TFII - TFI International Inc. (TFII) Q2 2024 Earnings Call Transcript
2024-07-26 15:58:02 ET
TFI International Inc. (TFII)
Q2 2024 Earnings Conference Call
July 26, 2024 08:30 AM ET
Company Participants
Alain Bédard - Chairman, President & Chief Executive Officer
Conference Call Participants
Ravi Shanker - Morgan Stanley
Ken Hoexter - Bank of America
Walter Spracklin - RBC Capital Markets
Tom Wadewitz - UBS
Brian Ossenbeck - JPMorgan
Jason Seidl - TD Cowen
Konark Gupta - Scotia Capital
Jordan Alliger - Goldman Sachs
Daniel Imbro - Stephens
Benoit Poirier - Desjardins Capital Markets
Cameron Doerksen - National Bank Financial
Bascome Majors - Susquehanna
Kevin Chiang - CIBC
Presentation
Operator
Good day, ladies and gentlemen. Thank you for standing by. Welcome to TFI International's Second Quarter 2024 Results Conference Call. At this time all participants are in a listen-only mode. Following the presentation we will conduct a question-and-answer session. [Operator Instructions]
Please be advised that the conference call will contain statements that are forward-looking in nature and subject to a number of risks and uncertainties and that could cause actual results to differ materially. Also, I’d like to remind everyone that this conference call is being recorded on Friday, July 26, 2024.
I’ll now turn the conference call over to Alain Bedard, Chairman, President and Chief Executive Officer of TFI International. Please go ahead sir.
Alain Bédard
Well thank you operator, and welcome everyone to our call today. Our results released yesterday after the close, we are again very solid with a year-over-year increase in both revenue and operating income. In all of our segments, our performance is still very lackluster freight environment. Our results reflect the hard work every day of our skilled and dedicated team members, as well as strong management and are many other self-help initiatives that will continue to benefit us going forward.
But our overreaching focus as a company is on the long held operating principle that got us here. We are focused on the details, including quality of service that drives volumes. We are focused on freight quality, maximizing weight and revenue per shipment and always striving for cost management through greater efficiencies. I believe that especially during weaker freight cycles, it is this adherence to the fundamentals that helps us perform.
All the while, we maintain a solid financial position that allows us to seek highly strategic M&A opportunities to intelligently invest in the business and to return excess capital to shareholders whenever possible. During the second quarter of 2024, our revenue before fuel surcharge was up 27% to $1.96 billion. We generated operating income of $208 million, up for $192 million in the second quarter of 2023, with an operating margin of 10.6% relative to 12.4%.
We also produced adjusted net income of $146 million, up from $139 million a year earlier, along with adjusted EPS of $1.71 up from $1.59 in the prior year. Cash flow generation, as you've heard me say in the past is always a focal point of ours. And during the second quarter, we drove nearly $250 million of net cash from operating activities, well above the year earlier, $200 million. We also generated free cash flow of $151 million, which was up from $138 million....
TFI International Inc. (TFII) Q2 2024 Earnings Call Transcript