BOLTON, Ont. – Titanium Transportation Group grew total revenues by 24% year-over year in the fourth quarter, to $35.4 million.
It also increased its EBITDA 14% to $3.5 million, and completed its acquisition of Xpress Group in Windsor, Ont. It also reached a settlement with ProNorth Transportation, reducing the amount of the original acquisition cost by $3.4 million.
Now, says the company, it’s well positioned to drive organic growth in 2018 thanks to stronger logistics performance and improving trucking industry conditions.
“We performed well on many measures with improving volumes in the fourth quarter. We made significant progress on operational and technology initiatives and delivered strong revenue and EBITDA growth,” said Ted Daniel, chief executive officer of Titanium Transportation Group. “In recent months we have seen improving industry dynamics reflecting tightening capacity and an increasing rate environment. Our continued investment in people and technology, along with a focus on driving increased organic growth, positions us well to respond to and benefit from a strengthening environment.”
For the full year in 2017, Titanium increased revenue 11% to $129.6 million with adjusted net income of $400,000. It also paid down its debt by an additional $1 million beyond its obligations.
“With our infrastructure firmly in place to take advantage of improving market conditions, we are increasing our revenue and EBITDA run rate to $155 million and $16 million respectively. Looking ahead, we expect market conditions to support stronger organic growth in 2018 enhanced by acquisitions should the right opportunities present themselves,” Daniel said.
“We are committed to creating value through organic growth as well as acquisitions. However, we are sharply focused on disciplined capital allocation to ensure we are generating the highest long-term shareholder return.”
In the fourth quarter, truck transportation revenue increased 20% to $24.1 million, while logistics revenue rose 35% to $11.8 million.