TransForce Inc. (TFI.TO) a provider of freight transportation and logistics services, Friday reported lower net income for the fourth quarter in spite of a revenue rise. Adjusted earnings per share, however, topped Street estimates.
For the three months, the firm posted net income of C$36.1 million or C$0.37 per share, down from C$41.7 million or C$0.41 per share.
Adjusted for after-tax effect of changes in the fair value of derivatives and net foreign exchange gain or loss, the company reported earnings per share of C$0.39 for the period. Nine analysts, on average, polled by Thomson Reuters estimated earnings per share of C$0.37 for the period. Analyst estimates typically exclude one-time items.
Total revenue for the quarter amounted to C$778.4 million, up from C$735.5 million reported a year ago. The company said the revenue rise was mainly driven by the contribution from the acquisitions of Quik X and IE Miller. Analysts, however, were looking for slightly higher revenue of C$781.88 million.
Looking forward, the firm said the industry is facing difficult times and it does not see significant improvement before the end of 2013. The firm, however, said it looks to build shareholder value by maximizing the return on its assets, notably through a constant focus on unlocking synergies from significant acquisitions made in the past two years.
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