BOLTON, Ont. – Titanium Transportation Group rode a strong trucking market to record results in the second quarter.
The company reported revenue of $51.8 million, marking a year-over-year increase of 58%. Net income was $2.2 million, or double the previous quarter.
“Titanium delivered exceptional operating performance in both the truck transportation and logistics segments in the second quarter and posted a record earnings per share. The quarter also marked the third consecutive quarter of record consolidated revenue and EBITDA,” said Ted Daniel, chief executive officer of Titanium Transportation Group. “We are extremely pleased with our trucking division, where our investment in increased driver wages was more than offset by higher contract rates and volumes earlier than expected. In addition, we continue to be a carrier of choice for quality drivers and have successfully added drivers during a time of driver scarcity.”
The truck transportation segment earned $29.7 million, an increase of 38%. The logistics group grew revenue by 103% to $23.2 million.
“Looking ahead, we are focused on further strengthening our business through investments in custom-built technology and the best people to enhance efficiencies and organic growth,” Daniel said. “In addition, we remain disciplined buyers pursuing strategic acquisitions that can contribute meaningfully to our success and integrate with our outstanding corporate culture.”