BOLTON, Ont. – Titanium Transportation Group achieved its highest-ever fourth quarter revenue in 2019, but saw net income slip from $1.3 million to $300,000 year-over-year.

“Titanium wrapped up the year with a profitable record fourth quarter in a challenging economic environment,” said Ted Daniel, president and CEO. “We also continued our capital focus, which further improved our balance sheet and returned value to our shareholders through our NCIB (share buyback) program. Leveraging our existing technological investments, our U.S. freight brokerage expanded their operations in the fourth quarter with minimal capital investment and we planned to capitalize on their momentum with our recently announced second office in Nashville. As always, we remain disciplined and will only pursue accretive opportunities which will allow us to deliver sustainable, profitable growth and create long-term shareholder value.”

Fourth quarter revenue totaled $43.3 million, up from $42.7 million in Q4 2018. The logistics segment increased revenue 22.4% year-over-year, to $18.1 million. The company trimmed its net debt by $12.8 million in 2019.

For the full year, Titanium saw revenue slide 9.6% compared to 2018 and net income was $1.6 million compared to $5.7 million the year before.

A decrease in truck transportation revenue was attributed to weakening freight demand and soft market conditions. Improvements to the logistics segment were due to contributions from the newly established U.S. brokerage, which added $3.7 million in fourth quarter revenue.