First look: TFI Truckload sparkles, but OR at LTL slips
TFI International has tried to get investors to take notice of its Truckload operations, which are substantial but smaller than its more better-known LTL segment. The third quarter results may be the catalyst that gets that recognition to occur. Where the third quarter LTL segment at TFI (NYSE: TFII) saw its operating ratio rise compared to a year ago, the OR for Truckload strengthened. And it was the Truckload operations that led CEO Alain Bedard’s comments in the prepared statement released Thursday afternoon along with its earnings. Bedard described Truckload as having a “remarkably strong” quarter. “Our Truckload performance is particularly gratifying, with double digit top line growth despite fewer trucks and operating income that nearly doubled,” Bedard said. The overall impact of the higher LTL OR and the much improved truckload OR led to a company-wide OR of 89.5% compared to…