Canadian cross-border trucking and logistics firm Titanium Transportation Group (TSX-V:TTR) returned to its old ways of delivering explosive growth as its U.S. brokerage business helped lift revenue by over 20% during the third quarter.
Ontario-based Titanium reported on Tuesday that it generated C$52.6 million (US$40.4 million) in revenue, a record for the third quarter and 23% higher than a year ago. Net income excluding government wage subsidies quadrupled to C$1.4 million, or 5 cents per share.
“Despite the continued uncertain economic backdrop, reflecting in large part the impact of the COVID-19 pandemic, Titanium reported strong third quarter financial results,” CEO Ted Daniel said in a statement.
Titanium shareholders, who include its truck drivers and other employees, also got a piece of good news: the company announced it will begin paying a 2 cent quarterly dividend, a yield of around 5% based on its closing price Tuesday.
The bulk of the growth came from Titanium’s growing U.S. freight brokerage business, which added an office in Nashville, Tennessee, in July. The U.S. brokerages helped push up revenue in the logistics segment by over 55% compared to a year earlier, to C$26 million.
Titanium’s Canada-based cross-border trucking business also held its own. Revenue increased slightly compared to a year ago to C$27.5 million, while operating income excluding wage subsidies increased by over 60% to C$1.5 million.
Daniel will discuss the results with financial analysts during a conference call Wednesday.