Q2 Woes for TFI and Heartland Express
Q2 results for TFI and Heartland Express show weaker financial performance, but both firms eye potential future operational improvements.
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.