TFI International (TFII) Q4 2024 earnings summary

Executive summary

• Q4 2024 operating income was $160.2M, down from $198.3M in Q4 2023, with net income at $88.1M versus $131.4M year-over-year.

• Full-year 2024 revenue reached $8.40B, up from $7.52B in 2023, mainly due to the Daseke acquisition.

• North American leader in transport and logistics, operating across U.S. and Canada with 100+ companies and 27,205 employees, including 13,967 drivers.

• Proven M&A strategy with 95 acquisitions since 2015, including 5 major deals, driving growth and integration synergies.

• Board approved a 13% dividend increase to $0.45 per share; plans to re-domicile to the U.S. to align with shareholder base and commercial presence.

Financial highlights

• Q4 total revenue was $2.08B, up from $1.97B in Q4 2023; revenue before fuel surcharge was $1.83B, up from $1.67B.

• Adjusted EBITDA for 2024 was $1.32B, up from $1.19B in 2023.

• Q4 adjusted net income was $101.8M ($1.19/share), down from $147.0M ($1.71/share) in Q4 2023.

• Free cash flow for 2024 totaled $768.6M, with an 80.6% FCF conversion rate.

• Operating margin for TTM Q4 2024 was 9.8%; FCF yield was 6.7%.

Outlook and guidance

• No formal 2025 guidance provided due to ongoing freight recession and market uncertainty.

• Management expects a difficult first half of 2025, with potential improvement in the second half as market conditions clarify.

• Focus remains on disciplined capital allocation, robust M&A pipeline, and leveraging e-commerce growth.