TransForce profit more than doubles; shares hit five-year high

Thu Apr 26, 2012 2:02pm EDT
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(Reuters) - Canadian trucker TransForce Inc TFI.TO posted a quarterly profit that more than doubled, helped partly by robust performance at its package and courier unit, sending its shares up 7 percent to a more than 5-year high.

TransForce, which operates across Canada and the United States, also increased its quarterly dividend by 13 percent to 13 Canadian cents per share.

For the January-March quarter, net income rose to C$30.2 million, or 31 Canadian cents per share, from C$14.9 million, or 15 Canadian cents per share, a year ago.

On an adjusted basis, the company earned 25 Canadian cents per share. Revenue rose 40 percent to C$788.2 million.

Revenue at its package and courier unit nearly doubled to C$285.5 million.

The company, which is valued at $1.68 billion, last posted a loss in 2007.

The Montreal, Quebec-based company's shares, which have risen about 54 percent in the last six months, were up 6 percent at C$18.40 on Thursday on the Toronto Stock Exchange. They touched a high of C$18.57.

(Reporting by Shounak Dasgupta in Bangalore; Editing by Unnikrishnan Nair)