WOODBRIDGE, Ont. — Titanium Transportation Group disclosed its first quarter earnings for the first time as a publicly traded company, touting record revenue.
The company says its revenue was up 68% and represents an annualized run rate in excess of $115 million with EBITDA of $13 million.
Revenue for the first quarter was $24 million with EBITDA of $2.8 million, up 68% and 145% respectively over the first quarter of 2014.
Truck transportation revenue rose to $14.7 million, up 63% over Q1 2014. Logistics revenue rose to $9.4 million, a 74% increase over the first quarter last year.
This is partly due to acquisitions, including Muskoka Transport, which contributed $2.8 million in revenue in the first quarter since its acquisition March 1. Titanium reports it has an M&A pipeline of asset-based truckload companies.
“We are pleased to announce record results for the first quarter of 2015 including a significant increase in operating margins. These results are particularly positive, as the first quarter is historically our weakest due to industry seasonality,” announced Ted Daniel, CEO of Titanium Group. “We would also like to thank all of our employees and drivers for their contribution in making this quarter a success. Our strong corporate culture and best-in-class operating team is what allows us to continue to execute our growth and consolidation strategy successfully.”