WOODBRIDGE, Ont. — Titanium Group has posted a strong third quarter, with revenue up 40% and EBITDA up 93% year-over-year.
The company reported Q3 net income of about $1.37 million and EBITDA of $2.9 million.
Truck transportation revenue rose 46% over the third quarter of 2014, to $18.1 million. The company also increased its EBITDA margin from 9.2% to 13.3% year-over-year.
Logistics revenue was also up 30% y-o-y, to $9.4 million.
Titanium said that $1.4 million in aged equipment acquired through its purchase of Muskoka Transport has been sold and that Muskoka’s margins are continuing to increase.
The company says it continues to pursue a minimum of two acquisitions per year and has its sights on some targets.
“Titanium’s diverse customer base and core operations continue to provide a strong platform for future growth,” said Ted Daniel, CEO of Titanium “Titanium is well positioned to execute its consolidation strategy with a strong balance sheet and substantial undrawn credit facilities.”