TFI CEO Bedard Blasts U.S. LTL Unit as Stock Falls 14.7%; New Manager Tapped

TFI International (NYSE: TFII) CEO Alain Bedard criticized the company's U.S. LTL operations on Friday's earnings call, calling the segment "a rock in my shoe" after third-quarter results showed it lagging the Truckload unit. Shares fell 14.71%, or $16.55, to $95.99. Bedard said a new manager for the U.S. LTL business, operating as TForce, started October 1, though he declined to name the executive, who he said retired from an industry peer. The company-wide LTL operating ratio rose to 91.3% from 88.8% a year earlier; Bedard said the U.S. figure is closer to 97 while Canada is below 75. He said TFI plans to build a non-union network in parallel, anchored by Hercules Forwarding, acquired in 2024 and now handling about 1,000 LTL shipments daily, and cited excessive miles between stops as a density problem. Bedard said TFI has no intention of selling the U.S. LTL operations. Earlier, he said Daseke, acquired in 2023, had "been turned around very, very fast."