BOLTON, Ont. – Titanium Transportation Group posted a net loss of $62,091 in 2016, but grew its revenue 6% and improved its EBITDA slightly over the previous year.
The company says it generated $116.6 million in revenue in 2016, a 6% increase over 2015. EBITDA was $11.9 million, a slight increase over the previous year. Its truck transportation segment saw revenue increase 17% to $84 million while the logistics segment suffered a 14% decline in revenue compared to 2015.
For the fourth quarter, Titanium posted net income of $119,398, down from $445,595 in Q3 2015. Fourth quarter truck transportation revenue was up 8.6% and EBITDA up 42.9% compared to the same period in 2015, which Titanium attributes to its acquisition of Muskoka Transport and ProNorth Transportation, as well as a new Windsor terminal.
The logistics segment, too, saw revenue increase in the fourth quarter, 5.2% year-over-year. This was due to higher load volumes and the growth of the segment’s sales force, Titanium reported. It says excess capacity has pressured rates.
Titanium says its results were affected by weaker economic conditions in 2016, especially over the first six months, but adds both segments are well positioned for market improvements. The company also says it’s fully funded to execute its acquisition strategy in 2017. It has previously stated its goal is to make two acquisitions per year.
“Titanium’s resilient team and investment in technology and new equipment, allowed the company to tackle the challenges that impacted the transportation industry in 2016. Titanium is well positioned for improvements in the economy and for future acquisitions,” said CEO Ted Daniel.