MONTREAL - TFI International Inc. (NYSE:TFII) (TSX:TFII), a major player in the North American transportation and logistics sector, announced today the retirement of Neil Manning, an independent director who has served on the company's Board for 11 years. His departure from the Board is effective as of today.
During his tenure, Manning contributed to a period of significant growth for TFI International, which included the company's dual listing on the New York Stock Exchange. Alain Bédard, Chairman, President, and CEO of TFI International, acknowledged Manning's valuable insights and experience that have aided the company's expansion and the creation of shareholder value.
TFI International operates a network of wholly-owned subsidiaries across the United States, Canada, and Mexico. The company focuses on strategic acquisitions and efficient management to enhance shareholder value. Its subsidiaries provide services across several segments, including Less-Than-Truckload, Truckload, and Logistics.
The company is publicly traded on both the New York Stock Exchange and the Toronto Stock Exchange under the symbol TFII. As Manning steps down, TFI International expressed gratitude for his numerous contributions and extended best wishes for his retirement.
The information for this article is based on a press release statement from TFI International Inc.
In other recent news, TFI International, a key player in the North American transportation and logistics industry, reported a 17% increase in Q3 revenue, totaling $1.9 billion. Additionally, the company's free cash flow rose by 37% to $273 million, contributing to a $130 million debt reduction in Q3. Operating income for the quarter reached $203 million, with a margin of 10.7%. Despite ongoing market challenges, TFI International anticipates stable performance for 2024, with potential improvements in 2025 if market conditions normalize. The company's future plans include enhancing U.S. LTL service levels, reducing claims costs, and investing in technology and operational efficiency. CEO Alain Bédard indicated a year-end earnings target of $6.18 to $6.20 per share. These are among the recent developments for TFI International.
InvestingPro Insights
As TFI International Inc. (NYSE:TFII) (TSX:TFII) bids farewell to long-serving director Neil Manning, the company's financial metrics paint a picture of a robust and growing enterprise. According to InvestingPro data, TFI International boasts a market capitalization of $11.47 billion USD, reflecting its significant presence in the North American transportation and logistics sector.
The company's commitment to shareholder value, as mentioned in the article, is evident in its dividend history. An InvestingPro Tip reveals that TFI International has maintained dividend payments for 23 consecutive years, demonstrating financial stability and a shareholder-friendly approach. This consistency aligns with the company's focus on creating value for investors, as highlighted in the original piece.
TFI International's growth strategy, which includes strategic acquisitions, appears to be bearing fruit. The company's revenue for the last twelve months as of Q2 2024 stood at $8.02 billion USD, with a quarterly revenue growth of 26.42% in Q2 2024. This substantial growth rate underscores the effectiveness of TFI's expansion efforts mentioned in the article.
Another InvestingPro Tip indicates that analysts predict the company will be profitable this year, which is consistent with its current financial performance. The company's price-to-earnings ratio of 24.16 suggests that investors are willing to pay a premium for TFI's shares, possibly due to its growth prospects and consistent performance.
For readers interested in a more comprehensive analysis, InvestingPro offers additional tips and insights on TFI International. Currently, there are 5 more InvestingPro Tips available, providing a deeper understanding of the company's financial health and market position.
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