MONTREAL, QC – Just months after acquiring a major truckload carrier in the U.S., TFI International is cautiously optimistic about the state of the North American economy.

“Unemployment is low and consumer spending remains solid. Moreover, rising oil prices have given way to a modest rebound in the level of investment in that sector,” said chairman, president and Chief Executive Officer Alain Bedard, when releasing year-end results. “These factors should produce a gradual recovery in freight volume and rates.”

Referring to 2016 as a “transformational” year for the business – which now collects half its revenue south of the border – he also noted that package and courier operations are well positioned to benefit from “bourgeoning” e-commerce activity. Fourth-quarter revenue from e-commerce fulfillment was up 38% to $96.2 million in the package and courier segment, and up 15% to $34.7 million in the truckload segment.

TFI’s biggest acquisition of 2016 was undeniably the truckload operation of XPO Logistics, but the interest in finding other companies to bring under its corporate umbrella has hardly ended.

 “We remain committed to a highly-disciplined approach of acquiring profitable and well-managed companies,” Bedard said. “Our prime targets consist of ‘asset-light’ operations that offer synergies, reinforce existing operations and further expand our geographic footprint. We also look for specialized niche players with activities that generate higher returns and increase service offerings.”

Fourth-quarter revenue before fuel surcharges from continuing operations was up 10% to $1.04 billion, while operating income reached $72.1 million, or 7% of revenue, before fuel surcharges.

The company saw year-over-year improvements in most business segments.