Thanks
Sheldon
EPS of $1.33 missed estimates of $1.49. Sales of $1.85B missed estimates of $1.92B. EBITDA of $264.2M missed estimates of $283M. Revenue fell 16% and profit fell 24% as the economy slowed and costs rose. Packaging revenue fell 10%. Still, despite weakness, operating cash flow rose 69% and free cash flow rose 113%. It did five acquisitions in the quarter and bought back $6M in stock. It announced a 30% dividend increase but this was old news and the higher rate was already paid March 31. Based on consensus estimates, sales are expected to decline by -8%, then normalize to around 8%-10% on average. The company has been executing well, but will not be immune to economic pressures. Overall, TFII has been growing, making good acquisitions and repurchasing shares over the last few years. Given the weakness in share price recently we remain comfortable overall with its prospects from current levels.