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TFI's Truckload Surge Masks LTL Weakness in Strong Q2

TFI International's second-quarter diluted earnings per share jumped 41% to $1.65. However, the carrier's two largest segments told divergent stories. Truckload operations and logistics drove profitability gains, while LTL—accounting for 41% of revenue—showed more modest improvement. EBITDA margins for truckload operations substantially outpaced LTL performance. CEO Alain Bedard attributed truckload strength to tight capacity rather than surging demand, citing supply constraints as the primary driver. Revenue per truck per week rose 11% during the quarter, while the truckload operating ratio improved to 92%. Bedard characterized the current market as fundamentally different from past cycles, driven by structural supply limitations he expects to persist. LTL volume climbed 7.53% year-over-year, but Bedard acknowledged the surge triggered operational cost pressures that offset margin expansion.