Titanium Transportation Group Reports Record First Half of 2022; Q2 Revenue of $136 million and EBITDA of $16.3 million

·6 min read
Titanium Transportation Group Inc
Titanium Transportation Group Inc

BOLTON, Ontario, Aug. 08, 2022 (GLOBE NEWSWIRE) -- Titanium Transportation Group Inc. ("Titanium" or the "Company") (TSX:TTNM), a leading provider of transportation and logistics services throughout North America, is pleased to report its financial results for the three month and six month period ended June 30, 2022. All amounts are in Canadian currency.

Q2 2022 Financial Highlights compared with Q2 2021

  • Consolidated revenue of $136.2 million -- an increase of 35.1%

  • Consolidated EBITDA(1) of $16.3 million -- an increase of 111.3% -- EBITDA Margin(1) 
    of 14.0%

  • Logistics segment revenue of $78.6 million -- an increase of 36.2% -- including US freight brokerage revenue of $46.0 million which increased 16.9%

  • Logistics segment EBITDA of $8.4 million – EBITDA Margin of 12.0%

  • Truck Transportation segment revenue of $58.6 million -- increase of 30.9% and
    EBITDA(2) of $9.0 million – an increase of 130.7% -- and EBITDA Margin of 18.8%

  • Total net income per share of $0.17, fully diluted -- a more than eight-fold increase compared with total net income per share of $0.02 in Q2 2021

  • Successfully graduated from the TSX Venture to the TSX trading under symbol “TTNM” on August 3, 2022

“Titanium delivered exceptionally strong performance and markedly improved profitability in the quarter, and through the first half of the year, highlighting our excellent operational execution, U.S. expansion, and synergies from acquisitions,” said Ted Daniel, CEO, Titanium Transportation Group. “Our logistics and trucking segments posted double-digit revenue growth and increased margins reflecting an improved pricing environment despite continued inflationary pressures on costs that persisted during the quarter.”

Q2 YTD 2022 Financial Highlights compared with Q2 YTD 2021

  • Consolidated revenue of $272.2 million -- an increase of 46.0% -- EBITDA of $30.3 million and EBITDA Margin(1) of 12.7%

  • Logistics segment revenue of $166.5 million -- an increase of 58.1% -- EBITDA of $17.5 million and EBITDA Margin of 11.7%

  • Truck Transportation segment revenue of $108.0 million -- an increase of 28.6% -- EBITDA of $14.7 million and EBITDA Margin of 16.2%

  • Total net income per share of $0.30, fully diluted -- a more than six-fold increase compared with total net income per share of $0.05 in Q2 2021

Consolidated revenue grew by 46.0% to $272.2 million in the first half of the year and EBITDA increased 98.4% to $30.3 million. Logistics delivered strong organic growth as we continued the strategic build out of our U.S. footprint, adding Atlanta, GA as our newest office location with at least one additional office planned to come online before the end of the year. The Trucking segment earned record quarterly revenue and record margins. A favourable pricing environment combined with the added contribution from the acquisition of ITS drove a 28.5% year-on-year growth on revenue for the segment or 22.1% excluding acquisitions. More importantly, EBITDA margins improved from 10.7% to 16.2% for the first six months of the year, reflecting the achievement of planned synergies and operational improvements.

2H 2022 Outlook

In the second half of the year, while overall industry growth is expected to moderate, management remains cautiously optimistic despite near-term, inflationary pressure on input costs. This includes, but not limited to fuel costs, driver wages, rising purchase prices for tractors, trailers and other direct inputs that are expected to persist across the industry. However, rising interest rates are also expected to ultimately dampen these inflationary pressures, though the timing and magnitude of these impacts remain to be determined.

Updated 2022 Guidance

Assuming some moderation from the recent pace of growth during the balance of the year, Titanium is on track to exceed its initial 2022 guidance set at the beginning of the year.

The Company estimates it will deliver consolidated top line revenue between $460 million - $480 million, and consolidated EBITDA between $45 million - $50 million.

Daniel concluded, “While overall industry growth is expected to moderate through the back half of the year, Titanium remains well positioned. We have clearly demonstrated our ability to respond effectively to evolving customer needs and market conditions. We remain optimistic in our ability to deliver sustainable growth and profitability as we focus on efficiencies and continuous productivity improvements as well as potential acquisition opportunities should they arise.”

Summary of Q2 2022 Financial Results (in thousands $CAD)


Q2 2022

Q2 2021

% Change


YTD 2022

YTD 2021

% Change

Consolidated Results
























EBITDA margin(1)








Net Income








Net Income per share
















Truck Transportation
























EBITDA margin(1)








































EBITDA margin(1)








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, August 9, 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 August 23, 2022 by dialing 1-877-674-7070 (North America) or 1-416-764-8692 (International) and entering the Conference ID: 69507346.

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".


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-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.


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