New Risk • May 03
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$3.2m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks High level of debt (89% net debt to equity). Significant insider selling over the past 3 months (US$3.2m sold). Recent Insider Transactions • May 03
President recently sold US$3.2m worth of stock On the 29th of April, Alain Bedard sold around 22k shares on-market at roughly US$144 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Alain has been a net seller over the last 12 months, reducing personal holdings by US$3.2m. Price Target Changed • Apr 28
Price target increased by 15% to US$147 Up from US$128, the current price target is an average from 11 analysts. New target price is approximately in line with last closing price of US$145. Stock is up 79% over the past year. The company is forecast to post earnings per share of US$4.69 for next year compared to US$3.74 last year. Reported Earnings • Apr 28
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: US$0.53 (down from US$0.67 in 1Q 2025). Revenue: US$1.95b (flat on 1Q 2025). Net income: US$43.3m (down 23% from 1Q 2025). Profit margin: 2.2% (down from 2.9% in 1Q 2025). Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Annonce • Mar 31
TFI International Inc. to Report Q1, 2026 Results on Apr 27, 2026 TFI International Inc. announced that they will report Q1, 2026 results After-Market on Apr 27, 2026 Declared Dividend • Mar 19
Fourth quarter dividend of US$0.47 announced Shareholders will receive a dividend of US$0.47. Ex-date: 31st March 2026 Payment date: 15th April 2026 Dividend yield will be 1.9%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 46% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Annonce • Mar 18
TFI International Inc. Announces Quarterly Dividend, Payable on April 15, 2026 TFI International Inc. declared a quarterly dividend of USD 0.47 per outstanding common share of its capital payable on April 15, 2026 to shareholders of record at the close of business on March 31, 2026. Annonce • Feb 24
TFI International Inc., Annual General Meeting, Apr 27, 2026 TFI International Inc., Annual General Meeting, Apr 27, 2026. Location: quebec, montreal Canada Reported Earnings • Feb 19
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: US$3.74 (down from US$5.00 in FY 2024). Revenue: US$7.88b (down 6.1% from FY 2024). Net income: US$310.6m (down 27% from FY 2024). Profit margin: 3.9% (down from 5.0% in FY 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.4%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. New Risk • Feb 19
New major risk - Revenue and earnings growth Earnings have declined by 8.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.4% per year over the past 5 years. Minor Risks High level of debt (89% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Annonce • Feb 18
TFI International Inc. Announces Board Changes TFI International Inc. announced the upcoming retirement of independent director André Bérard after 23 years on the Company’s Board. Mr. Bérard has stepped down from his position as Lead Director but will remain on the Board until the Company’s annual meeting on April 27, 2026. TFI also announced that existing Board member Diane Giard will become the Company’s new Lead Director. Ms. Giard has been an Independent Director of the Company since 2018 and has served as a member of the Audit Committee. She was a former Executive Vice-President of the National Bank of Canada and Senior Vice-President of Scotiabank. Ms. Giard serves on the Board of Bombardier Inc., was ranked among the Top 25 in Quebec’s financial industry seven times, and was named one of Canada’s Most Powerful Women by the Women’s Executive Network in 2014 and 2015. Price Target Changed • Jan 12
Price target increased by 7.4% to US$117 Up from US$109, the current price target is an average from 10 analysts. New target price is approximately in line with last closing price of US$112. Stock is down 16% over the past year. The company is forecast to post earnings per share of US$3.60 for next year compared to US$5.00 last year. New Risk • Dec 21
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$1.0m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks High level of debt (89% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (US$1.0m sold). Annonce • Dec 16
TFI International Declares Quarterly Dividend, Payable on January 15, 2026 The Board of Directors of TFI International Inc. declared a quarterly dividend of USD 0.47 per outstanding common share of its capital payable on January 15, 2026 to shareholders of record at the close of business on December 31, 2025. As previously announced on October 30, 2025, the new quarterly dividend of USD 0.47 per outstanding common share represents a 4% increase over the previous quarterly dividend of USD 0.45 per outstanding common share. Recent Insider Transactions • Nov 19
Chief Financial Officer recently sold US$404k worth of stock On the 13th of November, David Saperstein sold around 5k shares on-market at roughly US$85.64 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. David has been a net seller over the last 12 months, reducing personal holdings by US$489k. Recent Insider Transactions • Nov 17
Chief Financial Officer recently sold US$404k worth of stock On the 13th of November, David Saperstein sold around 5k shares on-market at roughly US$85.64 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Declared Dividend • Nov 03
Third quarter dividend increased to US$0.47 Dividend of US$0.47 is 4.4% higher than last year. Ex-date: 31st December 2025 Payment date: 15th January 2026 Dividend yield will be 2.0%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (46% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 54% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Board Change • Nov 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 4 highly experienced directors. Independent Director Sebastien Martel was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Oct 31
New major risk - Revenue and earnings growth Earnings have declined by 2.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.6% per year over the past 5 years. Minor Risks High level of debt (90% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Annonce • Oct 31
TFI International Inc. Announces Quarterly Dividend, Payable on January 15, 2026 On October 30, 2025, TFI International Inc. approved an increase to the quarterly dividend to $0.47 per outstanding common share of the Company's capital, to be declared in December and payable on January 15, 2026, to shareholders of record at the close of business on December 31, 2025, for an expected aggregate amount of $38.7 million. Annonce • Oct 10
TFI International Inc. to Report Q3, 2025 Results on Oct 30, 2025 TFI International Inc. announced that they will report Q3, 2025 results After-Market on Oct 30, 2025 Declared Dividend • Sep 18
Second quarter dividend of US$0.45 announced Shareholders will receive a dividend of US$0.45. Ex-date: 30th September 2025 Payment date: 15th October 2025 Dividend yield will be 1.9%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 68% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Sep 16
TFI International Inc. Declares Quarterly Dividend, Payable on October 15, 2025 The Board of Directors of TFI International Inc. declared a quarterly dividend of USD 0.45 per outstanding common share of its capital payable on October 15, 2025 to shareholders of record at the close of business on September 30, 2025. Reported Earnings • Jul 29
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: US$1.18 (down from US$1.39 in 2Q 2024). Revenue: US$2.04b (down 10.0% from 2Q 2024). Net income: US$98.2m (down 17% from 2Q 2024). Profit margin: 4.8% (down from 5.2% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 7.8%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Annonce • Jul 08
TFI International Inc. to Report Q2, 2025 Results on Jul 28, 2025 TFI International Inc. announced that they will report Q2, 2025 results After-Market on Jul 28, 2025 Upcoming Dividend • Jun 23
Upcoming dividend of US$0.45 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 15 July 2025. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of American dividend payers (4.8%). In line with average of industry peers (1.9%). Annonce • Jun 18
TFI International Declares Quarterly Dividend, Payable on July 15, 2025 The Board of Directors of TFI International Inc. declared a quarterly dividend of USD 0.45 per outstanding common share of its capital payable on July 15, 2025 to shareholders of record at the close of business on June 30, 2025. Declared Dividend • Apr 27
First quarter dividend of US$0.45 announced Shareholders will receive a dividend of US$0.45. Ex-date: 30th June 2025 Payment date: 15th July 2025 Dividend yield will be 2.2%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 19% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 24
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: US$0.67 (down from US$1.10 in 1Q 2024). Revenue: US$1.96b (up 5.0% from 1Q 2024). Net income: US$56.0m (down 40% from 1Q 2024). Profit margin: 2.9% (down from 5.0% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Price Target Changed • Apr 07
Price target decreased by 8.1% to US$120 Down from US$131, the current price target is an average from 12 analysts. New target price is 57% above last closing price of US$76.45. Stock is down 52% over the past year. The company is forecast to post earnings per share of US$5.06 for next year compared to US$5.00 last year. Annonce • Apr 04
TFI International Inc. to Report Q1, 2025 Results on Apr 23, 2025 TFI International Inc. announced that they will report Q1, 2025 results After-Market on Apr 23, 2025 Declared Dividend • Mar 20
Fourth quarter dividend of US$0.45 announced Shareholders will receive a dividend of US$0.45. Ex-date: 31st March 2025 Payment date: 15th April 2025 Dividend yield will be 2.0%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 43% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Annonce • Mar 20
Bragar Eagel & Squire, P.C. Files Class Action Lawsuit Against TFI International Inc Bragar Eagel & Squire, P.C announced that a class action lawsuit has been filed against TFI International Inc. in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired TFI securities between April 26, 2024 and February 19, 2025, both dates inclusive (the “Class Period”). Investors have until May 13, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit. The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material facts regarding TFI's business, operations, and prospects, including allegations that: (1) TFI was losing small and medium business customers; (2) as a result, the Company's TForce revenue was declining; (3) TFI was experiencing difficulties managing its costs; and (4) as a result of the foregoing, the profitability of its larger business segment was declining. Annonce • Mar 18
TFI International Inc. Declares Quarterly Dividend, Payable on April 15, 2025 The Board of Directors of TFI International Inc. declared a quarterly dividend of USD 0.45 per outstanding common share of its capital payable on April 15, 2025 to shareholders of record at the close of business on March 31, 2025. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to US$91.27, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 26x in the Transportation industry in the US. Total loss to shareholders of 11% over the past three years. Annonce • Feb 25
TFI International Inc., Annual General Meeting, Apr 23, 2025 TFI International Inc., Annual General Meeting, Apr 23, 2025. Location: montreal, quebec Canada Price Target Changed • Feb 21
Price target decreased by 9.3% to US$143 Down from US$157, the current price target is an average from 12 analysts. New target price is 51% above last closing price of US$94.71. Stock is down 36% over the past year. The company is forecast to post earnings per share of US$6.29 for next year compared to US$5.00 last year. Reported Earnings • Feb 20
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: US$5.00 (down from US$5.88 in FY 2023). Revenue: US$8.40b (up 12% from FY 2023). Net income: US$422.5m (down 16% from FY 2023). Profit margin: 5.0% (down from 6.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 9.4%. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Annonce • Jan 23
TFI International Inc. to Report Q4, 2024 Results on Feb 19, 2025 TFI International Inc. announced that they will report Q4, 2024 results After-Market on Feb 19, 2025 Recent Insider Transactions • Jan 03
Independent Director recently bought US$685k worth of stock On the 30th of December, William England bought around 5k shares on-market at roughly US$137 per share. This transaction increased William's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold US$984k more in shares than they bought in the last 12 months. Upcoming Dividend • Dec 24
Upcoming dividend of US$0.45 per share Eligible shareholders must have bought the stock before 31 December 2024. Payment date: 15 January 2025. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of American dividend payers (4.5%). Lower than average of industry peers (1.8%). Declared Dividend • Oct 24
Dividend of US$0.45 announced Shareholders will receive a dividend of US$0.45. Ex-date: 31st December 2024 Payment date: 15th January 2025 Dividend yield will be 1.2%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (7% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 59% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Annonce • Oct 23
TFI International Inc. Announces the Retirement of Neil Manning as Independent Director TFI International Inc. announced the retirement of independent director Neil Manning after 11 years on the Company’s Board, effective October 22, 2024. Reported Earnings • Oct 22
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: US$1.51 (down from US$1.55 in 3Q 2023). Revenue: US$2.18b (up 14% from 3Q 2023). Net income: US$128.0m (down 4.0% from 3Q 2023). Profit margin: 5.9% (down from 7.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Annonce • Oct 22
TFI International Inc. Approves Quarterly Dividend on Common Shares, Payable on January 15, 2025 On October 21, 2024, the Board of Directors of TFI International Inc. approved a quarterly dividend of $0.45 per outstanding common share of the Company’s capital, for an expected aggregate payment of $38.1 million to be paid on January 15, 2025, to shareholders of record at the close of business on December 31, 2024. Annonce • Oct 01
TFI International Inc. to Report Q3, 2024 Results on Oct 21, 2024 TFI International Inc. announced that they will report Q3, 2024 results After-Market on Oct 21, 2024 Declared Dividend • Sep 19
Second quarter dividend of US$0.40 announced Shareholders will receive a dividend of US$0.40. Ex-date: 30th September 2024 Payment date: 15th October 2024 Dividend yield will be 1.1%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (28% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 103% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Sep 17
TFI International Inc. Declares Quarterly Dividend on Common Shares, Payable on October 15, 2024 The Board of Directors of TFI International Inc. declared a quarterly dividend of $0.40 per outstanding common share of its capital payable on October 15, 2024 to shareholders of record at the close of business on September 30, 2024. Annonce • Jul 27
TFI International Inc. Provides Earnings Guidance for the Full Year 2024 TFI International Inc. provided earnings guidance for the full year 2024. For the period, the company expected EPS to be in the range of $6.75 to $7. Reported Earnings • Jul 26
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: US$1.39 (down from US$1.49 in 2Q 2023). Revenue: US$2.26b (up 26% from 2Q 2023). Net income: US$117.8m (down 8.2% from 2Q 2023). Profit margin: 5.2% (down from 7.2% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 9.9%. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Annonce • Jul 04
TFI International Inc. to Report Q2, 2024 Results on Jul 25, 2024 TFI International Inc. announced that they will report Q2, 2024 results After-Market on Jul 25, 2024 Declared Dividend • Jun 20
First quarter dividend of US$0.40 announced Shareholders will receive a dividend of US$0.40. Ex-date: 28th June 2024 Payment date: 15th July 2024 Dividend yield will be 1.1%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 24% over the next year, which should provide support to the dividend and adequate earnings cover. Annonce • Jun 18
TFI International Inc. Declares Quarterly Dividend on Common Shares, Payable on July 15, 2024 The Board of Directors of TFI International Inc. declared a quarterly dividend of $0.40 per outstanding common share of its capital payable on July 15, 2024 to shareholders of record at the close of business on June 28, 2024. Reported Earnings • Apr 26
First quarter 2024 earnings: EPS misses analyst expectations First quarter 2024 results: EPS: US$1.10 (down from US$1.29 in 1Q 2023). Revenue: US$1.87b (up 1.1% from 1Q 2023). Net income: US$92.8m (down 17% from 1Q 2023). Profit margin: 5.0% (down from 6.0% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Apr 05
TFI International Inc. to Report Q1, 2024 Results on Apr 25, 2024 TFI International Inc. announced that they will report Q1, 2024 results After-Market on Apr 25, 2024 Annonce • Apr 02
TFI International Inc. (TSX:TFII) completed the acquisition of Daseke, Inc. (NasdaqCM:DSKE) from a group of shareholders. TFI International Inc. (TSX:TFII) entered into a definitive agreement to acquire Daseke, Inc. (NasdaqCM:DSKE) from a group of shareholders for approximately $410 million on December 22, 2023. Subject to the terms of the agreement, Daseke common stockholders will receive $8.30 per share in cash. The total enterprise value of the transaction is approximately $1.1 billion, including the merger consideration for the common stock, retirement of Daseke’s outstanding preferred stock, payoff or assumption of outstanding debt, net of cash, and estimated transaction fees and expenses. Upon closing of the transaction, Daseke’s common stock will no longer be listed on any stock exchange, and Daseke will operate its portfolio of brands as part of TFI International’s Truckload segment. In the event of termination, Daseke, Inc. will be obligated to pay $12.45 million as a termination fee to TFI International.
The transaction is subject to Daseke common stockholder approval, regulatory approvals, expiration or termination of waiting period under the Sherman Act of 1890, the Clayton Act of 1914, the Federal Trade Commission Act of 1914, the HSR Act and all other federal, state, foreign, national or supranational Laws or Orders and other customary closing conditions. Closing is not subject to any financing condition. The merger agreement has been unanimously approved by the Boards of Directors of TFI International and Daseke. The transaction is expected to close during the second quarter of 2024. Management expects the transaction to be EPS-neutral to TFI International in 2024, and accretive by at least $0.5 per share in 2025 based on current market conditions.
J.P. Morgan Securities LLC acted as exclusive financial advisor as well as fairness opinion provider and Jennifer Gasser, David Feirstein, Douglas Bacon, Lanchi Huynh and Stephen Jacobson of Kirkland & Ellis LLP acted as legal advisors to Daseke. Mark Scudder and Heidi Hornung-Scherr of Scudder Law Firm, P.C., L.L.O. served as TFI International’s legal advisor in connection with the transaction. J.P. Morgan Securities LLC acted as due diligence provider to Daseke. Continental Stock Transfer & Trust Company acted as transfer agent to Daseke. Daseke has retained D.F. King & Co., Inc. as its proxy solicitor for a fee not to exceed $20,000 plus reimbursement of its reasonable, out-of-pocket expenses for its services. or services rendered in connection with the Merger and the delivery of its opinion, Daseke has agreed to pay J.P. Morgan a fee of approximately $17.8 million, of which $5 million became payable upon delivery of the opinion and the remainder of which is contingent and payable upon the closing of the Merger.
TFI International Inc. (TSX:TFII) completed the acquisition of Daseke, Inc. (NasdaqCM:DSKE) from a group of shareholders on April 1, 2024. Declared Dividend • Mar 21
Fourth quarter dividend of US$0.40 announced Shareholders will receive a dividend of US$0.40. Ex-date: 27th March 2024 Payment date: 15th April 2024 Dividend yield will be 0.9%, which is lower than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 46% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Annonce • Mar 20
TFI International Declares Quarterly Dividend, Payable on April 15, 2024 The Board of Directors of TFI International Inc. declared a quarterly dividend of $0.40 per outstanding common share of its capital payable on April 15, 2024 to shareholders of record at the close of business on March 28, 2024. Annonce • Mar 12
TFI International Inc. (TSX:TFII) acquired Hercules Forwarding Inc. TFI International Inc. (TSX:TFII) acquired Hercules Forwarding Inc. on March 11, 2024. As of March 11, 2024, Hercules Forwarding Inc. reported a revenue of approximately $100 million for the year ended December 31, 2023.
TFI International Inc. (TSX:TFII) completed the acquisition of Hercules Forwarding Inc. on March 11, 2024. New Risk • Mar 01
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$3.1m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks High level of debt (60% net debt to equity). Significant insider selling over the past 3 months (US$3.1m sold). Recent Insider Transactions • Mar 01
President recently sold US$3.0m worth of stock On the 27th of February, Alain Bedard sold around 20k shares on-market at roughly US$149 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Alain has been a net seller over the last 12 months, reducing personal holdings by US$4.2m. Annonce • Feb 17
TFI International Inc., Annual General Meeting, Apr 25, 2024 TFI International Inc., Annual General Meeting, Apr 25, 2024. Reported Earnings • Feb 10
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$5.88 (down from US$9.21 in FY 2022). Revenue: US$7.52b (down 15% from FY 2022). Net income: US$504.9m (down 39% from FY 2022). Profit margin: 6.7% (down from 9.3% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.7%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Jan 19
TFI International Inc. to Report Q4, 2023 Results on Feb 08, 2024 TFI International Inc. announced that they will report Q4, 2023 results After-Market on Feb 08, 2024 Annonce • Dec 24
TFI International Inc. (TSX:TFII) entered into a definitive agreement to acquire Daseke, Inc. (NasdaqCM:DSKE) for approximately $400 million. TFI International Inc. (TSX:TFII) entered into a definitive agreement to acquire Daseke, Inc. (NasdaqCM:DSKE) for approximately $400 million on December 22, 2023. Subject to the terms of the agreement, Daseke common stockholders will receive $8.30 per share in cash. The total enterprise value of the transaction is approximately $1.1 billion, including the merger consideration for the common stock, retirement of Daseke’s outstanding preferred stock, payoff or assumption of outstanding debt, net of cash, and estimated transaction fees and expenses. Upon closing of the transaction, Daseke’s common stock will no longer be listed on any stock exchange, and Daseke will operate its portfolio of brands as part of TFI International’s Truckload segment.
The transaction is subject to Daseke common stockholder approval, regulatory approvals and other customary closing conditions. Closing is not subject to any financing condition. The merger agreement has been unanimously approved by the Boards of Directors of TFI International and Daseke. The transaction is expected to close during the second quarter of 2024. Management expects the transaction to be EPS-neutral to TFI International in 2024, and accretive by at least $0.5 per share in 2025 based on current market conditions. J.P. Morgan Securities LLC acted as exclusive financial advisor and Jennifer Gasser, David Feirstein, Douglas Bacon, Lanchi Huynh and Stephen Jacobson of Kirkland & Ellis LLP acted as legal advisors to Daseke. Scudder Law Firm, P.C., L.L.O. served as TFI International’s legal advisor in connection with the transaction. Upcoming Dividend • Dec 21
Upcoming dividend of US$0.40 per share at 1.3% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 15 January 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of American dividend payers (4.5%). Lower than average of industry peers (1.6%). Annonce • Dec 19
TFI International Inc. Declares Quarterly Dividend, Payable on January 15, 2024 TFI International Inc. declared a quarterly dividend of USD 0.40 per outstanding common share of its capital payable on January 15, 2024 to shareholders of record at the close of business on December 29, 2023. Reported Earnings • Oct 25
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: US$1.55 (down from US$2.78 in 3Q 2022). Revenue: US$1.91b (down 15% from 3Q 2022). Net income: US$133.3m (down 46% from 3Q 2022). Profit margin: 7.0% (down from 11% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.2%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Oct 05
TFI International Inc. to Report Q3, 2023 Results on Oct 02, 2023 TFI International Inc. announced that they will report Q3, 2023 results on Oct 02, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of US$0.35 per share at 1.1% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 16 October 2023. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of American dividend payers (5.0%). Lower than average of industry peers (1.8%). Annonce • Sep 19
TFI International Inc. Declares Quarterly Dividend, Payable on October 16, 2023 The Board of Directors of TFI International Inc. declared a quarterly dividend of USD 0.35 per outstanding common share of its capital payable on October 16, 2023 to shareholders of record at the close of business on September 29, 2023. Annonce • Sep 06
TFI International Inc. (TSX:TFII) acquired The Vedder Transportation Group. TFI International Inc. (TSX:TFII) acquired The Vedder Transportation Group on September 5, 2023. Vedder generates annual revenues in excess of CAD 80 million. Run by President Fred Zweep, Vedder will join TFI International’s Specialized Truckload business segment.
TFI International Inc. (TSX:TFII) completed the acquisition of The Vedder Transportation Group on September 5, 2023. Annonce • Aug 18
TFI International Inc. (TSX:TFII) acquired JHT Holdings, Inc. TFI International Inc. (TSX:TFII) agreed to acquire JHT Holdings, Inc. on August 7, 2023. JHT Holdings, Inc. is generating annual revenues of more than US $500 million. Chief Executive Officer John Harrington and his team will join TFI International Inc. The transaction is subject to customary closing adjustments and is expected to close during the third quarter 2023.
TFI International Inc. (TSX:TFII) completed the acquisition of JHT Holdings, Inc. on August 16, 2023. Morgan Stanley acted as financial advisor to JHT Holdings, Inc. Annonce • Aug 09
TFI International Inc. (TSX:TFII) has agreed to acquire JHT Holdings, Inc. TFI International Inc. (TSX:TFII) has agreed to acquire JHT Holdings, Inc. on August 7, 2023. JHT Holdings, Inc. is generating annual revenues of more than US $500 million. Chief Executive Officer John Harrington and his team will join TFI International Inc. The transaction is subject to customary closing adjustments and is expected to close during the third quarter 2023. Price Target Changed • Aug 02
Price target increased by 11% to US$148 Up from US$133, the current price target is an average from 13 analysts. New target price is 13% above last closing price of US$131. Stock is up 28% over the past year. The company is forecast to post earnings per share of US$6.12 for next year compared to US$9.21 last year. Reported Earnings • Aug 01
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: US$1.49 (down from US$3.05 in 2Q 2022). Revenue: US$1.79b (down 26% from 2Q 2022). Net income: US$128.2m (down 54% from 2Q 2022). Profit margin: 7.2% (down from 11% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Jul 28
TFI International Inc. Appoints Sébastien Martel to its Board of Directors, Effective July 31, 2023 TFI International Inc. announced that Sébastien Martel will join its Board of Directors, effective July 31, 2023. Mr. Martel is the Chief Financial Officer of BRP Inc. He has been with BRP for nearly 20 years, serving as CFO since 2014. A registered CPA, Mr. Martel holds a Bachelor degree in Accountancy from McGill University. Annonce • Jul 14
TFI International Inc. (TSX:TFII) completed the acquisition of Siemens Transportation Group Inc. from the family. TFI International Inc. (TSX:TFII) agreed to acquire Siemens Transportation Group Inc. from the family on May 1, 2023. STG generated approximately CAD 150 million of revenue. STG’s Doug Siemens will continue to manage the business as part of TFI’s Less-ThanTruckload segment, reporting to Executive Vice-President Chris Traikos. The transaction is subject to regulatory approval.TFI International Inc. (TSX:TFII) completed the acquisition of Siemens Transportation Group Inc. from the family on July 13, 2023. Annonce • Jul 12
TFI International Inc. to Report Q2, 2023 Results on Jul 31, 2023 TFI International Inc. announced that they will report Q2, 2023 results After-Market on Jul 31, 2023 Upcoming Dividend • Jun 22
Upcoming dividend of US$0.35 per share at 1.3% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 17 July 2023. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of American dividend payers (4.9%). Lower than average of industry peers (1.9%). Annonce • Jun 16
TFI International Inc. Declares Quarterly Dividend, Payable on July 17, 2023 The Board of Directors of TFI International Inc. declared a quarterly dividend of USD 0.35 per outstanding common share of its capital payable on July 17, 2023 to shareholders of record at the close of business on June 30, 2023. Reported Earnings • Apr 27
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: US$1.29 (down from US$1.61 in 1Q 2022). Revenue: US$1.85b (down 16% from 1Q 2022). Net income: US$111.9m (down 24% from 1Q 2022). Profit margin: 6.0% (down from 6.7% in 1Q 2022). Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Mar 30
President recently sold US$2.2m worth of stock On the 24th of March, Alain Bedard sold around 20k shares on-market at roughly US$111 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$3.9m. Alain has been a net seller over the last 12 months, reducing personal holdings by US$3.1m. Upcoming Dividend • Mar 23
Upcoming dividend of US$0.35 per share at 1.2% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 17 April 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of American dividend payers (4.6%). Lower than average of industry peers (2.4%). Recent Insider Transactions • Feb 20
Independent Director recently sold US$3.9m worth of stock On the 16th of February, Joey Saputo sold around 30k shares on-market at roughly US$128 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$7.2m more than they bought in the last 12 months. Recent Insider Transactions • Feb 10
Chief Financial Officer recently bought US$941k worth of stock On the 7th of February, David Saperstein bought around 8k shares on-market at roughly US$115 per share. This transaction amounted to 63% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Annonce • Feb 09
TFI International Inc. Provides Earnings Guidance for the Year 2023 TFI International Inc. provided earnings guidance for the year 2023. For the year, the group expect $7.50 to $7.60 of earnings per share. Reported Earnings • Feb 07
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: US$9.21 (up from US$7.14 in FY 2021). Revenue: US$8.81b (up 22% from FY 2021). Net income: US$823.2m (up 24% from FY 2021). Profit margin: 9.3% (up from 9.2% in FY 2021). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 1.8%. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Transportation industry in the US. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth.