Titanium Transportation Group Reports Strong Financial Results; Q3 2022 Revenue of $113 million and Adjusted EBITDA of $15.5 million

Bolton, Ontario, CANADA

BOLTON, Ontario, Nov. 07, 2022 (GLOBE NEWSWIRE) --  Titanium Transportation Group Inc. ("Titanium" or the "Company") (TSX:TTNM, OTCQX:TTNMF), a leading provider of transportation and logistics services throughout North America, is pleased to report its financial results for the three month and nine month period ended September 30, 2022. All amounts are in Canadian currency.

Q3 2022 Financial Highlights compared with Q3 2021

  • Consolidated revenue of $113.4 million -- an increase of 11.5%
  • Consolidated adjusted EBITDA(1) of $15.5 million -- an increase of 114.4% -- adjusted EBITDA Margin(1) 
    of 16.0%
  • Logistics segment revenue of $59.6 million – a 0.3% increase
  • Logistics segment Adjusted EBITDA of $5.8 million and an Adjusted EBITDA Margin of 11.0%
  • Truck Transportation segment revenue of $54.9 million – an increase of 28.5%
  • Trucking segment Adjusted EBITDA(2) of $10.4 million – an increase of 125.8% -- and an Adjusted EBITDA Margin of 22.9%
  • Total net income per share of $0.14, fully diluted -- a nearly five-fold increase compared with $0.03 per share in Q3 2021

“Third quarter results demonstrated the strength of Titanium’s asset management, strategic technology and sound operational execution across our growing US and Canadian business,” said Ted Daniel, CEO, Titanium Transportation Group. “Against a backdrop of accelerating inflationary cost pressures that persisted during the quarter, Titanium delivered strong margin improvement in both the logistics and trucking segments reflecting a generally improved pricing environment year to date. Despite early signs of pricing pressure late in the quarter, US Logistics, ended the quarter on solid footing.”

First nine months Q3 2022 Financial Highlights compared with First nine months Q3 2021

  • Consolidated revenue of $385.5 million -- an increase of 33.8%
  • Consolidated Adjusted EBITDA of $45.8 million an increase of 103.6% and an Adjusted EBITDA Margin(1) of 13.7%
  • Logistics segment revenue of $226.2 million -- an increase of 37.3%
  • Logistics segment adjusted EBITDA of $23.4 million – an increase of 69.5% -- and Adjusted EBITDA Margin of 11.5%
  • Truck Transportation segment revenue of $162.9 million –- an increase of 28.5%
  • Truck transportation Adjusted EBITDA of $25.1 million –- an increase of 20.8% -- an Adjusted EBITDA Margin of 18.4%
  • Total net income per share of $0.45, fully diluted, compared with total net income of $0.08 per share

Consolidated revenue grew 33.8% to $385.5 million in the first nine months of the year and EBITDA increased 103.6% to $45.8 million.

With the continued strategic expansion into the US market, the company now has 5 U.S. locations, including the newest location in Atlanta and 3 Canadian locations. In the first nine months of 2022, the logistics segment achieved strong organic growth with revenues up 37.3% to $226.1 million and EBITDA margin expansion to 11.5%.

The Trucking segment earned record third quarter revenue and record margins. A favourable pricing environment combined with the added contribution from acquisitions drove 28.6% year-over-year revenue growth for the segment. The trucking segment also continued to post strong improvements in EBITDA margin increasing to 18.4% in the first nine months of the year, reflecting improved pricing, effective cost control, productivity improvements and synergies and operational enhancements from acquisitions.


As expected, rising interest rates introduced by central banks to stem inflation are having a dampening effect on consumer demand for freight and logistics services. Lower freight traffic and lower demand for logistics support resulted in some industry cost and pricing pressures that emerged late in the quarter – particularly in our US markets.

Looking towards the balance of this year, these trends are expected to persist and overall industry growth to moderate. Nevertheless, management remains cautiously optimistic. Titanium’s proprietary real-time navigation tools and focused management should allow us to deliver solid, profitable results in the final quarter of the year.

Updated 2022 Guidance

As the industry is expected to moderate in the balance of the year from the recent pace of growth, Titanium is on track to achieve its updated revenue guidance and exceed its EBITDA guidance for 2022.

Daniel concluded, “As industry growth eases, Titanium remains well-positioned to continue to respond effectively to evolving customer needs and market conditions. Our financial position, strong management and technology-based platform provide Titanium with the means and flexibility to adjust quickly and improve productivity to deliver sustainable results and pursue potential acquisition opportunities should they arise.”

Summary of Q3 2022 Financial Results (in thousands $CAD)

 Q3 2022Q3 2021% Change YTD 2022YTD 2021% Change
Consolidated Results        
Revenue113,356 101,688 11.5% 385,526 288,161 33.8%
EBITDA15,524 7,239 114.4% 45,776 22,486 103.6%
EBITDA margin(1)16.0 7.8%  13.7%8.5% 
Net Income6,537 1,354 382.8% 20,082 3,461 480.2%
Net Income per share0.14 0.03   0.45 0.08  
Truck Transportation       
Revenue54,948 42,775 28.5% 162,903 126,719 28.6%
EBITDA10,429 4,619 125.8% 25,095 12,686 97.8%
EBITDA margin(1)22.9%12.2%  18.4%11.2% 
Revenue59,628 59,448 0.3% 226,169 164,720 37.3%
EBITDA5,803 3,424 69.5% 23,380 12,137 92.6%
EBITDA margin(1)11.0%6.1%  11.5%7.8% 

1)   EBITDA margin is calculated as EBITDA as a percentage of revenue before fuel surcharge.

Conference Call

The Company will also hold a conference call on Tuesday, November 8, 2022, at 8:00 a.m. Eastern Time, to discuss these results. Business media are also invited to listen to the call.

Dial-In Details:

Interested parties can join the call by dialing 1-888-886-7786 (North America) or 1-647-764-8658 (International).

Replay Details:

A replay of the conference call can be accessed until midnight on November 24, 2022 by dialing 1-877-674-7070 (North America) or 1-416-764-8692 (International) and entering the Conference ID: 1351154.

About Titanium

Titanium is a leading North American transportation company with asset-based trucking operations and logistics brokerages servicing Canada and the United States, with approximately 800 power units, 3,000 trailers and 1,100 employees and independent owner operators. Titanium provides truckload, dedicated, and cross-border trucking services, logistics, and warehousing and distribution to over 1,000 customers. In the U.S. Titanium has established operations in Charlotte, Atlanta, Chicago, Nashville, Denver. In February 2021, Titanium completed its largest acquisition since its founding, establishing Titanium as the 12th largest Canadian transportation company. Titanium is a recognized purchaser of asset-based trucking companies, having completed twelve (12) transactions since 2011. Titanium ranked among top 500 companies in the inaugural Financial Times Americas’ Fastest Growing Companies in 2020. The Company has been ranked by Canadian Business as one of Canada's Fastest Growing Companies for twelve (12) consecutive years. Titanium is currently listed on the Toronto Stock Exchange under the symbol “TTNM" and “TTNMF” on the OTCQX.


The following financial measures do not have any standardized meaning under IFRS and may not be comparable to similar measures employed by other companies:

"Earnings before interest, income taxes, depreciation and amortization" ("EBITDA") is calculated as net income before depreciation, amortization, asset impairments, gains or losses on the sale of equipment, finance income and costs, gains or losses on foreign exchange, income tax expense, transaction costs, accelerated customer list amortization and goodwill impairment.

"EBITDA margin" is calculated as EBITDA as a percentage of revenue before fuel surcharge.

“Free cash flow” is calculated as cash flow from operations plus proceeds from finance lease receivables and proceeds from disposition, less capital expenditures.

"Adjusted net income" is calculated as net income before items that are not in the normal course of business, such as accelerated customer list amortization and goodwill impairment.

Management of the Company believes that these financial measures are useful for investors and other readers, when used in conjunction with other IFRS financial measures, as they are measurers used internally by management to evaluate performance. However, these financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of financial performance prepared in accordance with IFRS.


Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of assisting the reader in understanding Titanium's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information may relate to Titanium's future outlook and anticipated events, and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes and plans and objectives of or involving Titanium. Particularly, statements regarding future acquisitions, the availability of credit, performance, achievements, prospects or opportunities for Titanium or the industry in which it operates are forward-looking statements. In some cases, forward-looking information can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts.

Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

The forward-looking statements made in this press release are dated, and relate only to events or information, as of the date of this press release. Except as specifically required by law, Titanium undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.


Titanium Transportation Group Inc.
Ted Daniel, CPA, CA
Chief Executive Officer
(905) 266-3011