Dry van, flatbed and specialty equipment company Titanium Transportation Group Inc. reported revenue of C$44.8 million in the third quarter of 2018, compared with $31.5 million in the same period last year, representing a 42% year-over-year increase.
Net income was $1.1 million, or 3 cents per share, compared with a break-even quarter a year ago.
“Titanium Truck Transportation and Logistics segments delivered year-over-year revenue and EBITDA [earnings before interest, tax, depreciation and amortization] growth in the third quarter, driven by continued strength in consumer demand and our ability to service those customers,” CEO Ted Daniel said. “As expected, after record activity levels in the first half of the year, conditions for the logistics business have stabilized at more sustainable levels. Our truck transportation segment continued to demonstrate consistent year-over-year organic volume growth reflecting the success of our ongoing driver recruiting initiatives.”
Based in Bolton, Ontario, 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.
The truck transportation division saw revenue increase to $28.7 million from $20.7 million, a 39% jump. In its logistics division, revenue jumped to $17.3 million from $11.1 million, a 55% improvement.
“We remain focused on the organic growth opportunities in our business,” Daniel said. “Driver recruitment remains a key strength of our company, and we will continue to increase our capacity to meet growing customer demand.”