TFI International annonce ses résultats du deuxième trimestre de 2017

  • 23% increase in revenue before fuel surcharge from continuing operations to $1.12 billion
  • Operating loss of $47.2 million due to a $129.8 million goodwill write-off of U.S. TL operations, resulting in a net loss from continuing operations of $75.0 million, or $0.82 per diluted share
  • Adjusted EBITDA from continuing operations* up $35.9 million, or 30%, to $154.0 million
  • Adjusted operating income* rose 12% to $82.6 million excluding the goodwill write-off
  • Adjusted net income from continuing operations* increased 16% to $63.7 million, which resulted in a 17% increase in adjusted earnings per diluted share from continuing operations* to $0.68, a record for the Company

Montreal, Quebec, July 27, 2017 - TFI International Inc. (TSX: TFII; OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced its results for the second quarter ended June 30, 2017.

'Although TFI International's results remain affected by difficult conditions in the U.S. Truckload market, we are pleased that benefits from earlier initiatives aimed at improving efficiency and generating superior returns are materializing in all other operating segments. We also returned our excess cash flow to shareholders by repurchasing $42.5 million in common shares during the second quarter,' said Alain Bédard, Chairman, President and Chief Executive Officer of TFI International.

'The operating margin of the Package and Courier (P&C) segment rose 70 basis points compared to last year, driven by cost reduction measures in Canadian next-day activities and a better business mix for Canadian and U.S. same-day activities. Further efficiency gains from successfully adapting supply to demand also produced a solid profitability improvement in the Less-Than-Truckload (LTL) segment. The result of the Canadian Truckload (TL) operating segment continued its strong performance in Q2. However, in the U.S. TL operating segment, persistent weakness in the U.S. market is negatively affecting volume and rates and initiatives aimed at reducing equipment costs have yet to fully achieve their objectives. Finally, our Logistics segment recorded strong revenue growth and solid margins,' added Mr. Bédard.

FINANCIAL HIGHLIGHTS
(IN MILLIONS OF DOLLARS, EXCEPT PER SHARE DATA)
QUARTERS ENDED JUNE 30 SIX MONTHS ENDED JUNE 30
2017 2016 2017 2016
Total revenue from continuing operations 1,232.2 977.8 2,404.1 1,912.0
Revenue before fuel surcharge from continuing operations 1,115.4 903.9 2,174.6 1,770.6
Adjusted EBITDA from continuing operations 154.0 118.1 263.5 204.0
Operating income (loss) (47.2) 73.4 (18.3) 113.7
Adjusted operating income 82.6 73.4 124.7 113.7
Net cash from operating activities from continuing operations 77.3 99.5 127.5 139.6
Adjusted net income from continuing operations 63.7 54.8 96.5 86.0
Per share - diluted ($) 0.68 0.58 1.03 0.89
Net income (loss) from continuing operations (75.0) 44.3 (61.0) 59.6
Per share - diluted ($) (0.82) 0.47 (0.67) 0.61
Net income (loss) (75.0) 39.1 (61.0) 542.7
Per share - diluted ($) (0.82) 0.41 (0.67) 5.59
Weighted average number of shares ('000s) 91,025 93,598 91,315 95,608

SECOND-QUARTER RESULTS
Total revenue from continuing operations reached $1.23 billion, up 26% from last year. Net of fuel surcharge, revenue from continuing operations rose 23% to $1.12 billion. The increase reflects the contribution from business acquisitions, mainly CFI, completed on October 27, 2016, as well as favourable currency variations, partially offset by slightly lower business volume for existing operations.

The operating loss totalled $47.2 million, compared with operating income of $73.4 million last year. During the quarter, TFI International recorded a non-cash goodwill impairment charge of $129.8 million related to the U.S. TL operations. Excluding this charge, adjusted operating income rose 12% to $82.6 million. Included in this amount were non-recurring costs of $6.8 million related to the integration of CFI, mainly in regards to fleet rebranding and renewal programs. As a percentage of revenue before fuel surcharge, adjusted operating income stood at 7.4% of revenue, versus 8.1% a year ago. This decrease reflects lower margins in the U.S. TL operating segment due to difficult market conditions, partially offset by higher margins in other segments, mainly resulting from efficiency gains.

Reflecting the goodwill write-off, the net loss from continuing operations was $75.0 million, or $0.82 per diluted share, versus net income from continuing operations of $44.3 million, or $0.47 per diluted share, a year ago. Adjusted net income from continuing operations, which excludes amortization of intangible assets related to business acquisitions, net changes in the fair value of derivatives, net foreign exchange gain or loss and impairment of intangible assets, net of tax, amounted to $63.7 million, or $0.68 per diluted share, up 16% from $54.8 million last year, or $0.58 per diluted share. The net loss reached $75.0 million, or $0.82 per diluted share, compared with net income of $39.1 million, or $0.41 per diluted share last year.

SIX-MONTH RESULTS
For the first six months of 2017, total revenue from continuing operations reached $2.4 billion, versus $1.9 billion in the first six months of 2016. Net of fuel surcharge, revenue from continuing operations reached $2.2 billion, up from $1.8 billion last year. The operating loss amounted to $18.3 million, versus operating income of $113.7 million last year, while adjusted operating income totalled $124.7 million, or 5.7% of revenue before fuel surcharge, compared with $113.7 million last year, or 6.4% of revenue before fuel surcharge.

The net loss from continuing operations was $61.0 million, or $0.67 per diluted share, versus net income from continuing operations of $59.6 million, or $0.61 per diluted share, a year ago. Adjusted net income from continuing operations stood at $96.5 million, or $1.03 per diluted share, compared with $86.0 million last year, or $0.89 per diluted share. The net loss was $61.0 million, or $0.67 per diluted share, versus net income of $542.7 million last year, or $5.59 per diluted share. Last year's net income included a $490.8 million after-tax gain on the sale of the Waste Management segment.

SEGMENTED RESULTS FROM CONTINUING OPERATIONS

(IN MILLIONS OF DOLLARS) QUARTERS ENDED JUNE 30 SIX MONTHS ENDED JUNE 30
2017 2016 2017 2016
$ $ $ $
Revenue*
Package and Courier 324.4 316.2 644.5 628.1
Less-Than-Truckload 206.5 188.1 405.7 365.4
Truckload 515.6 355.9 1,002.1 693.6
Logistics 80.1 58.5 147.6 112.9
Eliminations (11.1) (14.9) (25.3) (29.5)
Total 1,115.4 903.9 2,174.6 1,770.6
$ % of Rev. $ % of Rev. $ % of Rev. $ % of Rev.
Adjusted Operating Income (Loss)
Package and Courier 34.2 10.5% 31.1 9.8% 57.1 8.9% 48.0 7.6%
Less-Than-Truckload 24.2 11.7% 14.7 7.8% 32.9 8.1% 20.1 5.5%
Truckload 23.5 4.6% 31.5 8.9% 38.2 3.8% 51.9 7.5%
Logistics 7.4 9.2% 5.4 9.2% 13.0 8.8% 9.6 8.5%
Corporate (6.8) (9.4) (16.5) (15.9)
Total 82.6 7.4% 73.4 8.1% 124.7 5.7% 113.7 6.4%

CASH FLOW AND FINANCIAL POSITION
During the second quarter, TFI International generated a net cash flow from operating activities from continuing operations of $77.3 million, versus $99.5 million last year. The variation reflects higher working capital requirements, notably an increase in accounts receivable, resulting from higher year-over-year total revenue.

A total amount of $59.9 million was returned to shareholders through the repurchase 1.5 million common shares, for a consideration of $42.5 million, and the payment of dividends amounting to $17.4 million.

In the first six months of 2017, the net cash flow from operating activities from continuing operations amounted to $127.5 million, versus $139.6 million last year.

OUTLOOK
'Low unemployment and resilient consumer spending provide a mostly favourable economic backdrop in North America. While we do not expect conditions to materially improve in the U.S. TL market before sometime in 2018, we should nevertheless reap further benefits from our initiatives aimed at optimizing efficiency and asset utilization in all business segments. A decentralized and diversified business model also allows TFI International to rapidly adapt to changing market conditions. Maximizing cash flow generation is a core element of TFI International's operating strategy and we will diligently use these funds to repurchase shares, reimburse debt and invest in high-return activities. Our actions are dictated by a firm commitment to create lasting value for our shareholders,' concluded Mr. Bédard.

CONFERENCE CALL
TFI International will hold a conference call for analysts and portfolio managers on Friday, July 28, 2017 at 9:00 a.m. Eastern Time, to discuss these results. Business media are also invited to listen to the call. Interested parties can join the call by dialling 1-877-223-4471. A recording of the call will be available until midnight, August 11, 2017, by dialling 1-800-585-8367 or 416-621-4642 and entering passcode 39212087.

FORWARD-LOOKING STATEMENTS
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of TFI International. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for TFI International's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.

NON-IFRS FINANCIAL MEASURES
This press release includes references to certain non-IFRS financial measures as described below. These non-IFRS measures do not have any standardized meanings prescribed by International Financial Reporting Standards (IFRS) and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, they should not be considered in isolation, in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. The terms and definitions of the non-IFRS measures used in this press release and a reconciliation of each non-IFRS measure to the most directly comparable IFRS measure are provided below.

Adjusted EBITDA from continuing operations
Adjusted EBITDA from continuing operations is calculated as net income or loss from continuing operations before finance income and costs, income tax expense, depreciation, amortization and impairment of intangible assets. Management believes adjusted EBITDA from continuing operations to be a useful supplemental measure. Adjusted EBITDA from continuing operations is provided to assist in determining the ability of the Company to generate cash from its operations.

ADJUSTED EBITDA FROM CONTINUING OPERATIONS
(UNAUDITED, IN THOUSANDS OF DOLLARS)
QUARTERS ENDED JUNE 30 SIX MONTHS ENDED JUNE 30
2017 2016 2017 2016
Net income (loss) from continuing operations (75,037) 44,281 (60,978) 59,603
Net finance costs 15,563 12,820 30,952 36,935
Income tax expense 12,263 16,305 11,726 17,152
Operating income (loss) (47,211) 73,406 (18,300) 113,690
Impairment of intangible assets 129,770 - 142,981 -
Adjusted operating income 82,559 73,406 124,681 113,690
Depreciation of property and equipment 56,835 32,110 109,180 64,584
Amortization of intangible assets 14,603 12,615 29,684 25,742
Adjusted EBITDA from continuing operations 153,997 118,131 263,545 204,016

Adjusted operating income (loss) and adjusted operating margin
Adjusted operating income (loss) is calculated as operating income or loss before impairment of intangible assets. Adjusted operating margin is calculated as adjusted operating income divided by revenue before fuel surcharge from continuing operations. Management uses adjusted operating income or loss and adjusted operating margin to measure its performance from one period to the next, without the variation caused by the impact of the item described above. The Company excludes this item because it affects the comparability of its financial results and could potentially distort the analysis of trends in its business performance. Excluding this item does not imply it is necessarily non-recurring.

ADJUSTED OPERATING INCOME
(UNAUDITED, IN THOUSANDS OF DOLLARS)
QUARTERS ENDED JUNE 30 SIX MONTHS ENDED JUNE 30
2017 2016 2017 2016
Operating income (loss) (47,211) 73,406 (18,300) 113,690
Impairment of intangible assets 129,770 - 142,981 -
Adjusted operating income 82,559 73,406 124,681 113,690
Operating margin -4.2% 8.1% -0.8% 6.4%
Adjusted operating margin 7.4% 8.1% 5.7% 6.4%

Adjusted net income from continuing operations and adjusted earnings per share from continuing operations, basic or diluted
Adjusted net income from continuing operations is calculated as net income or loss excluding amortization of intangible assets related to business acquisitions, net changes in the fair value of derivatives, net foreign exchange gain or loss, net income or loss from discontinued operations and impairment of intangible assets, net of tax. Adjusted earnings per share from continuing operations, basic or diluted, is calculated as adjusted net income from continuing operations divided by the weighted average number of common shares, basic or diluted. The Company uses adjusted net income from continuing operations and adjusted earnings per share from continuing operations to measure its performance from one period to the next, without the variation caused by the impacts of the items described above. The Company excludes these items because they affect the comparability of its financial results and could potentially distort the analysis of trends in its business performance. Excluding these items does not imply they are necessarily non-recurring.

ADJUSTED NET INCOME FROM CONTINUING OPERATIONS
(UNAUDITED, IN THOUSANDS OF DOLLARS, EXCEPT PER SHARE DATA)
QUARTERS ENDED JUNE 30 SIX MONTHS ENDED JUNE 30
2017 2016 2017 2016
Net income (loss) (75,037) 39,106 (60,978) 542,737
Amortization of intangible assets related to business acquisitions, net of tax 9,078 7,716 18,354 15,809
Net change in fair value of derivatives, net of tax (372) 2,178 (737) 8,404
Net foreign exchange loss, net of tax 294 584 1,405 2,200
Impairment of intangible assets, net of tax 129,770 - 138,438 -
Net loss (income) from discontinued operations - 5,175 - (483,134)
Adjusted net income from continuing operations 63,733 54,759 96,482 86,016
Adjusted earnings per share from continuing operations -
basic 0.70 0.59 1.06 0.90
Adjusted earnings per share from continuing operations -
diluted* 0.68 0.58 1.03 8.9

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TFI International Inc. published this content on 27 July 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 July 2017 22:22:06 UTC.

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