BOLTON, Ontario, March 08, 2022 (GLOBE NEWSWIRE) — Titanium Transportation Group Inc. (“Titanium” or the “Company”) (TSXV:TTR), a leading provider of transportation and logistics services throughout
North America, is pleased to report its monetary results for the three and twelve month intervals ended December 31, 2021. All quantities are in Canadian forex.
Fourth quarter 2021 results cap a year of information for Titanium, delivering record consolidated revenue for the sixth consecutive quarter, reaching $111.3 million. The corporate exceeded increased 2021 revenue steerage delivering the very best full yr revenue in the Company’s history at $399.Four million, almost double its full year income in 2020.
“Our strong results exhibit our ability to navigate and adapt by means of challenging situations to serve our North America trucking and logistics clients. We accomplished the biggest acquisition in our Company’s historical past. Successfully expanded into new U.S.S. markets, to realize record high line revenue development of about $400 million,” mentioned Ted Daniel Chief Executive Officer, Titanium Transportation Group. “With our exceptional team, we continued to put money into, technology, property and our people enhancing our capability to execute on close to-time period progress opportunities to create sustainable shareholder worth.”
FY 2021 Financial Highlights in contrast with FY 2020
Record consolidated income of $399.4 million — a rise of 99% — exceeding 2021 steering
Adjusted EBITDA(2) of $31.Three million — an increase of 35.5% — and an Adjusted EBITDA Margin(2) of 8.7% which incorporates $2.5 million in non-recurring acquisition integration prices associated with the purchase of ITS and ITS working losses of roughly $1.9 million, the Adjusted EBITDA is in-line with 2021 steering.
In FY 2021, the company returned a total of $3.Four million to shareholders by way of dividends
Q4 2021 Financial Highlights in contrast with Q4 2020
Record consolidated income of $111.3 million — an increase of 69.0%
Adjusted EBITDA(2) of $8.9 million — a rise of 34.5% — adjusted EBITDA Margin(2) of 8.7%
Logistics segment revenue of $68.2 million — an increase of 68.7% — including US freight brokerage income of $44.6 million which increased 84.3%
Logistics phase Adjusted EBITDA of $4.8 million – Adjusted EBITDA Margin of 7. In the event you beloved this informative article and you would want to obtain guidance relating to titanium sheet sale generously stop by the internet site. 6%
Truck Transportation segment income of $44.5 million — increase of 66.0% and Adjusted EBITDA(2) $4.8 million — enhance 24.3% — an Adjusted EBITDA Margin of 12.3%
Daniel continued, “During the quarter, we successfully accomplished the combination of ITS and made glorious progress bettering margins and profitability as we realized operational efficiencies in Trucking. Looking forward to 2022, we count on our section margins and profitability to return as we optimize our mixed fleet. As Logistics margins continued to additional normalize in the course of the quarter, we additionally targeted on managing our pricing to address ongoing rising trade prices and improve our applied sciences to permit us to efficiently scale our logistics expansions.
“Looking forward, we’ll proceed to adapt to the evolving economic system and challenging circumstances with respect to inflationary pressures, ongoing challenges in the global provide chain and tighter labour markets. With the support of our skilled and devoted group Titanium remains exceptionally properly positioned to navigate these conditions with the size and a know-how-based platform to ship organic growth and logistics solutions for our customers.”
2022 Outlook
Titanium is nicely-positioned to leverage its capacity, experience and technologies via 2022. The company estimates it’ll ship consolidated high line income between $450 – $470 million and between $38 – $43 million in EBITDA.
In addition, with a strong stability sheet and disciplined focus, the corporate stays dedicated to exploring additional acquisition and expansion alternatives in the U.S. and Canada as they arise in 2022.
Summary of Q4 2021 Financial Results (in thousands $CAD)
Q4 2021
Q4 2020
2021
2020
% Change
Consolidated Results
111,283
65,849
69.0%
399,443
200,742
99.0%
19,725
58.7%
8,783
6,529
34.5%
31,304
23,095
35.5%
8.7%
10.4%
8.6%
12.2%
Adjusted Net Income (2)
2,896
73.9%
Adjusted Net Income per share(2)
0.08
Net Income
1,362
2,094
-35.0%
5,035
6,266
-19.6%
Net Income per share
0.04
0.06
0.12
0.17
Truck Transportation
44,526
26,825
66.0%
171,245
106,255
61.2%
Adjusted EBITDA
16,215
8.0%
Adjusted EBITDA Margin
16.2%
4,791
3,854
24.3%
17,513
18,555
-5.6%
12.3%
15.2%
11.5%
18.6%
Logistics
Revenue
68,152
40,387
68.7%
232,311
99,004
134.6%
Adjusted EBITDA(2)
5,394
214.6%
Adjusted EBITDA Margin(1)(2)
5.7%
EBITDA
4,831
3,271
47.7%
16,968
6,424
164.1%
EBITDA margin(1)
7.6%
8.5%
7.8%
6.9%
1)
EBITDA margin is calculated as EBITDA as a share of revenue before fuel surcharge.
2)
Adjusts for the subsidies obtained beneath the Canadian Emergency Wage Subsidy program, which equated to $0.1 million (2020- $3.4 million) on a consolidated basis. In 2020, $2.4 million was acquired for the Truck Transportation section and $1.Zero million for the Logistics segment.
Shareholder Return and Capital Allocation Program
Titanium focuses on prudently balancing inside capital needs while rewarding shareholders through a predictable return on investment. With the energy of the Company’s stability sheet and management’s confidence in the earnings outlook in 2021, Titanium returned a total $3.Four million to shareholders in via dividends declared, or $0.08 per widespread share (2020 – $0.7 million). Subsequent to the December 31, 2021, the company declared dividends of $0.02 per frequent share payable on March 15, 2022 to shareholders as of end of enterprise on February 28, 2022.
Conference Call
The corporate may even hold a convention name on Wednesday, March 9, 2022, at 8:00 a.m. Eastern Time, to debate these outcomes. Business media are also invited to listen to the call.
Dial-In Details:
Interested events can join the call by dialing 1-877-291-4570 (North America) or 1-647-788-4919 (International).
Replay Details:
A replay of the convention name can be accessed till midnight on March 23, 2022 by dialing 1-800-585-8367 (North America) or 1-416-621-4642 (International) and getting into the Conference ID: 6788524.
About Titanium
Titanium is a number one asset-based mostly transportation and logistics company servicing Canada and the United States, with approximately 800 energy items, 3,000 trailers and 1,100 staff and unbiased owner operators. titanium tube provides truckload, devoted, and cross-border trucking providers, freight logistics, and warehousing and distribution to over 1,000 customers. In February 2021, Titanium completed its strategic acquisition of International Truckload Services Group, establishing Titanium among the most important Canadian transportation corporations. Titanium is a recognized consolidator of asset-based transportation firms in Ontario, having accomplished eleven (11) asset-based trucking acquisitions since 2011. Titanium has also been ranked by Canadian Business (formerly Profit journal) as one of Canada’s Fastest Growing Companies for twelve (12) consecutive years.
NON-IFRS Financial MEASURES
The following financial measures shouldn’t have any standardized which means underneath IFRS and is probably not comparable to related measures employed by other firms:
“Earnings before curiosity, earnings taxes, depreciation and amortization” (“EBITDA”) is calculated as internet revenue earlier than depreciation, amortization, asset impairments, positive aspects or losses on the sale of tools, finance earnings and prices, features or losses on international change, revenue tax expense, transaction costs, accelerated buyer list amortization and goodwill impairment.
“EBITDA margin” is calculated as EBITDA as a proportion of revenue earlier than gas surcharge.
“Free money flow” is calculated as cash circulate from operations plus proceeds from finance lease receivables and proceeds from disposition, much less capital expenditures.
“Adjusted web income” is calculated as internet income earlier than items that are not in the normal course of business, equivalent to accelerated customer record amortization and goodwill impairment.
Management of the corporate believes that these financial measures are helpful for investors and other readers, when used along side other IFRS monetary measures, as they are measurers used internally by administration to judge efficiency. However, these financial measures are meant to supply further info and shouldn’t be thought-about in isolation or instead for measures of monetary efficiency ready in accordance with IFRS.
CAUTIONARY Statement Regarding Forward-Looking STATEMENTS
Certain statements contained on this press release represent forward-looking info inside the meaning of Canadian securities laws. Forward-trying statements are supplied for the purposes of aiding the reader in understanding Titanium’s current expectations and plans relating to the long run and readers are cautioned that such statements will not be acceptable for different purposes. Forward-looking information may relate to Titanium’s future outlook and anticipated events, and may embrace statements regarding the financial place, enterprise technique, budgets, litigation, projected prices, capital expenditures, financial results, taxes and plans and aims of or involving Titanium. Particularly, statements relating to future acquisitions, the availability of credit score, efficiency, achievements, prospects or opportunities for Titanium or the business through which it operates are ahead-trying statements. In some circumstances, forward-trying info might be recognized by phrases comparable to “could”, “would possibly”, “will”, “may”, “ought to”, “would”, “occur”, “count on”, “plan”, “anticipate”, “consider”, “intend”, “search”, “intention”, “estimate”, “target”, “undertaking”, “predict”, “forecast”, “potential”, “proceed”, “likely”, “schedule”, or the destructive thereof or different similar expressions concerning issues that are not historic facts.
Information contained in forward-looking statements is based upon sure material assumptions that were applied in drawing a conclusion or making a forecast or projection, together with management’s perceptions of historic developments, current circumstances and expected future developments, as well as different issues which might be believed to be applicable within the circumstances. While administration considers these assumptions to be reasonable primarily based on at present available info, they could prove to be incorrect.
The forward-trying statements made on this press release are dated, and relate only to occasions or information, as of the date of this press release. Except as particularly required by law, Titanium undertakes no obligation to replace or revise publicly any forward-wanting statements, whether or not in consequence of recent info, future occasions or otherwise, after the date on which the statements are made or to reflect the incidence of unanticipated occasions.
