Titanium Transportation Group reported first-quarter net income of C$1.1 million, or 3 cents a share, up from $100,000, or zero cents, in net income a year ago.
Bolton, Ontario-based Titanium generated revenues in the quarter of $45.5 million, a 53% increase from revenues of $29.8 million in the same period a year ago.
“We had an excellent start to the year, delivering record revenue and [earnings before interest, taxes and amortization] driven by strong organic growth,” CEO Ted Daniel said.
Titanium, a carrier and logistics firm operating in Canada and the United States, operates 450 power units and 1,500 trailers. It provides truckload, dedicated and cross-border trucking services, freight logistics, and warehousing and distribution to more than 1,000 customers.
Titanium reported its truck segment saw revenues rise 26% to $26 million from $20.6 million. Much of the growth was due to the completion of last October’s acquisition of Xpress Group, a Windsor, Ontario-based dry van truckload and flatbed carrier, for C$3.1 million in cash and the assumption of C$5.2 million in debt.
Also, the company implemented a driver pay increase at the start of the quarter that was partially offset by rate improvements and more efficient use of assets.
Revenue at the logistics segment jumped 115% to $20.4 million from $9.5 million. The company attributed the rise to increased demand for brokerage services as the industry experienced a drop in carrier availability.
Titanium ranks No. 51 on Transport Topics’ list of the largest for-hire carriers in the truckload/dedicated sector.