TFI International

TFII

TFI International Inc. is a Canadian transport and logistics company based in Montreal, Quebec. It operates across Canada through 4 business segments, and in the United States. It has Canada's largest LTL business, largest trucking fleet and ranked 14th in terms of revenue in 2005 among North American LTL carriers however more recent lists such assuggest it may be closer to top 5 (2010 1st qtr revenue TFI International $466.1 million versus 5th ranked US company $359.9 million). Its trucking fleet consists of 6700 power units and 12000 trailers. Two thirds of business comes from operations in Eastern Canada while the rest is from Western Canada. The company's main source of growth has been complete takeovers (it holds no stakes in other companies) of smaller trucking companies (35 in the period of 1992 to 2010) which are then made into subsidiaries, though more recently organic growth contributed to the 53% rise in freight in the first half of 2010. In December 2010 it entered the US market by acquiring Dallas based Dynamex with a $248 million takeover offer. In the 12 months leading up to October 31, 2010 Dynamex made $418 million in revenue (about a quarter as much as TFI International). Even though TFI International cut its trucking fleet by 100 power units in 2010 revenue didn't fall, the result of improved equipment efficiency.

TFI International has been a target of short sellers for a while. The current short interest of 1.62% is roughly at the average of the last 12 months (1.31%).