MONTREAL – The head of TFI International says its latest quarter was a “disaster” marked by low cargo volumes amid a trucking sector slump, with the first half of 2025 “foggy” at best.
The country’s largest trucking firm reported Wednesday that fourth-quarter profits dropped by a third year-over-year to $88.1 million due to intense competition and weaker demand from consumers and businesses.
Chairman and CEO Alain Bédard says high costs and inefficient operations at two big companies it acquired over the past four years have been a drag on earnings, with a higher number of accident claims and a weak Canadian dollar further denting income.
The chief executive also says the first half of the year will be “more difficult” than the first six months of 2024.
In a bid to boost American investment, Bédard says the Montreal-based company will relocate its legal headquarters to the United States.
He says there will be no change in the location of its head office or management teams.
This report by The Canadian Press was first published Feb. 20, 2025.
Companies in this story: (TSX:TFII)
