TFI International (TFII.TO, TFII) edged down in after-hours New York trading after the company on Wednesday reported lower earnings and higher revenue for the fourth quarter, while saying it will change its domicile to the United States.
The logistics and trucking company said its adjusted profit, excluding most one-time items, fell to US$101.8 million, or US$1.19 per share, from US$147 million, or US$1.71 per share in the year prior quarter. FactSet expected US$1.58 per share.
Revenue rose to US$2.08 billion from US$1.97 billion. The result slightly missed the consensus forecast of US$2.19 billion, according to FactSet. The company said that the year-over-year increase is mainly due to contributions from business acquisitions, offset by reduced volumes driven by weaker end-market demand.
On Dec. 16, the board maintained a quarterly dividend of $0.45 per share, to be paid on Jan. 15. It represents a 13% year-over-year increase.
The company also said it plans to pursue re-domiciliation from Canada to the United States.
"Since 2011, TFI has operated in the U.S. and has traded on the New York Stock Exchange since February 2020. Today, approximately 70% of TFI's operations are based in the U.S., and a plurality of its shareholders are U.S.-based," the company noted.
TFII shares were last seen down US$0.86 to $126.75 after hours. They closed up $0.64 to $181.51 on the Toronto Stock Exchange.
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