $127.2 million from $160.2 million year-over-year [3] Market Outlook - The industrial economy is currently slow, prolonging a difficult LTL environment, while TL has a more favorable outlook due to driver supply constraints [4] - TFI projects market dynamics to normalize by late 2026, likely in Q3 or Q4, particularly for divisions moving Paccar and Freightliner trucks [4] - Logistics is expected to perform significantly better in Q4 2026 compared to Q4 2025 as OEM customers are anticipated to be busier [5] Revenue Performance - LTL revenue before fuel surcharge fell to $660.5 million in Q4 2025 from $737.3 million a year ago, reflecting tough market conditions [7] - U.S. LTL revenue specifically declined by 11% to $501.3 million, constituting over a quarter of the company's total revenue [7] - The CEO indicated that the LTL segment remains in a difficult environment and anticipates this trend to continue throughout 2026 [7]

Core Insights - TFI International Inc. reported a revenue of $1.91 billion for the quarter ended December 2025, reflecting a 7.8% decline year-over-year, with EPS at $1.09 compared to $1.19 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $1.92 billion, resulting in a surprise of -0.48%, while the EPS exceeded expectations with a surprise of +27.93% against a consensus estimate of $0.85 [1] Financial Performance Metrics - Adjusted Operating Ratio for Truckload was reported at 93.2%, slightly higher than the estimated 92.8% by analysts [4] - Adjusted Operating Ratio for Less-Than-Truckload was 89.9%, better than the average estimate of 92.9% [4] - Overall Adjusted Operating Ratio stood at 92.3%, compared to the analyst average estimate of 92.7% [4] Tonnage and Revenue Insights - Canadian LTL Tonnage reached 563.00 KTons, surpassing the average estimate of 548.86 KTons [4] - U.S. LTL Tonnage was reported at 756.00 KTons, exceeding the average estimate of 739.88 KTons [4] - Revenue before fuel surcharge was $1.68 billion, matching the average estimate, but reflecting an 8.1% decline year-over-year [4] Revenue Breakdown - Truckload revenue was $674.18 million, below the average estimate of $753.23 million, marking a 2.7% year-over-year decrease [4] - Less-Than-Truckload revenue was $660.52 million, slightly below the average estimate of $668.29 million, with a year-over-year decline of 10.4% [4] - Logistics revenue was reported at $358.1 million, lower than the estimated $376.26 million, representing a 12.7% decrease compared to the previous year [4] Stock Performance - TFI International's shares have returned +8% over the past month, contrasting with the Zacks S&P 500 composite's -1.4% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

分组1 - TFI International Inc. reported quarterly earnings of $1.09 per share, exceeding the Zacks Consensus Estimate of $0.85 per share, but down from $1.19 per share a year ago, representing an earnings surprise of +27.93% [1] - The company posted revenues of $1.91 billion for the quarter ended December 2025, missing the Zacks Consensus Estimate by 0.48% and down from $2.08 billion year-over-year [2] - TFI International shares have increased by approximately 16.4% since the beginning of the year, while the S&P 500 has declined by 0.1% [3] 分组2 - The earnings outlook for TFI International is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The estimate revisions trend for TFI International was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] - The current consensus EPS estimate for the upcoming quarter is $0.84 on revenues of $1.92 billion, and for the current fiscal year, it is $5.12 on revenues of $8.11 billion [7] 分组3 - The Transportation - Services industry, to which TFI International belongs, is currently ranked in the bottom 46% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - Universal Logistics, another company in the same industry, is expected to report a quarterly loss of $0.05 per share, reflecting a year-over-year change of -106.5%, with revenues projected to be $376.1 million, down 19.1% from the previous year [9]

Core Insights - TFI International's U.S. LTL division showed signs of improvement in Q4 2025, but overall performance reflected continued weaknesses in the freight market [1][7] Financial Performance - The adjusted operating ratio (OR) for U.S. LTL improved to 95.3% from 97.3% year-over-year, indicating operational efficiency gains [2] - Average weight per shipment increased by 4.6% to 1,284 pounds from 1,227 pounds, a targeted area for improvement by management [2] - Revenue per hundredweight excluding fuel decreased by 5.8% to $26.13 from $27.73, while total tonnage fell by 6.8% to 756, reflecting challenges in the freight market [4] - Adjusted EBITDA for total LTL operations declined to $115.1 million from $123.5 million, with a total LTL revenue drop of 9.5% [5] Operational Metrics - The average length of haul in the U.S. decreased by 6% to 1,122 miles from 1,194 miles, indicating potential inefficiencies compared to Canadian operations [3] - The total number of shipments in the U.S. LTL segment fell by 10.89% to 1.178 million from 1.322 million [6] - The adjusted operating ratio for the entire company was 92.3%, deteriorating from 91.2% a year earlier, while the truckload segment's OR also worsened to 93.2% from 91.5% [7]