Canada’s Titanium Transportation Group (TSX-V:TTR) has opened its second U.S. office as it continues to build its presence in this country. The Bolton, Ontario, company opened a Charlotte, North Carolina, office in March 2019, and has now opened its second in Nashville, Tennessee.
“Today’s announcement reflects our commitment to organic growth as we continue to execute on opportunities for the company across North America,” Ted Daniel, president and CEO of Titanium Transportation Group, said. “We are leveraging our investment in technology and systems to continue building a scalable business that supports strategic opportunities with minimal additional overhead.”
Both offices operate under the company’s U.S. subsidiary, Titanium American Logistics.
Daniel said that brokerage services continue to be an “attractive asset-light business.”
“Our current business has approximately two-thirds of the freight volumes originating with U.S.- based clients,” Daniel said. “We see the operations contribute positively to our organic earnings growth and we remain committed to continue to build on this platform with the addition of future offices.”
On a call with financial analysts in August 2019, Daniel said the Charlotte office “exceeded revenue targets by an outstanding 40% to 50%.
At the time, Daniel said Titanium planned to open up to two additional U.S. offices. Today’s announcement doesn’t indicate whether that is still true, but the company will report fourth-quarter and full-year earnings on Wednesday, March 11.
Did you know?
According to traffic firm Inrix, Americans lost 99 hours per year due to traffic congestion, costing $1,377 per driver. Boston was the worst area in the nation, with the average driver losing 149 hours because of traffic congestion.
“There’s always winners and losers in any market, but right now the idea that lower gasoline prices are going to put more cash in workers’ pockets and give consumer spending and the economy a boost doesn’t seem to cushion the blow for stock market investors. They want out. Big time. The sky is falling.”
Chris Rupkey, Mitsubishi UFJ Financial Group’s chief financial economist, in an email to Yahoo Finance
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The collapse of oil prices this weekend is a double-edged sword for trucking. Lower prices lead to lower diesel prices, which is good for trucking and brokers as it makes moving goods cheaper and increases profit margins. The lower prices are not good for the economy, necessarily, especially those areas that are dependent on oil revenues. A study from the Texas Oil & Gas Association said the industry paid $14 billion in state and local taxes and state royalties in fiscal year 2018. Any long-term depression of oil prices – and on Sunday evening a price for a barrel of crude had fallen into the low $30-range, and the economy in areas dependent on oil revenues could take a big hit, and that translates to fewer truckloads.
Hammer down, everyone!