Titanium Transportation Group Reports Profitable Q2 2023, Highlighted By Continued EBITDA Growth In Trucking Segment

  • Reported 100 basis point expansion in 2023 YTD EBITDA Margin1  
  • Expanded U.S. based freight-brokerage operations to seven locations, adding a new location in Jacksonville, Florida
  • Announced strategic U.S.-based asset acquisition of Crane Transport, Inc. (“Crane”), positioning the Company to enhance its service offerings with Titanium branded trucks in major U.S. transportation hubs of Georgia and Alabama

BOLTON, Ontario, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Titanium Transportation Group Inc. ("Titanium" or the "Company") (TSX:TTNM, OTCQX:TTNMF), is pleased to report its financial results for the three and six-month period ended June 30, 2023. All amounts are in Canadian currency.

Q2 2023 Financial Highlights compared with Q2 2022

  • Consolidated revenue of $100.4 million, compared to $136.2 million in Q2 2022
  • Consolidated EBITDA1 of $12.0 million, compared to $16.3 million in Q2 2022
  • Consolidated EBITDA Margin1 of 13.6%, compared to 14.0% in Q2 2022
  • Fully diluted net income per share of $0.07, compared to Fully diluted net income per share of $0.17 in Q2 2022.

Ted Daniel, Chief Executive Officer, Titanium Transportation Group commented, “Despite the ongoing economic uncertainty, we are pleased to report yet another profitable quarter, highlighted by $3.4 million in net income and continued growth within our trucking segment. This continued growth amid challenging conditions is a testament to the resilience of the Titanium business model, our excellent team and focus on strategic investments in technology and accretive acquisitions.”

Q2 YTD 2023 Financial Highlights compared with Q2 YTD 2022

  • Consolidated revenue of $206.7 million, compared to $272.2 million in Q2 2022
  • EBITDA of $24.6 million, compared to $30.3 million and EBITDA Margin1 of 13.7%, an increase compared to 12.7%
  • Logistics segment revenue of $108.9 million. EBITDA of $8.7 million and EBITDA Margin of 9.0%
  • Truck Transportation segment revenue of $100.8 million. EBITDA of $17.7 million with an increased EBITDA Margin of 20.7%, compared to 14.7 million and 16.2% in the prior period
  • Total net income per share of $0.15, fully diluted, compared with total net income per share of $0.30 in Q2 2022

Developments subsequent to Q2 2023

Announced the acquisition of Crane Transport expanding Titanium’s North American footprint through the addition of approximately 200 U.S.-based trucks, two strategically located terminals in Georgia and Alabama, and approximately US$60 million in top line annual revenue.

Expanded its U.S. based freight-brokerage operations with the opening of its seventh U.S. office in Jacksonville, Florida.

Mr. Daniel added, “The acquisition of Crane Transport marks the largest acquisition in our Company’s history and Titanium’s third in the last three years. With approximately 200 trucks in its fleet generating about US$60 million annually in revenue, this strategic transaction will allow us to expand our reach into the U.S. asset-based market and complement our existing freight brokerage services. Our ability to close this large-scale acquisition amidst the current economic environment without raising any capital is another clear example of Titanium’s vigilant capital deployment strategy.”

Summary of Q2 2023 Financial Results (in thousands $CAD)

 Q2 2023Q2 2022% Change YTD 2023YTD 2022% Change
Consolidated Results

Revenue100,379 136,183 (26.3%)  206,701 272,170 (24.1%) 
EBITDA112,025 16,335 (26.4%)  24,602 30,252 (18.7%) 
EBITDA margin113.6% 14.0%   13.7% 12.7%  
Net Income3,370 7,577 (55.5%)  6,957 13,545 (48.6%) 
Net Income per share0.07 0.17   0.15 0.30  
Truck Transportation       
Revenue49,270 58,615 (15.9%)  100,831 107,955 (6.6%) 
EBITDA18,998 8,969 0.3%  17,679 14,664 20.6% 
EBITDA margin121.1% 18.8%   20.7% 16.2%  
Revenue52,669 78,624 (33.0%)  108,918 166,541 (34.6%) 
EBITDA14,116 8,424 (51.1%)  8,720 17,577 (50.4%) 
EBITDA margin18.7% 12.0%   9.0% 11.7%  

2023 Outlook

“For the remainder of 2023, it is likely that the North American economy will continue to be impacted by below-trend demand and elevated inventory levels. Despite these challenges, Titanium will remain focused on servicing our customers, investing in our technology and people, while effectively managing costs and driving profitability. The closing of our recent acquisition will unlock future logistics growth. We are well positioned to capitalize on opportunistic growth when the cycle turns,” added Mr. Daniel.

2023 Guidance

As recently announced, Titanium’s updated guidance for 2023, assumes no change in the current economic environment and excludes the impact of any future acquisitions.

  • Consolidated Revenue: $450 to $470 million
  • Adjusted EBITDA Margin: 10.5% to 12.5%

Conference Call

The Company will also hold a conference call for analysts and investors with Ted Daniel, President and Chief Executive Officer on Tuesday, August 15, 2023 at 8:00 a.m. Eastern Time, to discuss these results.

Details of the conference call:

Date: Tuesday, August 15, 2023
Time: 8:00 a.m. ET
North America dial-in number: 1-888-886-7786
International dial-in number: 1-416-764-8658

A replay of the conference call can be accessed until midnight on August 29, 2023.

Details of the replay:

North America dial-in number: 1-877-674-7070
International dial-in number: 1-416-764-8692
Conference ID: 45469766
Passcode: 469766#

For more details, or visit Titanium’s investor relations website at https://www.ttgi.com/investors

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 1000 power units, 3,300 trailers and 1,300 employees and independent owner operators. Titanium provides truckload, dedicated, and cross-border trucking services, logistics, warehousing and distribution to over 1,000 customers. With its first U.S. acquisition, Titanium has established both asset-based and brokerage operations in Canada and the U.S. with eighteen (18) locations. Titanium is a recognized purchaser of asset-based trucking companies, having completed thirteen (13) transactions since 2011. Titanium ranked among top 500 companies in the inaugural Financial Times Americas’ Fastest Growing Companies in 2020. The Company was ranked by Canadian Business as one of Canada's Fastest Growing Companies for eleven (11) consecutive years. For two (2) consecutive years, Titanium has also been ranked one of Canada’s Top Growing Companies by the Globe and Mail’s Report on Business of Canada. 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.

Contact Information

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

For Investors
James Bowen, CFA

1 Refer to "Non-IFRS Financial Measures"