The downturn in the oil and gas sector led to reduced revenue, however Trimac said it was able to increase earnings by 13.2% through lower administrative costs, reduced capital expenditures and lower debt-related interest costs. It is about 70% of the way through a restructuring that is resulting in reduced costs and greater efficiencies, the company announced in its earnings statement.
Revenue was down 6.4% in the third quarter, year-over-year.
Trimac also named Mathieu Faure as its new CEO, replacing Jeffrey McCaig, who will stay on as chairman. Faure takes over the CEO role Jan. 1.
He has more than 20 years’ leadership experience in the transportation industry, most recently with CP’s intermodal business. He has also held senior roles with Group Paquin and Groupe Robert.
“Mr. Faure’s 20 years of experience in truck, intermodal and rail transportation with proven operating and financial results will ensure that Trimac continues to be the premier bulk trucking service provider throughout North America,” said McCaig.