BOLTON, Ont. – Titanium Transportation Group reported record earnings in the first quarter.
Its consolidated revenue was up 53%, to a record $45.5 million, while its consolidated EBITDA also reached a record at $5 million, up 71%.
Its logistics EBITDA more than doubled to $2.1 million, compared to the fourth quarter of 2017. And Titanium also increased its revenue run rate by 10% to $170 million, and its EBITDA 11% to $18 million. It reported a profit of $1.1 million. Its net income a year ago was $100,000.
“We had an excellent start to the year, delivering record revenue and EBITDA driven by strong organic growth,” said Ted Daniel, chief executive officer of Titanium Transportation Group. “As expected, our strategic investment in people, equipment and custom-built technology enabled us to take advantage of improved market conditions and increased demand during the first quarter.”
Daniel is expecting favorable industry conditions to continue. He was confident enough to raise the revenue and EBITDA run rate by 10% and 11%, respectively.
“Looking ahead, we expect market conditions to remain favorable for carriers,” Daniel said. “Continued economic growth, driver scarcity and the impact of new safety regulations will continue to contribute towards tightening capacity and create opportunities for further organic growth. We remain focused on disciplined investment in our acquisition strategy as well as drivers, infrastructure and technology, which will drive organic growth. We look forward to executing on our plans this year and creating sustainable shareholder value.”