[Stay on top of transportation news: Get TTNews in your inbox.]
Titanium Transportation Group reported solid revenue growth and a profit gain in the first quarter.
The Bolton, Ontario-based motor carrier firm said net income grew 20% to C$643,046 from C$544,349 in the same period a year earlier. Earnings per share rose to 2 Canadian cents from 1.
Revenue rose 13.6% in the quarter to C$44.3 million from C$39 million.
All of the revenue gain came from Titanium’s logistics business. Revenue for the segment rose 49.1% to C$18 million from C$12.1 million. Titanium attributed the increase to the expansion of its U.S. freight brokerage business, which it launched a year ago.
Revenue for the truck transportation segment dipped 1.6% to C$27.6 million from C$28.1 million in the first quarter of 2019. Stiff pricing competition and a softer market contributed to the decrease, the company said.
“Our results were excellent given the current economic backdrop,” CEO Ted Daniel said in a statement.
Titanium said it has ample reserves to withstand the economic downturn caused by the coronavirus pandemic. It has cash and cash equivalents of approximately C$2 million and another C$11.1 million of borrowing capacity.
Titanium is an asset-based transportation and logistics company servicing Canada and the United States, with about 475 power units, 1,400 trailers and 600 employees and independent operators. It launched an expansion into the U.S. market last year, opening an office in Charlotte, N.C. The motor carrier opened an office in Nashville, Tenn., in March and said it plans to find more locations throughout the U.S. as part of its expansion plan.
Want more news? Listen to today's daily briefing: