“With the demise of one of our peers, this is a really lucky event for us, it helps us build density,” Alain Bédard, CEO of the Quebec trucking firm, said during an earnings call Tuesday. TFI posted second-quarter net income of US$128.2 million, down from US$276.8 million the same period last year. Bédard attributed the revenue drop to “a difficult freight market.” (The Logic)

Talking point: U.S. trucking company Yellow, one of the oldest and largest in the country, shut down Sunday, affecting up to 30,000 jobs, The Wall Street Journal reported. Bédard added the industry is poised to benefit from the exit of Yellow, which moved freight for firms including Walmart and Home Depot and is known for charging below-market prices. In May, TFI bought Wisconsin-based Hot Line Freight Systems and announced it would purchase Saskatchewan-based Siemens Transportation Group. Bédard noted on the call that TFI is in discussions to buy a Yellow terminal in Florida. Shares of TFI closed up more than three per cent.