BOLTON, Ont. – Titanium saw its revenue climb 42% in the third quarter, while netting a profit of $1.1 million.
Truck transportation EBITDA climbed 59% to $4.2 million in the quarter, while the logistics segment came in at $1.4 million, a 119% increase. The company also repaid $10.4 million in net debt.
“Titanium truck transportation and logistics segments delivered year over year revenue and EBITDA growth in the third quarter driven by continued strength in consumer demand and our ability to service those customers,” said Ted Daniel, chief executive officer of Titanium. “As expected, after record activity levels in the first half of the year, conditions for the Logistics business have stabilized at more sustainable levels. Our truck transportation segment continued to demonstrate consistent year-over-year organic volume growth reflecting the success of our ongoing driver recruiting initiatives.”
The company has engaged Left Lane Associates to help it identify acquisition targets, but the company also looks to continue achieving organic growth.
“We remain focused on the organic growth opportunities in our business. Driver recruitment remains a key strength of our company and we will continue to increase our capacity to meet growing customer demand,” Daniel said. “Looking ahead, as industry conditions remain favorable, we are confident in our revenue and EBITDA run rates of $180 million and $20 million, respectively. Our engagement with Left Lane Associates enhances our in-house M&A expertise and we remain committed to a disciplined approach to value enhancing acquisition opportunities.”