BOLTON, Ont. – Titanium Transportation Group capped off a strong fourth quarter and full year, growing Q4 revenue 20% and recording a net income of $1.3 million.
For the full year, Titanium saw revenue climb 43% to $184.8 million and it achieved a profit of $5.8 million. The company grew its driver base by 14% on the year and paid off $11.3 million in debt.
“We are pleased to report a solid finish to a strong year of operating results for Titanium,” said Ted Daniel, chief executive officer of Titanium. “Both our truck transportation and logistics segments delivered strong growth, reflecting improved industry conditions, previous strategic investments in technology and our driver recruitment initiatives. Our sharp focus on execution resulted in substantial operating cash flow generation, allowing us to pay down a significant amount of debt and further strengthening our balance sheet.”
Daniel said he maintains a positive outlook for 2019.
“Industry conditions remain generally favorable, and our investment in outstanding people and leading technology continue to provide the foundation for sustainable and long-term growth,” Daniel said.
The truck transportation segment grew revenue by 21% in the fourth quarter, while the logistics segment saw revenue increase 25%. EBITDA was $4.3 million for truck transportation (a 39% increase), while logistics achieved EBITDA of $1.5 million (up 63%).