MONTREAL — The head of Canada’s biggest trucking firm says the U.S. election is dampening an already weak market for freight.
Alain Bédard, chairman and CEO of TFI International Inc., says uncertainty over the outcome of the political contest means some customers are holding off on shipments until the result becomes clear after votes are cast in November.
On a conference call Friday, Bédard gave the example of a green energy company spun off from General Electric that he says has adopted a wait-and-see approach, claiming its wind turbine business would suffer should President Joe Biden fail to win a second term.
The chief executive also says a tough trucking market generally has hurt transport companies, resulting in a seven per cent year-over-year drop in adjusted earnings per share in TFI’s latest quarter.
Trucking HR Canada, an industry non-profit, says employment in trucking and logistics fell by about 38,000 jobs between 2021 and the end of last year.
The Conference Board of Canada has said household debt will hamper consumer spending this year, as Canadians’ online shopping habits continue to taper off from pandemic highs.
This report by The Canadian Press was first published April 26, 2024.
Companies in this story: (TSX:TFII)
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