Alain Bedard, the CEO of TFI International, assured analysts on the company’s earnings call Tuesday that he had no regrets about the company's acquisition of less-than-truckload (LTL) carrier UPS Freight in early 2021. "If you asked me the question, 'Hey, do you think you made a mistake with this purchase?'" Bedard stated, "Not at all."

However, the very fact that the question arose, with the fourth anniversary of the acquisition approaching in a few months, underscores that TFI's LTL operations, largely comprising the former UPS Freight business, continue to lag significantly in the trucking conglomerate's overall performance.

For instance, TFI's U.S. LTL operations reported an operating ratio (OR) of 92.2% in the third quarter, which concluded on September 30. This represents a deterioration of 140 basis points from the 90.8% recorded in the third quarter of 2023.

In Canada, TFI's LTL segment saw an improved OR of 76.3%, a betterment from the 77.2% reported a year prior.

While TFI's U.S. LTL competitors have not yet released their third-quarter earnings, TFI's (NASDAQ: TFII) figures are worse than the second-quarter ORs, which ranged from 89.8% for ArcBest (NASDAQ: ARCB) to 69.5% for Old Dominion Freight Line (NASDAQ: ODFL).

Bedard's conference calls with analysts are distinct within the trucking industry. He conducts them solo, without even his CFO present.