Q: Could you provide results/commentary after TFII's call this morning? Anything noteworthy or worrying? Is call a positive or a negative?
5i Research Answer:
On the call, TFII emphasized that it is "preparing for a rebound" in the industry. It stressed it is controlling the controllables. Cash flow was solid, and it bought back $225M of shares last year. It is not particularly concerned: it is not its first downturn. With tariffs and economic concerns, the main issue remains excess capacity, which is impacting margins. TFII also continues to look for acquisition and growth opportunities. Nothing new there. The tone was more positive than we might have thought. Essentially, it is setting up well for whenever volumes improve. Nothing hugely noteworthy though on the call.