TFI CEO Sees Progress on U.S. LTL Turnaround Despite Lingering Challenges

Key Details TFI International CEO Alain Bedard expressed cautious optimism about the company's U.S. LTL operations during recent earnings calls, though he acknowledged significant work remains. The carrier has been rebuilding its LTL division since acquiring UPS Freight in 2021, a process Bedard has candidly described as challenging over multiple analyst briefings. Why It Matters TFI's combined North American LTL operating ratio deteriorated to 95.3% in Q1 2025 from 93.1% previously. The company recently merged U.S. and Canadian LTL financial reporting, making it harder to isolate performance metrics that previously showed the American operations lagging behind their Canadian counterparts. Progress and Praise Bedard commended the management team running U.S. operations, noting they have "stability on the commercial side" and are energized after three difficult years. He stated that service levels are slowly improving and customers are beginning to perceive the carrier differently as operations stabilize. Outstanding Issues Despite the positive messaging, Bedard's comments revealed persistent operational challenges that require substantial fixes. He acknowledged the division remains "far from perfect" and continues working to match service levels offered by industry peers.