BOLTON, Ontario, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Titanium Transportation Group Inc. (“Titanium” or the “Company”) (TSXV:TTR), a leading provider of transportation and logistics services throughout North America, is pleased to report its financial results for the three and six month periods ended June 30, 2021. All amounts are in Canadian currency.
Titanium delivered a fourth consecutive quarter of record revenue at $100.8 million driven by significant growth in both the Truck Transportation and Logistics segment - surpassing the $100 million milestone for the first time in the company's history.
“These results reflect the impact of Titanium's focused strategic investment in growth initiatives and the ability of our team to execute the strategy through a challenging operating environment”, said Ted Daniel, Chief Executive Officer, Titanium Transportation Group. “We are making strong progress on the integration of the ITS Group which contributed $15.9 million to our trucking revenue.”
Q2 2021 Financial Highlights compared with Q2 2020
- Record consolidated revenue of $100.8 million -- an increase of 165.6%
- Adjusted EBITDA(2) of $7.5 million -- an increase of 141.0% -- adjusted EBITDA Margin(2) of 8.1%
- Logistics segment revenue of $57.7 million -- an increase of 294.2% -- including US freight brokerage revenue of $39.4 million which increased 684.6%
- Logistics segment EBITDA of $4.7 million -- EBITDA Margin of 8.7%
- Truck Transportation segment revenue of $44.8 million -- increase of 83.8%
- Adjusted Truck Transportation segment EBITDA(2) $3.7 million -- increase of 8.1% -- an adjusted EBITDA Margin of 9.2%, reflecting $2.5 million of non-recurring acquisition integration costs in the quarter
- Strong Net Cash balance of $11.1 million at June 30, 2021
- In the quarter, the Company declared and paid a dividend of $0.02 per share
- Increasing 2021 annual guidance to approximately $350 million in Revenue while maintaining guidance for $33 million in EBITDA
“In the quarter, our Trucking segment experienced a softening in margins in the quarter following the acquisition, however, we expect to continue realizing synergies as the segment completes the integration of operations. We incurred non–recurring expenses of $2.5 million in the quarter to significantly upgrade digital infrastructure, fleet rebranding, personnel restructuring and necessary rolling stock repairs upgrading the fleet to Titanium's standards. Normalized for these integration costs, trucking results would have exceeded expectations. We expect to deliver operating synergies and realize improved profitability through the second half of the year as we leverage our scaled fleet and increased capacity.”
Mr. Daniel added, “Our strategic decision and investment to date in three U.S. freight brokerage centers over the last 27 months continues to deliver exceptionally strong growth. We are exceptionally pleased with the results to date and remain on track with our expansion plans to open two additional new centers in 2021 for a total of five.
Looking ahead, we maintain a constructive outlook for the balance of the year as economic conditions are expected to continue to improve subject to the evolving response to the ongoing COVID-19 pandemic. In this environment, we expect our scale and technology focus to support continued growth of our business and market share.”
https://www.globenewswire.com/news-release/2021/08/10/2278416/0/en/Titanium-Transportation-Group-Reports-Record-Quarterly-Revenue-Exceeding-100-Million-For-Second-Quarter-2021.html