MONTREAL – reported first quarter adjusted earnings per share of $0.69, beating analyst estimates of $0.61, while revenue of $1.95 billion exceeded the consensus estimate of $1.88 billion. The stock was flat following the results.
The transportation and logistics company also issued second quarter guidance above Wall Street expectations, projecting adjusted diluted EPS of $1.50 to $1.60 compared to the analyst consensus of $1.29.
Revenue declined 1% YoY from $1.96 billion in the prior year period, primarily due to reduced volumes driven by weaker end market demand, partially offset by contributions from business acquisitions. Operating income fell to $96.6 million from $114.6 million in the first quarter of 2025, impacted by the revenue decline and $6.7 million of incremental accident-related expenses.
“We easily exceeded our first quarter earnings outlook on stronger revenue and higher profitability for both Truckload and Logistics despite adverse weather early in the quarter, thanks to the hard work of our talented team and benefitting from our strategic investments in recent years,” said Alain Bédard, Chairman, President and Chief Executive Officer.
The Truckload segment showed strength with operating income increasing 14% to $55.8 million, while Logistics operating income rose 10% to $34.4 million. However, the Less-Than-Truckload segment saw operating income decline 35% to $30.6 million. Revenue before fuel surcharge for the Truckload segment increased 1% to $672.8 million, while Less-Than-Truckload revenue decreased 2% to $656.3 million.
Net cash from operating activities decreased to $121.5 million from $193.6 million in the prior year period, while free cash flow declined to $123.7 million from $191.7 million. The Board of Directors approved a quarterly dividend of $0.47 per share, representing a 4% increase over the prior year period.
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