Titanium Transportation Group Inc. ("Titanium" or the "Company") (TSX:TTNM, OTCQX:TTNMF), a leading provider of transportation and logistics services throughout North America, is pleased to report its financial results for the three-month and fiscal year ended December 31, 2023. All amounts are in Canadian currency.

Ted Daniel, Chief Executive Officer, Titanium Transportation Group, commented, “In 2023, the freight transportation industry faced a challenging market including excess capacity, downward pressure on pricing and escalating operating costs. Despite these headwinds, Titanium delivered sustainable and profitable growth. In fact, 2023 was the second-best year in company history; we generated $10.2 million in net income, paid $3.6 million in dividends, while buying back $2.6 million in stock. Complementing our focus on profitability, cash management and consequently a strengthening balance sheet, we were able to utilize $39.9 million in cash for our first US asset-based acquisition – Crane Transport. This significantly augments our opportunities to continue our US expansion strategy and drive growth. We expect overall growth to be a combination of organic growth in our brokerage business and opportunistic acquisitions of new asset-based entities.”

“We enter 2024 from a position of strength as our recent strategic acquisition of Crane positions us to drive growth in our US-based logistics business,” said Mr. Daniel. “Moreover, with a recently completed fleet refresh we will have a reduced need for capital expenditures. We also expect to generate substantial free cash flow over the next 24 months, to aggressively pay down our debt, distribute dividends to shareholders and opportunistically buy back stock through our normal course issuer bid.”

“Our continued focus remains on scaling for future growth and generating long-term value for our shareholders,” Mr. Daniel concluded.

Q4 2023 Financial Highlights compared with Q4 2022

  • Consolidated revenue of $119.3 million, a 7.6% increase over Q4 2022.
  • EBITDA1 of $14.9 million, flat compared to $14.9 million in Q4 2022. EBITDA Margin1 of 14.2%, compared to 15.9%.
  • Logistics segment revenue of $52.0 million, a 14.9% decrease compared to Q4 2022. EBITDA1 of $4.7 million and EBITDA Margin1 of 9.9%, compared to $6.6 million and 12.2% in Q4 2022.
  • Truck Transportation segment revenue of $67.8 million, a 32.1% increase over Q4 2022. EBITDA1 of $11.1 million, an increase of 17.7% over Q4 2022, with an EBITDA Margin1 of 19.1%.

FY 2023 Financial Highlights compared with FY 2022

  • Consolidated revenue of $438.7 million, compared to $496.4 million in FY 2022.
  • EBITDA1 of $52.9 million, compared to $60.7 million in 2022 and EBITDA Margin1 of 13.8%, compared to 14.2%.
  • Logistics segment revenue of $212.4 million, compared to $287.2 million in 2022. EBITDA1 of $17.9 million and EBITDA Margin1 of 9.4%, compared to $30.0 million and 11.7%.
  • Truck Transportation segment revenue of $231.0 million, a 7.8% increase over FY 2022. EBITDA1 of $38.9 million, an increase of 12.7% over 2022, with an EBITDA Margin1 of 19.7%.
  • Total net income per share of $0.22, fully diluted, compared with total net income per share of $0.55, fully diluted, in 2022.

Summary of Q4 2023 Financial Results (in thousands $CAD)

  Q4 2023 Q42022 % Change   FY2023 FY2022 % Change
Consolidated Results
Revenue 119,299 110,849 7.6%   438,685 496,374 (11.6%)
EBITDA1 14,877 14,912 (0.2%)   52,935 60,688 (12.8%)
EBITDA margin1 14.2% 15.9%     13.8% 14.2%  
Net Income 1398 4,800 (70.9%)   10,229 24,882 (58.9%)
Net Income per share 0.03 0.11     0.23 0.55  
Truck Transportation
Revenue 67,771 51,298 32.1%   231,000 214,201 7.8%
EBITDA1 11,061 9,399 17.7%   38,861 34,495 12.7%
EBITDA margin1 19.1% 22.6%     19.7% 19.4%  
Revenue 51,987 61,061 (14.9%)   212,448 287,231 (26.0%)
EBITDA1 4,669 6,588 (29.1%)   17,860 29,968 (40.4%)
EBITDA margin1 9.9% 12.2%     9.4% 11.7%  

EBITDA to Net Income (in thousands $CAD)

  Q4 2023 Q4 2022 FY 2023 FY 2022
Net Income 1,398 4,800 10,229 24,882
Gain on sale of equipment (745) (1,038) (4,473) (6,876)
Finance costs 3,341 1,696 9,419 4,883
Finance income (106) (56) (518) (204)
Foreign exchange (861) (321) 125 1,570
Transaction costs - 200 1,285 200
Income taxes 1,953 1,338 4,257 8,707
Operating Income 4,980 6,619 20,324 33,162
Depreciation 9,341 7,966 31,073 26,217
Amortization of intangible assets 556 327 1,538 1,309
EBITDA 14,877 14,912 52,935 60,688

Developments Subsequent to Q4 2023

  • On February 20, 2024, the Company declared a quarterly dividend of $0.02 per common share, payable on March 15, 2024, to shareholders of record at the close of business on February 29, 2024. The amount of the dividend is consistent with the Company’s previous dividend.

2024 Outlook

Ted Daniel, Chief Executive Officer, Titanium Transportation Group, noted, “The headwinds experienced by the transportation and logistics industry in 2023 have persisted in the first two months of 2024. Nonetheless, we believe conditions will improve in the second half of 2024 and are beginning to see signs of excess capacity exiting the market. Notwithstanding end-market conditions, we remain optimistic that by drawing on our proprietary systems, such as our Titanium Fusion Portal, and experienced team, Titanium will continue to execute on our growth plan and deliver profitable organic growth in 2024. We strongly believe a prudent capital management strategy coupled with good governance is the backbone to current and long-term sustainable growth.”

2024 Guidance

Titanium’s guidance for 2024, assumes no change in the current economic environment and excludes the impact of any future acquisitions.

  • Consolidated Revenue: $490 to $510 million
  • EBITDA Margin: 10.0% to 12.0%

Conference Call

The Company will also hold a conference call for analysts and investors with Ted Daniel, President and Chief Executive Officer on Tuesday, March 19, 2024, at 8:00 a.m. Eastern Time, to discuss these results.

Details of the conference call:

Date: Tuesday, March 19, 2024Time: 8:00 a.m. ETNorth America dial-in number: 1-888-886-7786International dial-in number: 1-416-764-8658

A replay of the conference call can be accessed until midnight on April 2, 2024.

Details of the replay:North America dial-in number: 1-877-674-7070International dial-in number: 1-416-764-8692Conference ID: 09112139Passcode: 112139#

For more details, or visit Titanium’s investor relations website at https://www.ttgi.com/investors

About Titanium

Titanium is a leading North American transportation company with asset-based trucking operations and logistics brokerages servicing Canada and the United States, with approximately 1000 power units, 3,300 trailers and 1,300 employees and independent owner operators. Titanium provides truckload, dedicated, and cross-border trucking services, logistics, and warehousing and distribution to over 1,000 customers. In the U.S., Titanium has established both asset-based and brokerage operations in Canada and the U.S. with eighteen (18) locations. Titanium is a recognized purchaser of asset-based trucking companies, having completed thirteen (13) transactions since 2011. Titanium ranked among top 500 companies in the inaugural Financial Times Americas’ Fastest Growing Companies in 2020. The Company was ranked by Canadian Business as one of Canada's Fastest Growing Companies for eleven (11) consecutive years. For three (3) consecutive years, Titanium has also been ranked one of Canada’s Top Growing Companies by the Globe and Mail’s Report on Business of Canada. Titanium is listed on the Toronto Stock Exchange under the symbol “TTNM" and “TTNMF” on the OTCQX.


The following financial measures do not have any standardized meaning under IFRS and may not be comparable to similar measures employed by other companies:

"Earnings before interest, income taxes, depreciation and amortization" ("EBITDA") is calculated as net income before depreciation, amortization, asset impairments, gains or losses on the sale of equipment, finance income and costs, gains or losses on foreign exchange, income tax expense, transaction costs, accelerated customer list amortization and goodwill impairment.

"EBITDA margin" is calculated as EBITDA as a percentage of revenue before fuel surcharge.

“Free cash flow” is calculated as cash flow from operations plus proceeds from finance lease receivables and proceeds from disposition, less capital expenditures.

Management of the Company believes that these financial measures are useful for investors and other readers, when used in conjunction with other IFRS financial measures, as they are measurers used internally by management to evaluate performance. However, these financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of financial performance prepared in accordance with IFRS.


Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of assisting the reader in understanding Titanium's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information may relate to Titanium's future outlook and anticipated events, and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes and plans and objectives of or involving Titanium. Particularly, statements regarding future acquisitions, the availability of credit, performance, achievements, prospects or opportunities for Titanium or the industry in which it operates are forward-looking statements. In some cases, forward-looking information can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts.

Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

The forward-looking statements made in this press release are dated, and relate only to events or information, as of the date of this press release. Except as specifically required by law, Titanium undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

Titanium Transportation Group Inc.Ted Daniel, CPA, CAChief Executive Officer(905) 266-3011ted.daniel@ttgi.comwww.ttgi.com

For Investors James Bowen, CFA416-519-9442James.Bowen@loderockadvisors.com

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