[Stay on top of transportation news: Get TTNews in your inbox.]
Titanium Transportation Group was profitable in the third quarter of 2019, but earnings were below 2018’s strong numbers. The Bolton, Ontario, company’s net income was C$300,000 or 1 cent per share compared with C$1.1 million or 3 cents per share last year.
The dry van, flatbed and specialty-equipment company said revenue fell 4.8% compared with 2018, to C$42.7 million from C$44.8 million.
“Our financial results are improving in a stagnant market, and we generated our highest quarterly revenue in 2019, remained profitable and continued to reduce our financial leverage,” CEO Ted Daniel said.
Titanium is an asset-based transportation and logistics company servicing Canada and the United States, with approximately 450 power units, 1,500 trailers and 550 employees and independent owner-operators.
For the 11th year in a row, Titanium was named one of Canada’s Fast-Growing Companies on the Growth 500 list, which ranks the top private and public companies based on five-year revenue growth.
Daniel said even with the dip in income and revenue earnings, the company is open to growing through mergers and acquisitions.
“The strength of our balance sheet permits us to pursue accretive tuck-in acquisitions and also consider larger M&A opportunities should they arise,” Daniel said. “As always, we remain disciplined and will only pursue accretive opportunities which will allow us to deliver sustainable, profitable growth and create long-term shareholder value.”
The truck transportation division saw revenue decrease by 4.8%, to C$27.3 million from $28.7 million. In its logistics division, revenue declined 3.2% to $16.7 million from $17.3 million. The decrease is due to lower volumes, which reflects overcapacity in the industry.
The company said, consistent with its organic growth plan, it expanded into the U.S. freight logistics market in May after opening an office in Charlotte, N.C.
“We expect our team to continue to positively impact our financial results in Q4 2019,” a Titanium statement said.
Want more news? Listen to today's daily briefing: