TFI International Inc (TFII) Options

That was some dip.
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TFI International plans to move its legal registration to the U.S. from Canada, a potential blow for the Canadian economy as companies consider whether to move operations southward amid President Trump's tariff threats.

The Montreal transportation and logistics company said it has operated in the U.S. since 2011, and traded on the New York Stock Exchange since 2020. TFI Chief Executive Alain Bédard said moving to the U.S. makes sense "to better align with our shareholder base and commercial presence." The company said about 70% of its operations are in the U.S., and a plurality of its shareholders are Americans.

Bédard said the corporate transition should be completed in nine to 12 months. "I think this is an evolution for TFI," Bédard said during a call with analysts, adding future growth through acquisitions would be focused on the U.S., as opposed to Canada.

Bédard said the company's Canadian-based employees would remain working in that country, and there are no plans to remove the company's listing on Toronto's main stock market.

The Trump administration's tariff threat -- of up to 25% on all nonenergy imports from Canada, along with 10% on imported energy products -- has prompted Canadian companies to delay expansion plans, put hiring plans on hold and revise their sales outlook downward, according to surveys from business-trade associations and the Bank of Canada. Those hefty tariffs were supposed to kick in earlier this month, but Trump gave both Canada and Mexico a reprieve until March 4, pending work by both countries in fortifyingtheir border security and deterring fentanyl trafficking.

Bank of Canada Gov. Tiff Macklem has warned "prolonged trade uncertainty" is puncturing business and consumer confidence. A survey from KPMG Canada late last month indicated nearly half of the business leaders contacted said they plan to shift investments to the U.S. or set up production operations to secure tariff-free access to the U.S. market and reduce costs.

Bédard told analysts incorporating in the U.S. would help in dealings with the U.S. government, as one of its units -- acquired through its takeover last year of Daseke -- had pre-existing contracts with the Department of Defense. And, he added, the incorporation might help TFI get listed on certain U.S. indexes.

Up to 5% of TFI's revenue is based on cross-border shipping, Bédard said. Due to tariff uncertainty and the potential price impact on certain goods, the CEO said the company couldn't provide any earnings guidance.

The announcement came as TFI posted a profit of $88.1 million, or $1.03 a share, in the fourth quarter, compared with $131.4 million, or $1.53 a share, a year earlier.

Adjusted per-share earnings came in at $1.19 a share, missing the $1.58 that analysts surveyed by FactSet expected.

Revenue rose to $2.08 billion from $1.97 billion. Analysts were looking for $2.19 billion, according to FactSet.

Write to Paul Vieira at Paul.Vieira@wsj.com and Connor Hart at Connor.Hart@wsj.com


(END) Dow Jones Newswires

February 20, 2025 13:01 ET (18:01 GMT)