The quarter had some f/x impact (2c) and accidents were much higher. The company had some issues but essentially blamed it on the sector, calling it a 'freight recession'. Business is not good, not just with TFII. Tariffs add more uncertainty. Certainly the results are not great and TFII noted it was going to be a 'tough year'. But it is not the company's first downturn. It discussed M&A extensively and its potential to do deals. Cash flow was still decent. Valuation and the dividend remain attractive. Consensus and forecast still calls for good EPS growth over two years. But... there are challenges. We would not really say the company has done much wrong here, but is tied to shipments and volume and cost creep. We would see it as a hold after today's big decline, and sentiment has shifted dramatically. But the company is in good shape and will get through this downturn.
5i Research Answer: