Titanium logistics rises, company eyes acquisitions
Posted: August 11, 2017
BOLTON, ON – Titanium Transportation Group has reported record results in a second quarter that featured a 9% boost in revenue to $32.8 million, and EBITDA up 7% to $3.4 million. The gains were primarily in its logistics business.
Truck transportation revenue reached $21.6%, up 1%, but Earnings Before Interest, Taxes, Depreciation and Amortization were down 2% to $3.2 million. In contrast, the logistics segment’s revenue was up 29% to $11.5 million, with EBITDA up 53% to $0.6 million, and an earnings margin of 5.7%, up from 4.8%.
The second quarter of the year also included the introduction of a share purchase plan for employees and owner-operators. Net debt was reduced $4.1 million.
“We are very bullish about our long-term prospects and outlook,” said Ted Daniel, Chief Executive Officer, adding that the fleet expects to build on the momentum during the rest of the year because of organic growth and acquisition opportunities.
“We remain very committed to our acquisition strategy with access to $36 million of undrawn credit facilities.”