Titanium Transportation reported record first quarter revenue of $85.7 million, a year-over-year increase of 93.3%.
“Q1 was another quarter of milestones for Titanium. We delivered record quarterly revenue, completed a transformative acquisition with the addition of International Truckload Services Group, continued to expand our U.S. freight brokerage business and further strengthened our capital position – successfully raising a total of $25 million in equity during the quarter,”said Ted Daniel, CEO, Titanium Transportation Group.
“The strength of our technology platform and our operational expertise positions us well to deliver synergies through the integration of ITS and to further expand our U.S. Freight Brokerage business with additional offices. As we continue to integrate ITS into Titanium we will build on ITS’ strengths and improve margins over time to drive profitable growth all supported by the expected gradual improvement in overall operating conditions.”
The company nearly doubled its profit to $1.17 million. The logistics segment saw revenue soar 164.4% to $47.5 million, $32.4 million of which came from its growing U.S. subsidiary. Truck transportation revenue increased 41.9% to $39.2 million.
“Looking ahead, we remain cautiously optimistic that conditions will continue to improve as efforts to combat this pandemic build momentum and the Canadian and U.S. markets recover,” Daniel said.
“With the strategic acquisition of ITS Group, we expanded our footprint and strengthened our service offering to new and established customers, positioning us as a leader and for continued growth in Canada. We are excited about the significant growth opportunities in the U.S. where we can apply our proven business model, technology and expertise to deliver enhanced, sustainable performance and create long-term shareholder value.”