Q2 Woes for TFI and Heartland Express

Canadian transport firm, TFI International, reported a Q2 revenue, including fuel surcharges, of $1.79 billion, a noticeable drop from the $2.42 billion in Q2 of 2022. Concurrently, Heartland Express also reported lower-than-expected Q2 earnings. Key numbers for both companies include:

• TFI's operating income was halved to $192.4 million from $391 million.
• Heartland Express reported Q2 earnings per share of just 10 cents, significantly lower than the 29 cents booked the previous year.
• TFI’s net income dropped to $138.9 million, a substantial decrease from the $276.8 million in Q2 2022.
• Heartland Express saw consolidated revenue rise by 63% year over year to $306 million, largely due to acquisitions.

Despite these challenges, both companies expect future improvements and increased freight demand.

Sources: FreightWaves and FreightWaves