BOLTON, Ont. – Titanium Transportation Group posted record results in the second quarter, growing revenue 9% and recording a net profit of $300,000.
Revenue came in at $32.8 million, while EBITDA climbed 7% to $3.4 million. During the quarter, Titanium implemented a share-purchase plan for employees and owner-operators and improved fuel efficiency and reduced repair costs through the purchase of new equipment, the company announced.
It also reduced its debt by $4.1 million and has $36 million in undrawn credit facilities, which can be used to finance acquisitions.
“Our record results in Q2 were largely driven by the multi-pronged strategy we implemented over the past two years to grow via acquisitions, introduce efficiencies to our operations through new systems and processes and grow our sales force to capture market share, particularly within our Logistics segment,” said Ted Daniel, CEO of Titanium Transportation Group. “We expect to build on this momentum through the balance of 2017 and beyond as we take advantage of organic growth and acquisition opportunities.”
Truck transportation revenue was up 1% to $21.6 million, while logistics segment revenue rose 29% to $11.5 million. Net income for the first six months of 2017 totaled $400,000, compared to a $300,000 loss over the same six-month period in 2016.
Daniel said he’s optimistic about the company’s future.
“We are very bullish about our long-term prospects and outlook,” he said. “Given our recent progress, we have increased our post-synergy revenue run rate to $125 million and reiterate our EBITDA expectations for the next 12 months at $13 million. Our run rates do not take into account expected organic growth and we remain very committed to our acquisition strategy with access to $36 million of undrawn credit facilities.”