MONTREAL, Que. -- TransForce turned a Q4 09 loss into a tidy $35.6 million gain in the fourth quarter of 2010, closing out the fiscal year on a strong note.
The company finished 2010 with net income of $104.6 million, compared to just $10.9 million in all of 2009.
The package and courier segment benefited from the acquisition of ATS and a major deal TransForce's Canpar division won with the government of Ontario.
Despite a small increase in volumes, LTL revenue declined 5.9% due to weaker pricing and the appreciation of the Canadian dollar, TransForce reported.
Truckload revenue was stable compared to the same period in 2009, thanks to improved equipment utilization and a trimming of the fleet by about 100 power units, TransForce reported.
"TransForce will continue its successful program of controlling costs, improving operating efficiencies, as well as protecting and improving its operating margins," said TransForce CEO Alain Bedard. "While we expect the economy to improve in 2011, we believe the progress will be slight. Our market leadership, strong financial situation and skilled workforce position us for accelerated growth in a stronger economy. The company's highly disciplined and selective approach to acquisitions will be maintained as we enlarge our geographic footprint and increase customer services."
Bedard added the company stands to benefit greatly from the acquisition of Dynamex.
"The Dynamex acquisition presents several opportunities going forward," he said. "Our fastest growing segment is Package and Courier and the addition of Dynamex both strengthens existing services and creates meaningful opportunities in the US. With our track record of successfully integrating acquisitions, the combination of the two companies should also yield significant synergies."