JOC Staff | Mar 01, 2013 10:45AM EST
TransForce reported its profit in 2012 was $154.2 million, jumping 51 percent from $102.2 million in 2011.
Annual revenue was an all-time high of $3.1 billion, up 17 percent from $2.7 billion a year earlier, mainly from a $530 million revenue contribution from significant acquisitions made in 2011.
In the fourth quarter, however, profit fell 13 percent to $36.1 million, versus $41.7 million in the same quarter in the previous year, despite record revenue of $778.4 million, up from $735.5 million in the fourth quarter of 2011. The revenue growth was driven primarily by the contribution from the acquisitions of Quik X and IE Miller, the North American transportation and logistics company said in a written statement.
“In 2012, TransForce generated the highest revenues in its history and maintained excellent profitability,” said Alan Bédard, chairman, president and CEO of TransForce, in a written statement. “A solid financial position allows TransForce to methodically pursue the execution of its selective acquisition strategy, thus continuing its evolution towards an asset-light business model.”
However, Bédard added that the industry is facing “difficult times,” and the company does not expect significant improvement before the end of 2013.
