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Titan America Announces Record Full-Year 2024 Results

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Titan America (NYSE: TTAM) reported strong full-year 2024 financial results, with revenue reaching $1.63 billion, up 2.7% from 2023. The company achieved record performance with net income of $166.1 million, a 7.0% increase, and EPS of $0.95, up from $0.89 in 2023.

Key highlights include:

  • Adjusted EBITDA of $370.4 million, up 12.8% from 2023
  • Florida segment revenue of $997.6 million (+2.8%)
  • Mid-Atlantic segment revenue of $634.9 million (+2.5%)

Q4 2024 showed some challenges with revenue at $389.8 million, down from $399.1 million in Q4 2023, primarily due to extreme weather events. The company completed its IPO in February 2025 and projects mid-single digit revenue growth for 2025 with modest EBITDA margin improvement.

Titan America (NYSE: TTAM) ha riportato risultati finanziari solidi per l'intero anno 2024, con ricavi che hanno raggiunto 1,63 miliardi di dollari, in aumento del 2,7% rispetto al 2023. L'azienda ha ottenuto prestazioni record con un utile netto di 166,1 milioni di dollari, un incremento del 7,0%, e un utile per azione (EPS) di $0,95, in aumento rispetto a $0,89 nel 2023.

I punti salienti includono:

  • EBITDA rettificato di 370,4 milioni di dollari, in aumento del 12,8% rispetto al 2023
  • Ricavi del segmento Florida di 997,6 milioni di dollari (+2,8%)
  • Ricavi del segmento Mid-Atlantic di 634,9 milioni di dollari (+2,5%)

Il quarto trimestre del 2024 ha mostrato alcune sfide con ricavi di 389,8 milioni di dollari, in calo rispetto ai 399,1 milioni di dollari del quarto trimestre del 2023, principalmente a causa di eventi meteorologici estremi. L'azienda ha completato la sua IPO a febbraio 2025 e prevede una crescita dei ricavi a cifra singola per il 2025, con un modesto miglioramento del margine EBITDA.

Titan America (NYSE: TTAM) reportó resultados financieros sólidos para el año completo 2024, con ingresos que alcanzaron 1.63 mil millones de dólares, un aumento del 2.7% en comparación con 2023. La compañía logró un rendimiento récord con un ingreso neto de 166.1 millones de dólares, un incremento del 7.0%, y un EPS de $0.95, en comparación con $0.89 en 2023.

Los puntos clave incluyen:

  • EBITDA ajustado de 370.4 millones de dólares, un aumento del 12.8% respecto a 2023
  • Ingresos del segmento de Florida de 997.6 millones de dólares (+2.8%)
  • Ingresos del segmento del Atlántico Medio de 634.9 millones de dólares (+2.5%)

El cuarto trimestre de 2024 mostró algunos desafíos con ingresos de 389.8 millones de dólares, una disminución desde los 399.1 millones de dólares en el cuarto trimestre de 2023, principalmente debido a eventos climáticos extremos. La compañía completó su IPO en febrero de 2025 y proyecta un crecimiento de ingresos de un solo dígito para 2025, con una mejora modesta en el margen EBITDA.

타이탄 아메리카 (NYSE: TTAM)는 2024년 전체 연도 재무 결과를 발표했으며, 수익은 16억 3천만 달러에 달해 2023년 대비 2.7% 증가했습니다. 이 회사는 순이익 1억 6천6백만 달러를 기록하며 7.0% 증가했고, 주당순이익(EPS)은 $0.95로 2023년의 $0.89에서 증가했습니다.

주요 하이라이트는 다음과 같습니다:

  • 조정된 EBITDA는 3억 7천4백만 달러로 2023년 대비 12.8% 증가
  • 플로리다 부문 수익은 9억 9천7백6십만 달러 (+2.8%)
  • 미드애틀란틱 부문 수익은 6억 3천4백9십만 달러 (+2.5%)

2024년 4분기는 수익이 3억 8천9백8십만 달러로 2023년 4분기의 3억 9천9백1십만 달러에서 감소하며 일부 도전 과제를 보여주었습니다. 이는 주로 극단적인 기상 현상 때문입니다. 이 회사는 2025년 2월에 IPO를 완료했으며, 2025년에는 중간 단위 수익 성장과 함께 완만한 EBITDA 마진 개선을 예상하고 있습니다.

Titan America (NYSE: TTAM) a annoncé de solides résultats financiers pour l'année entière 2024, avec des revenus atteignant 1,63 milliard de dollars, en hausse de 2,7 % par rapport à 2023. L'entreprise a réalisé une performance record avec un bénéfice net de 166,1 millions de dollars, une augmentation de 7,0 %, et un BPA de 0,95 $, en hausse par rapport à 0,89 $ en 2023.

Les points forts incluent :

  • EBITDA ajusté de 370,4 millions de dollars, en hausse de 12,8 % par rapport à 2023
  • Revenus du segment Floride de 997,6 millions de dollars (+2,8 %)
  • Revenus du segment du Mid-Atlantic de 634,9 millions de dollars (+2,5 %)

Le quatrième trimestre 2024 a montré quelques défis avec des revenus de 389,8 millions de dollars, en baisse par rapport à 399,1 millions de dollars au quatrième trimestre 2023, principalement en raison d'événements météorologiques extrêmes. L'entreprise a complété son introduction en bourse en février 2025 et prévoit une croissance des revenus à un chiffre pour 2025, avec une amélioration modeste de la marge EBITDA.

Titan America (NYSE: TTAM) hat starke Finanzzahlen für das Gesamtjahr 2024 berichtet, mit einem Umsatz von 1,63 Milliarden Dollar, was einem Anstieg von 2,7% im Vergleich zu 2023 entspricht. Das Unternehmen erzielte eine Rekordleistung mit einem Nettogewinn von 166,1 Millionen Dollar, einem Anstieg von 7,0%, und einem Gewinn pro Aktie (EPS) von $0,95, im Vergleich zu $0,89 im Jahr 2023.

Die wichtigsten Highlights sind:

  • Bereinigtes EBITDA von 370,4 Millionen Dollar, ein Anstieg von 12,8% im Vergleich zu 2023
  • Umsatz im Florida-Segment von 997,6 Millionen Dollar (+2,8%)
  • Umsatz im Mid-Atlantic-Segment von 634,9 Millionen Dollar (+2,5%)

Im vierten Quartal 2024 gab es einige Herausforderungen, da der Umsatz bei 389,8 Millionen Dollar lag, ein Rückgang von 399,1 Millionen Dollar im vierten Quartal 2023, hauptsächlich aufgrund extremer Wetterereignisse. Das Unternehmen hat im Februar 2025 seinen Börsengang abgeschlossen und prognostiziert für 2025 ein Umsatzwachstum im mittleren einstelligen Bereich mit moderaten Verbesserungen der EBITDA-Marge.

Positive
  • Record full-year revenue of $1.63B, up 2.7% YoY
  • Net income increased 7.0% to $166.1M
  • Adjusted EBITDA grew 12.8% to $370.4M
  • EBITDA margin improved 210 bps to 22.7%
  • Strong free cash flow of $110.8M in 2024
  • Secured participation in major infrastructure projects for 2025
Negative
  • Q4 revenue declined 2.3% YoY to $389.8M
  • Q4 net income dropped 19.6% YoY to $36.5M
  • Q4 EPS decreased to $0.21 from $0.26 YoY
  • Weather-related disruptions impacted Q4 performance
  • High gross debt of $460.2M

Insights

Titan America's first earnings release as a public company reveals strong annual results despite Q4 weather-related challenges. The 2.7% revenue growth to $1.63 billion for FY2024 is solid, but the 12.8% increase in Adjusted EBITDA to $370.4 million is particularly impressive, demonstrating enhanced operational efficiency. The company achieved 210 basis points improvement in EBITDA margin to 22.7%, reflecting pricing strength and cost management despite inflationary pressures.

While Q4 showed some weakness with revenue declining 2.3% year-over-year due to extreme weather events, the annual growth trajectory remains intact. The $110.8 million free cash flow generation and manageable net debt-to-EBITDA ratio of 1.2x provide financial flexibility for future investments and potential shareholder returns.

The segmental performance shows consistently strong execution across markets, with Florida increasing EBITDA by 12.9% and Mid-Atlantic by 14.0%. The company's strategic positioning in high-growth East Coast markets and participation in major infrastructure projects creates multiple tailwinds. Management's guidance for mid-single-digit revenue growth in 2025 with margin expansion suggests continued momentum despite potential macro challenges.

Following their February 2025 IPO, this inaugural earnings report establishes a strong baseline of performance and creates positive investor sentiment heading into their first full year as a public company.

Titan America's results highlight exceptional operational execution in a complex construction materials market. The company's vertical integration model is proving highly effective, allowing them to outperform the broader market in sales volumes while achieving substantial margin improvement. Their emphasis on operational excellence has yielded significant cost reductions in materials, energy, and fuel, effectively counterbalancing inflation in labor and maintenance costs.

The company's strategic East Coast footprint positions them perfectly to capitalize on three critical growth catalysts: infrastructure modernization, resilient urbanization, and manufacturing reshoring. Their participation in five major "Moving Florida Forward" infrastructure projects and various Mid-Atlantic developments (including data centers and airport expansions) secures significant revenue streams for 2025 and beyond.

Their sustainability progress is equally notable, with 19% reduction in net CO₂ emissions per ton of cementitious materials since 2019. Combined with their cement plants ranking among the top five most efficient in the U.S. (evidenced by their long-standing EPA Energy Star certifications), Titan has positioned themselves ahead of industry sustainability mandates while simultaneously improving operational metrics.

The Q4 weather disruptions were temporary setbacks in an otherwise stellar year. With infrastructure spending continuing to flow and construction demand remaining resilient in their high-growth markets, Titan's guidance for continued growth and margin expansion in 2025 appears well-supported by both market conditions and internal capabilities.

- Reports Record Full-Year Revenue, Net Income, and EPS -

- Successfully Completed Initial Public Offering in February 2025 -

- Announces 2025 Guidance -

NORFOLK, Va.--(BUSINESS WIRE)-- Titan America SA (NYSE: TTAM), a leading fully-integrated producer and supplier of building materials, services and solutions in the construction industry operating along the U.S. East Coast, today announced its fourth-quarter and full-year 2024 financial results. Titan America SA, including its wholly-owned operating subsidiary, Titan America LLC, shall be referred to herein as “Titan America.”

Full-Year 2024 Highlights

  • Revenue of $1,634.4 million, up 2.7% from 2023
  • Net Income of $166.1 million, up 7.0% from 2023
  • Earnings per share of $0.95, up from $0.89 in 2023
  • Adjusted EBITDA1 of $370.4 million, up 12.8% from 2023

Fourth-Quarter 2024 Highlights

  • Revenue of $389.8 million, compared to $399.1 million in Q4 2023
  • Net Income of $36.5 million, compared to $45.4 million in Q4 2023
  • Earnings per share of $0.21, compared to $0.26 in Q4 2023
  • Adjusted EBITDA of $83.5 million, compared to $87.2 million from 2023

“In our first earnings announcement as a public company, we are pleased to report strong full-year financial results, while continuing to invest in Titan America’s future growth,” said Bill Zarkalis, President & CEO of Titan America. “Our uniquely vertically integrated business model, comprehensive logistics network, and strategic positioning led to record full-year 2024 results, with our sales volumes outperforming the broader market. We’re confident about the long-term secular trends in our markets, including infrastructure modernization, resilient urbanization, and manufacturing reshoring along the Eastern Seaboard of the United States. Looking ahead, we are poised for another solid year of growth and enhanced profitability in 2025.”

Revenue by Reportable Segment

 

 

Year ended December 31

 

 

 

 

 

 

2024

 

2023

 

$ Change

 

% Change

($ in thousands)

 

 

 

 

 

 

 

 

Florida reportable segment

 

$

997,575

 

$

969,932

 

$

27,643

 

 

2.8

%

Mid-Atlantic reportable segment

 

 

634,946

 

 

619,683

 

 

15,263

 

 

2.5

%

Other*

 

 

1,872

 

 

1,986

 

 

(114

)

 

(5.7

)%

Consolidated Revenue

 

$

1,634,393

 

$

1,591,601

 

$

42,792

 

 

2.7

%

*Other includes equipment, related services and miscellaneous revenue

Full-Year 2024 Results

Revenues for 2024 were $1.63 billion, an increase of 2.7% compared to $1.59 billion in 2023, primarily due to increases in product pricing supported by sales volume growth in downstream product lines.

Adjusted EBITDA outpaced revenue growth totalling $370.4 million, an increase of 12.8% compared to $328.4 million in 2023. Operational excellence along with material, energy, and fuel cost reductions helped offset inflationary pressure on other key cost inputs, such as labor, repairs, and maintenance. Adjusted EBITDA Margin in 2024 improved 210 bps to 22.7% compared to 20.6% in 2023.

Net income was $166.1 million for 2024, an increase of 7.0% compared to $155.2 million in 2023.

Fourth-Quarter 2024 Results

Fourth-quarter 2024 revenues were $389.8 million compared to $399.1 million in the prior year quarter, primarily due to extreme weather events along the East Coast, which created severe disruptions in our key markets.

Adjusted EBITDA for the quarter was $83.5 million compared to $87.2 million in the prior year quarter, reflecting the impact of lower revenue. Adjusted EBITDA Margin in the fourth quarter of 2024 was 21.4%, supported by strong pricing power, compared to 21.9% in the same period of 2023.

Net income was $36.5 million for the fourth quarter compared to net income of $45.4 million in the prior year quarter, reflecting lower operating income.

Full-Year 2024 Results by Reporting Segment

The Florida segment generated $997.6 million in revenue, reflecting a 2.8% increase from $969.9 million in 2023. Growth was driven by increased demand across aggregates, ready-mix concrete, concrete block, and fly ash product lines. Segment adjusted EBITDA increased 12.9% to $249.7 million from $221.2 million in the prior year.

Florida’s attractive market fundamentals include ongoing population growth, business migration, and infrastructure investment, which all continue to drive construction demand. These factors enable the Florida segment to maintain pricing power while capturing select volume growth opportunities. Importantly, Titan America is participating in five major “Moving Florida Forward” infrastructure projects scheduled for 2025, including the Golden Glades Interchange, SW 10th St Connector, Orlando and Jacksonville airport expansions, and the A-2 Reservoir.

The Mid-Atlantic segment, generated $634.9 million in revenue, reflecting a 2.5% increase from $619.7 million in 2023. Growth was driven by the ready-mix concrete and fly ash product lines, partially offset by slight declines in cement and aggregates. Segment adjusted EBITDA increased 14.0% to $134.8 million from $118.3 million in 2023.

Primarily serving Virginia, the Carolinas, and metro New York area, the Mid-Atlantic segment also benefits from above average population growth and a resilient construction market that includes infrastructure development, coastal resiliency projects, the Virginia Data Center Alley (the largest data center market in the world), as well as investments across North Carolina, from the Charlotte metro area to the Research Triangle. Titan America is participating in major projects such as the Winston-Salem Beltway I-74 and Raleigh I-40 expansion, the Newark International Airport expansion, and an off-shore wind farm in Virginia Beach.

Fourth-Quarter 2024 Results by Reporting Segment

The Florida segment generated $235.2 million in revenue in the fourth quarter compared to $240.6 million in the prior year quarter, mainly driven by adverse weather conditions. Segment adjusted EBITDA for the quarter was $52.7 million, compared to $61.5 million in the prior year quarter, driven primarily by lower revenue.

The Mid-Atlantic segment generated $153.9 million in revenue in the fourth quarter, compared to $158.1 million in the prior year quarter. The decrease in revenue was primarily related to adverse weather conditions and timing of project completions. Operational efficiencies and a year over year benefit in annually assessed restoration liabilities resulted in segment adjusted EBITDA increasing 17.2% to $34.3 million, compared to $29.2 million in the prior year quarter.

Cash flow and Capital Resources

For the year ended December 31, 2024, cash flow provided by operations was $248.0 million and capital expenditures were $137.3 million, resulting in free cash flow of $110.8 million.

As of December 31, 2024, Titan America had $12.1 million in cash and cash equivalents and $460.2 million of gross debt. Net debt was $448.1 million, representing a ratio of 1.2x trailing twelve-month Adjusted EBITDA.

2025 Outlook

Regarding Titan America’s outlook, Titan America President & CEO Bill Zarkalis stated, “Looking ahead, we remain focused on executing our strategic initiatives to deliver top line growth, margin expansion, and strong return on average capital employed. We expect market demand for construction materials and the pricing environment to remain positive, and in conjunction with our operating efficiency efforts, to drive improvements in margins. While we operate in a dynamic market environment, our vertically integrated business model and comprehensive logistics network give us flexibility to quickly adapt to evolving market conditions. With this backdrop, we are announcing our outlook for 2025 revenue growth to be in the mid-single digit percent range, with expected modest improvement in EBITDA margins in 2025 as compared to 2024.”

Sustainability

Sustainability is deeply embedded in all aspects of Titan America. We continue to make significant progress in reducing our environmental footprint, with our net CO₂ emissions per ton of cementitious materials declining to 582 kg in 2024 from 718 kg in 2019, a reduction of nearly 19%.

Titan America’s investments in alternative fuels, lower-carbon cement technologies, and operational efficiencies continue to drive both environmental improvement and business performance. Furthermore, our cement plants are among the top five most efficient in the U.S. cement industry. We have maintained EPA Energy Star certification for 17 consecutive years at our Roanoke Plant and 16 years at our Pennsuco plant.

Conference Call

Titan America will host a conference call at 8:00 a.m. ET on March 26, 2025. The conference call will be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the call and view the slides, please visit the Investors section of Titan America’s website at https://www.titanamerica.com/. For those who are unable to listen to the live broadcast, an audio replay of the conference call will be available on the Titan America website for 30 days.

About Titan America SA

Titan America is a leading vertically-integrated producer of cement and building materials in the high-growth economic mega-regions of the U.S. East Coast, with operations and leading market positions across Florida, the Mid-Atlantic, and Metro New York/New Jersey. Titan America’s family of company brands includes Essex Cement, Roanoke Cement, Titan Florida, Titan Virginia Ready-Mix, S&W Ready-Mix, Powhatan Ready Mix, Titan Mid-Atlantic Aggregates, and Separation Technologies. The company’s operations include cement plants, construction aggregates and sand mines, ready-mix concrete plants, concrete block plants, fly ash production facilities, marine import and rail terminals, and distribution hubs.

Forward-Looking Statements

This press release may include forward-looking statements. Forward-looking statements are statements regarding or based upon our management’s current intentions, beliefs or expectations relating to, among other things, Titan America’s future results of operations, financial condition, liquidity, prospects, growth, strategies, developments in the industry in which we operate and the proposed offering. In some cases, you can identify forward-looking statements by terminology such as “continue,” “could,” “expect,” “goal,” “may,” “plan,” “predict,” “propose,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. By their nature, forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results or future events to differ materially from those expressed or implied thereby. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this report regarding trends or current activities should not be taken as a report that such trends or activities will continue in the future. Titan America undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this report. The information contained in this report is subject to change without notice. No re-report or warranty, express or implied, is made as to the fairness, accuracy, reasonableness or completeness of the information contained herein and no reliance should be placed on it. This press release has been prepared in English and translated into French. In the case of discrepancies between the two versions, the English version will prevail.

Financial Measures (Non-IFRS)

In addition to the financial information presented in accordance with International Financial Reporting Standards (“IFRS”), this press release includes the following Non-IFRS financial measures: Adjusted EBITDA, Adjusted EBITDA Margin, free cash flow and net debt. We define Adjusted EBITDA as net income before finance cost, net, income tax expense, depreciation, depletion and amortization, further adjusted to remove the impact of additional items such as (gain)/loss on disposal of fixed assets, asset impairment (recovery)/loss, foreign exchange (gain)/loss, net, derivative financial instrument (gain)/loss, net, fair value loss on sale of accounts receivable, net, share-based compensation and other non-recurring items, including certain transaction costs related to our initial public offering. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenues. We define free cash flow as net cash provided by operating activities, less net payments for capital expenditures, which includes (i) investments in equipment, (ii) investments in identifiable intangible assets and (iii) proceeds from the sale of assets, net of disposition costs. We define net debt as the sum of short and long-term borrowings, including accrued interest and current and non-current lease liabilities less cash and cash equivalents. See “Reconciliation of IFRS to Non-IFRS” section for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure.

We believe that in addition to our results determined in accordance with IFRS, these Non-IFRS financial measures provide useful information to both management and investors in measuring our financial performance and highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.

Non-IFRS financial information is presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. Our presentation of Non-IFRS measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. Other companies in our industry may calculate these measures differently, which may limit their usefulness as comparative measures.

_____________________

1 As used throughout this release, the terms Adjusted EBITDA, Adjusted EBITDA margin, net debt and free cash flow are non-IFRS financial metrics. See “Reconciliation of IFRS to Non-IFRS" for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure. See "Financial Measures (Non-IFRS)" for further discussion on these Non-IFRS measures and why we believe they are useful.

 

Consolidated Statements of Income (Unaudited)

 

(all amounts in thousands of US$ except for earnings per share)

Year Ended December 31

 

2024

 

2023

 

 

 

 

Revenue

$

1,634,393

 

 

$

1,591,601

 

Cost of goods sold

 

(1,217,738

)

 

 

(1,228,112

)

Gross profit

 

416,655

 

 

 

363,489

 

 

 

 

 

Selling expense

 

(33,623

)

 

 

(31,009

)

General and administrative expense

 

(128,930

)

 

 

(99,909

)

Net impairment losses on financial assets

 

(398

)

 

 

(1,224

)

Fair value loss on sale of accounts receivable, net

 

(4,620

)

 

 

(6,113

)

Other operating income/(loss), net

 

2,304

 

 

 

402

 

Operating income

 

251,388

 

 

 

225,636

 

 

 

 

 

Finance cost, net

 

(26,175

)

 

 

(22,244

)

Foreign exchange gain/(loss), net

 

20,846

 

 

 

(11,981

)

Derivative financial instrument (loss)/gain, net

 

(22,441

)

 

 

10,967

 

Income before income taxes

 

223,618

 

 

 

202,378

 

Income tax expense

 

(57,544

)

 

 

(47,134

)

Net income

$

166,074

 

 

$

155,244

 

 

 

 

 

Earnings per share of common stock:

 

 

 

Basic earnings per share

$

0.95

 

 

$

0.89

 

Diluted earnings per share

$

0.95

 

 

$

0.89

 

Weighted average number of common stock - basic and diluted

 

175,362,465

 

 

 

175,362,465

 

 

Consolidated Balance Sheet (Unaudited)

 
(all amounts in thousands of US$) Year Ended December 31

2024

2023

 
Current assets:
Cash and cash equivalents

$

12,124

 

$

22,036

Derivative financial instruments

 

709

 

 

5,315

Derivative credit support payments

 

619

 

 

11,470

Trade receivables, net

 

48,119

 

 

55,873

Other receivables, net

 

57,937

 

 

65,121

Inventories

 

227,638

 

 

189,989

Prepaid expenses and other current assets

 

14,308

 

 

16,194

Income taxes receivable

 

22,802

 

 

6,901

Total current assets

 

384,256

 

 

372,899

 
Noncurrent assets:
Derivative financial instruments

 

 

 

2,071

Derivative credit support payments

 

3,770

 

 

Property, plant, equipment and mineral deposits, net

 

851,733

 

 

801,031

Right-of-use assets

 

64,688

 

 

61,441

Other assets

 

10,076

 

 

6,586

Intangible assets, net

 

30,167

 

 

33,213

Goodwill

 

221,562

 

 

221,562

Total noncurrent assets

 

1,181,996

 

 

1,125,904

Total assets

$

1,566,252

 

$

1,498,803

 
Current liabilities:
Accounts payable

$

139,831

 

$

151,229

Related party payables

 

8,727

 

 

11,467

Accrued expenses

 

24,879

 

 

20,757

Derivative financial instruments

 

1,014

 

 

10,512

Derivative credit support receipts

 

304

 

 

5,061

Provisions

 

10,081

 

 

10,452

Contract liabilities

 

6,344

 

 

1,090

Income taxes payable

 

1,872

 

 

1,999

Short-term borrowings, including accrued interest

 

33,608

 

 

267,670

Lease liabilities

 

12,386

 

 

11,737

Total current liabilities

 

239,046

 

 

491,974

 
 
Noncurrent liabilities:
Long-term borrowings

 

358,222

 

 

76,262

Lease liabilities

 

55,967

 

 

53,744

Retirement benefit obligations

 

5,117

 

 

4,310

Derivative financial instruments

 

8,418

 

 

Derivative credit support receipts

 

 

 

2,081

Provisions

 

50,926

 

 

55,302

Contract liabilities

 

 

 

868

Other noncurrent liabilities

 

330

 

 

114

Deferred income tax liability

 

98,212

 

 

94,377

Total noncurrent liabilities

 

577,192

 

 

287,058

 
Total liabilities

 

816,238

 

 

779,032

 
Stockholder's equity:
Common stock

 

1,753,625

 

 

25,219

Share premium

 

852,282

 

 

168,791

Capital reserves

 

4,039

 

 

4,039

Retained earnings

 

597,296

 

 

518,621

Common control reserve

 

(2,460,630

)

 

Accumulated other comprehensive income

 

3,402

 

 

3,101

Total stockholder's equity

 

750,014

 

 

719,771

 
Total liabilities and stockholder's equity

$

1,566,252

 

$

1,498,803

 

Consolidated Statements of Cash Flows (Unaudited)

 
(all amounts in thousands of US$) Year Ended December 31

2024

2023

Cash flows from operating activities
Income before income taxes

$

223,618

 

$

202,378

 

Adjustments for:
Depreciation, depletion and amortization

 

99,941

 

 

91,079

 

Finance cost

 

27,643

 

 

23,194

 

Finance income

 

(1,468

)

 

(950

)

Foreign exchange (gain)/loss, net

 

(20,846

)

 

11,981

 

Derivative financial instrument loss/(gain), net

 

22,441

 

 

(10,967

)

Changes in net operating assets and liabilities

 

(43,516

)

 

(42,326

)

Other

 

8,166

 

 

5,853

 

Cash generated from operations before income taxes

 

315,979

 

 

280,242

 

Income taxes, net

 

(67,942

)

 

(53,117

)

Net cash provided by operating activities

 

248,037

 

 

227,125

 

 
Cash flows from investing activities
Investments in property, plant and equipment

 

(135,421

)

 

(117,144

)

Investments in intangible assets

 

(1,591

)

 

(1,600

)

Interest received

 

1,468

 

 

950

 

Proceeds from the sale of assets, net of disposition costs

 

(259

)

 

141

 

Net cash used in investing activities

 

(135,803

)

 

(117,653

)

 
Cash flows from financing activities
Repayment of affiliated party borrowings

 

(39,701

)

 

(37,838

)

Borrowings from affiliated party

 

85,218

 

 

45,537

 

Offering costs associated with borrowings

 

(682

)

 

 

Borrowings from third party line of credit

 

60,000

 

 

35,000

 

Repayment of third party line of credit

 

(35,000

)

 

(105,000

)

Lease payments

 

(9,486

)

 

(12,151

)

Return of capital

 

(51,591

)

 

 

Dividends paid

 

(85,069

)

 

(33,786

)

Capital increase expenses

 

(155

)

 

 

Contribution from related party

 

200

 

 

 

Related party recharge for stock-based compensation

 

(2,830

)

 

(429

)

Settlement of derivative financial instrument (payments)/receipts

 

(16,783

)

 

3,272

 

Derivative credit support receipts/(payments)

 

243

 

 

11,399

 

Interest paid

 

(25,383

)

 

(23,783

)

IPO Costs

 

(2,307

)

 

 

Net cash used in financing activities

 

(123,326

)

 

(117,779

)

 
Net (decrease)/increase in cash and cash equivalents

 

(11,092

)

 

(8,307

)

 
Cash and cash equivalents at:
Beginning of period

 

22,036

 

 

29,841

 

Effects of exchange rate changes

 

1,180

 

 

502

 

End of period

$

12,124

 

$

22,036

 

 
Changes in net operating assets and liabilities
Inventories

$

(37,649

)

$

(9,185

)

Trade receivables, net

 

7,136

 

 

(604

)

Other receivables, net

 

7,419

 

 

(3,637

)

Prepaid expenses and other current assets

 

1,886

 

 

(998

)

Other assets

 

(534

)

 

101

 

Accounts payable

 

(16,080

)

 

(29,532

)

Accrued expenses

 

3,959

 

 

(4,372

)

Provisions

 

(4,934

)

 

3,822

 

Other liabilities

 

214

 

 

(672

)

Retirement benefit obligations

 

(39

)

 

210

 

Operating related party activity

 

(4,894

)

 

2,541

 

Changes in net operating assets and liabilities

$

(43,516

)

$

(42,326

)

 

Reconciliation of IFRS Net Income to Non-IFRS Adjusted EBITDA and IFRS Net Income Margin to Non-IFRS Adjusted EBITDA Margin

 

 

Three months ended December 31

 

Year ended December 31

2024

2023

 

2024

2023

($ in thousands)

Net income

$

36,528

 

 

$

45,444

 

 

$

166,074

 

 

$

155,244

 

Finance cost, net

 

7,340

 

 

3,088

 

 

26,175

 

 

22,244

 

Income tax expense

 

13,645

 

 

 

8,707

 

 

 

57,544

 

 

 

47,134

 

Depreciation, depletion and amortization

 

30,917

 

 

27,281

 

 

99,941

 

 

91,079

 

Loss on disposal of fixed assets

 

957

 

 

 

3,116

 

 

 

2,411

 

 

 

3,852

 

Asset impairment (recovery)/loss

 

-

 

 

(609

)

 

-

 

 

(609

)

Foreign exchange loss/(gain), net

 

(28,313

)

 

 

13,951

 

 

 

(20,846

)

 

 

11,981

 

Derivative financial instrument (gain)/loss, net

 

20,959

 

 

(15,122

)

 

22,441

 

 

(10,967

)

Fair value loss on sale of accounts receivable, net

 

570

 

 

 

1,176

 

 

 

4,620

 

 

 

6,113

 

Share-based compensation

 

966

 

 

809

 

 

3,841

 

 

3,173

 

IPO transaction costs

 

2,304

 

 

 

-

 

 

 

11,816

 

 

 

-

 

Other

 

(2,351

)

 

(604

)

 

(3,617

)

 

(871

)

Adjusted EBITDA

$

83,522

 

 

 

87,237

 

 

 

370,400

 

 

 

328,373

 

 

Revenue

 

389,815

 

 

 

399,137

 

 

 

1,634,393

 

 

 

1,591,601

 

Net Income Margin(1)

 

9.4

%

 

11.4

%

 

10.2

%

 

9.8

%

Adjusted EBITDA Margin(2)

 

21.4

%

 

 

21.9

%

 

 

22.7

%

 

 

20.6

%

  (1)

Net Income Margin is calculated as net income divided by revenues.

  (2)

Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by revenues.

 

Reconciliation of Free Cash Flow

 

 

Year Ended December 31

 

2024

2023

($ in thousands)

 

 

 

Net cash provided by operating activities

$

248,037

 

 

$

227,125

 

Adjusted by:

 

 

 

Investments in property, plant and equipment

 

(135,421

)

 

 

(117,144

)

Investments in identifiable intangible assets

 

(1,591

)

 

 

(1,600

)

Proceeds from the sale of assets, net of disposition costs

 

(259

)

 

 

141

 

Net Capital Expenditures

 

(137,271

)

 

 

(118,603

)

Free Cash Flow

$

110,766

 

 

$

108,522

 

 

Reconciliation of Net Debt

 

 

Year Ended December 31

 

2024

 

2023

($ in thousands)

 

 

 

Short-term borrowings, including accrued interest

$

33,608

 

 

$

267,670

 

Long-term borrowings

 

358,222

 

 

 

76,262

 

Short-term lease liabilities

 

12,386

 

 

 

11,737

 

Long-term lease liabilities

 

55,967

 

 

 

53,744

 

Less:

 

 

 

Cash and cash equivalents

 

(12,124

)

 

 

(22,036

)

Net Debt

$

448,059

 

 

$

387,377

 

 

Net Debt to Adjusted EBITDA

 

 

Year Ended December 31

 

2024

 

2023

($ in thousands)

 

 

 

IFRS:

 

 

 

Short-term borrowings, including accrued interest

$

33,608

 

$

267,670

Long-term borrowings

 

358,222

 

 

76,262

Short-term lease liabilities

 

12,386

 

 

11,737

Long-term lease liabilities

 

55,967

 

 

53,744

Total Debt

$

460,183

 

$

409,413

Net Income

 

166,074

 

 

155,244

Ratio of Total Debt to Net Income

2.8x

 

2.6x

Non-IFRS:

 

 

 

Net Debt

$

448,059

 

$

387,377

Adjusted EBITDA

$

370,400

 

$

328,373

Ratio of Net Debt to Adjusted EBITDA

1.2x

 

1.2x

 

Investor Relations

ir@titanamerica.com

757-901-4152

Source: Titan America SA

FAQ

What were Titan America's (TTAM) key financial metrics for full-year 2024?

TTAM reported revenue of $1.63B (+2.7%), net income of $166.1M (+7.0%), EPS of $0.95, and Adjusted EBITDA of $370.4M (+12.8%) in 2024.

How did TTAM's Florida segment perform in 2024?

Florida segment generated $997.6M in revenue (+2.8%) and $249.7M in adjusted EBITDA (+12.9%), driven by increased demand across product lines.

What is Titan America's (TTAM) guidance for 2025?

TTAM expects mid-single digit revenue growth with modest EBITDA margin improvement compared to 2024.

How did weather impact TTAM's Q4 2024 performance?

Extreme weather events along the East Coast created severe disruptions, leading to Q4 revenue decline to $389.8M from $399.1M year-over-year.

What is TTAM's current debt position as of December 2024?

Net debt was $448.1M, representing 1.2x trailing twelve-month Adjusted EBITDA, with $12.1M in cash and cash equivalents.
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