TFI lifts net income 25%, W&T revenue rises 31% in third quarter
Key Facts
TFI International and W&T Offshore reported third-quarter 2026 results, while Capri Holdings released results for the second quarter of fiscal 2027 and Weyerhaeuser reported after the market close on October 29. TFI’s net income rose 25% to $105.7 million, while W&T revenue increased 31% to $167.080 million. By contrast, Capri revenue fell 5.5% on a reported basis, though the company raised its full-year outlook. The results show a split between improving earnings in transport and energy and revenue pressure at the fashion group, with different operating drivers at each company. TFI, Weyerhaeuser and W&T scheduled discussions of their results for October 30, while Capri announced its figures the same day.
At TFI, net income was $105.7 million, compared with $84.7 million in the same period of 2025, and diluted earnings per share rose to $1.28 from $1.02. On an adjusted basis, net income increased 38% to $137.3 million, and adjusted earnings per share rose 39% to $1.67. Segment results reflected revenue growth of 22% in logistics, 15% in truckload and 7% in less-than-truckload. Truckload operating income rose 91% and logistics operating income rose 59%, while less-than-truckload operating income fell 43%, affected by a non-cash impairment charge of $14.4 million. The chief executive said the company achieved a consolidated operating ratio below 90, truckload operating income nearly doubled, and return on invested capital in logistics was 15%.
Improved earnings at TFI did not translate into higher cash flow: cash generated from operating activities fell to $235.2 million from $255.4 million, and free cash flow declined to $116.4 million from $199.4 million in the third quarter of 2025. The company attributed part of the decline in operating cash to accounts receivable growing faster than accounts payable, as well as income tax payments. Purchases of property and equipment increased by $60.6 million as the company took delivery of shipments tied to capital expenditures planned for the quarter. By contrast, TFI said less-than-truckload pricing initiatives began supporting results late in the quarter and their effect continued into October, while year-to-date free cash flow was $440 million. The board approved a quarterly dividend of $0.47 per share, up 4% from the same period a year earlier.
At Capri, revenue for the quarter ended September 26, 2026, fell 5.5% on a reported basis and 4.9% at constant currency, and the operating margin was 1.2%. Earnings per share were $0.25, or $0.42 on an adjusted basis. Performance diverged between its two main brands: Michael Kors revenue fell 8.6% to $663 million, while Jimmy Choo revenue rose 11.5% to $146 million. Michael Kors’ gross margin increased to 61.5% from 59.3% in the same period, supported by higher full-price sales and lower tariffs compared with the second quarter of fiscal 2026. The company raised its fiscal 2027 outlook to revenue of about $3.42 billion and diluted earnings per share of about $2.20.
In energy, W&T Offshore generated revenue of $167.080 million in the third quarter, compared with $127.515 million a year earlier, while posting a net loss of $13.649 million after net income of $12.561 million in the second quarter of 2026. Diluted loss per share was $0.09, compared with earnings of $0.08 in the previous quarter. Operationally, production reached 38.2 thousand barrels of oil equivalent per day, up 10% from the second quarter and 4% above the high end of guidance. But realized prices moved in opposite directions: the realized oil price before the effect of derivative settlements fell 14% to $85.06 per barrel, while the realized gas price rose 21% to $4 per thousand cubic feet. Available liquidity on September 30 was $234.7 million, including $191.3 million of unrestricted cash and $43.4 million available to draw, while net debt was $160.7 million, or 0.9 times last-12-month adjusted EBITDA.
W&T expects capital spending of between $35.0 million and $38.0 million in 2026, after moving projects planned for 2027 into the fourth quarter to take advantage of higher commodity prices, with the spending expected to affect production in the first half of 2027. Fourth-quarter guidance put production at 32.0 to 35.3 thousand barrels of oil equivalent per day, noting that Hurricane Isaias and planned maintenance at Mobile Bay would temporarily reduce sales by about 2,600 barrels of oil equivalent per day combined. The company also declared a fourth-quarter dividend of $0.01 per share, payable on November 19 to shareholders of record on November 12. For TFI, the company expects adjusted diluted earnings per share of between $1.30 and $1.40 in the fourth quarter and annual capital expenditures, excluding real estate, of between $225 million and $250 million. Capri expects revenue of about $1.005 billion in the third quarter of fiscal 2027, with a $20 million wholesale shipment timing impact shifted from the third quarter to the second.
Weyerhaeuser reported third-quarter results on October 29 after the market close and scheduled a call and webcast for October 30 between 7 and 8 a.m. Pacific time. The available information did not include detailed figures for the company’s results. W&T Offshore shares, listed under the ticker WTI, closed at $4.03 on October 29, the price reported in EL7 data. TFI had scheduled a webcast to discuss its results for October 30 at 9:30 a.m. Eastern time. These dates follow results announcements published on October 29 and 30, giving the companies an opportunity to present performance details and guidance to investors.