The TFI International fourth quarter 2025 earnings call took place in the middle of the first quarter of 2026, but the company’s two management representatives on the forum made it clear that the first three months of the year have not been going well for the trucking conglomerate. After posting adjusted earnings per share of $1.09 in the first quarter, which topped the 80 to 90 cents that TFI had projected for 4Q on its third quarter earnings call, TFI said it expected its adjusted first quarter earnings to be 50 cents to 60 cents per share. “This is down year over year versus 2025, because we’re still in a transition environment,” CEO Alain Bedard said on the conference call. TFI had adjusted net income in the first quarter of 2025 of 76 cts/share. David Saperstein, TFI’s CFO, said the decline would be created in part because of about a 250 basis point decline in the company’s U.S. LTL operations, which has been the focus of attempted improvement at TFI for several years. But Saperstein added that a first quarter decline in general was not unusual. “Quarter one is unique in the year in that it’s very back end-weighted to March, so it’s very difficult to get a sense for the trends based on January and the first half of February,” Saperstein said. Hard hit by weather But the natural decline has been exacerbated by weather. Saperstein said TFI has probably lost about 100 basis points of U.S. LTL margin…
