
Titan America Announces First Quarter 2025 Results
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 first quarter 2025 financial results. Titan America SA, including its wholly-owned operating subsidiary, Titan America LLC, shall be referred to herein as 'Titan America.'
First-Quarter 2025 Highlights
Revenue of $392.4 million, compared to $400.1 million in Q1 2024
Net Income of $33.4 million, an increase of 13.0% compared to $29.5 million in Q1 2024
Earnings per share of $0.19, an increase of 11.8% compared to $0.17 in Q1 2024
Adjusted EBITDA (1) of $79.8 million, an increase of 11.7% compared to $71.4 million in Q1 2024
'We reported solid results in the first quarter, demonstrating our operational resilience despite challenging weather conditions across much of our service territory,' said Bill Zarkalis, President & CEO of Titan America. 'Pricing across our products remains resilient, as demand from infrastructure and commercial partially offset continued softness in residential. We remain well positioned across key end markets and, despite the current macroeconomic uncertainty, are confident about the underlying growth prospects in our markets. We continue to make targeted investments to grow in accordance with our strategic plan and to deliver significant long-term shareholder value.'
First Quarter 2025 Results (unaudited)
First Quarter 2025 Results
First quarter 2025 revenues were $392.4 million compared to $400.1 million in the prior year quarter. Revenues were affected primarily by adverse weather conditions in the quarter, especially in the Mid-Atlantic segment, which resulted in construction project delays.
Net income increased 13.0% to $33.4 million for the first quarter compared to $29.5 million in the prior year quarter, while Adjusted EBITDA increased 11.7% to $79.8 million compared to $71.4 million in the prior year quarter. The increase in both net income and Adjusted EBITDA was primarily driven by higher aggregates volumes, the timing of a seasonal maintenance outage at the Florida cement plant and resilient pricing for our products. These items more than offset the impact of inclement weather and softness in the residential markets which resulted in lower demand for construction materials in the first quarter of 2025. Net Income Margin and Adjusted EBITDA Margin in the first quarter of 2025 were 8.5% and 20.3%, respectively, compared to 7.4% and 17.9%, respectively, in the same period of 2024.
Cash flow and Capital Resources
For the period ended March 31, 2025, cash flow provided by operations was $35.2 million and capital expenditures were $32.5 million, resulting in free cash flow of $2.7 million.
As of March 31, 2025, Titan America had $143.2 million in cash and cash equivalents and $462.0 million total debt. Net debt was $318.7 million, representing a ratio of 0.84x trailing twelve-month Adjusted EBITDA.
The Florida segment generated $253.2 million in revenue in the first quarter compared to $252.4 million in the prior year quarter, primarily due to an increase in aggregate volume, partially offset by a continued weakness in residential demand for cement and concrete block. Segment adjusted EBITDA for the quarter was $70.8 million, compared to $56.2 million in the prior year quarter, due to growth in aggregates, the timing of the Pennsuco cement plant annual maintenance outage and improved logistics costs.
The Mid-Atlantic segment generated $139.2 million in revenue in the first quarter compared to $147.3 million in the prior year quarter as adverse weather conditions led to lower sales volumes. Segment adjusted EBITDA decreased to $10.9 million, compared to $18.2 million in the prior year quarter, as the impact of lower sales volumes was partially mitigated by lower repair, maintenance and logistics costs.
2025 Outlook
Regarding Titan America's outlook, Titan America President & CEO Bill Zarkalis stated, 'Based on our first quarter results and barring a severe economic downturn, we are reaffirming our growth outlook for 2025. We continue to expect revenue growth in the mid-single digit percent range, with modest improvement in Adjusted EBITDA margins compared to 2024, with our results weighted toward the second half of the year. Our strong market positions, participation flexibility and vertically integrated business model position us to navigate uncertainty and evolving market dynamics as we remain focused on operational excellence and executing our strategic initiatives to deliver long-term shareholder value.'
Conference Call
Titan America will host a conference call at 5:00 p.m. ET on May 5, 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. Titan America'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.
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, net debt and the ratio of net debt to Adjusted EBITDA. 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 property, plant and 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 short-term and long-term lease liabilities less cash and cash equivalents. We define the ratio of net debt to Adjusted EBITDA as the ratio derived by dividing net debt by Adjusted EBITDA. 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.
2025
2024
Revenue
$
392,438
$
400,091
Cost of goods sold
(301,035
)
(318,975
)
Gross profit
91,403
81,116
Selling expense
(8,240
)
(7,870
)
General and administrative expense
(30,914
)
(25,539
)
Net impairment gain/(loss) on financial assets
280
(16
)
Fair value loss on sale of accounts receivable, net
(963
)
(1,486
)
Other operating income, net
182
126
Operating income
51,748
46,331
Finance cost, net
(6,580
)
(5,466
)
Foreign exchange (loss)/gain, net
(13,812
)
7,521
Derivative financial instrument gain/(loss), net
10,904
(9,237
)
Other non-operating income
2,552
—
Income before income taxes
44,812
39,149
Income tax expense
(11,439
)
(9,616
)
Net income
$
33,373
$
29,533
Earnings per share of common stock:
Basic earnings per share
$
0.19
$
0.17
Diluted earnings per share
$
0.19
$
0.17
Weighted average number of common stock - basic and diluted
180,262,465
175,362,465
Expand
Condensed Consolidated Balance Sheet (Unaudited)
March 31,
December 31,
(all amounts in thousands of US$)
2025
2024
Current assets:
Cash and cash equivalents
$
143,246
$
12,124
Trade and other receivables, net
137,727
106,056
Inventories
220,128
227,638
Prepaid expenses and other current assets
11,617
14,308
Income taxes receivable
24,711
22,802
Derivatives and credit support payments
962
1,328
Total current assets
538,391
384,256
Noncurrent assets:
Property, plant, equipment and mineral deposits, net
860,251
851,733
Right-of-use assets
61,601
64,688
Other assets
12,618
13,846
Intangible assets, net
29,748
30,167
Goodwill
221,562
221,562
Total noncurrent assets
1,185,780
1,181,996
Total assets
$
1,724,171
$
1,566,252
Current liabilities:
Accounts and related party payables
$
133,699
$
148,558
Accrued expenses
30,276
24,879
Provisions
12,278
10,081
Income taxes payable
7,675
1,872
Short term borrowing, including accrued interest
37,014
33,608
Lease liabilities
11,977
12,386
Derivatives and credit support receipts
464
1,318
Other current liabilities
224
6,344
Total current liabilities
233,607
239,046
Non-current liabilities:
Long-term borrowings
359,157
358,222
Lease liabilities
53,829
55,967
Provisions
52,332
50,926
Deferred income tax liability
99,178
98,212
Derivatives and credit support receipts
4,470
8,418
Other noncurrent liabilities
5,154
5,447
Total noncurrent liabilities
574,120
577,192
Total liabilities
807,727
816,238
Stockholders' equity
916,444
750,014
Total liabilities and stockholders' equity
$
1,724,171
$
1,566,252
Expand
Condensed Consolidated Statements of Cash Flows (Unaudited)
(all amounts in thousands of US$)
Three Months Ended March 31
2025
2024
Cash flows from operating activities
Income before income taxes
$
44,812
$
39,149
Adjustments for:
Depreciation, depletion and amortization
24,434
22,103
Gain on divestiture
(2,552
)
—
Finance cost
7,432
5,734
Finance income
(852
)
(268
)
Foreign exchange loss/(gain), net
13,812
(7,521
)
Derivative financial instrument (gain)/loss, net
(10,904
)
9,237
Changes in net operating assets and liabilities
(29,641
)
(27,449
)
Other
(5,434
)
1,435
Cash generated from operations before income taxes
41,107
42,420
Income taxes, net
(5,914
)
(933
)
Net cash provided by operating activities
35,193
41,487
Cash flows from investing activities
Investments in property, plant and equipment
(31,915
)
(27,781
)
Investments in intangible assets
(641
)
(2
)
Short term investments
—
(7,535
)
Interest received
852
268
Proceeds from the sale of assets, net of disposition costs
58
75
Proceeds from sale of investment
5,368
—
Net cash used in investing activities
(26,278
)
(34,975
)
Cash flows from financing activities
Borrowings from affiliated party
9,691
—
Repayment of third party line of credit
(25,000
)
—
Lease payments
(2,321
)
(2,464
)
Proceeds from IPO
144,000
—
Derivative credit support receipts/(payments) and settlements
7,028
(7,116
)
Net payments under cash management line of credit
1,583
—
Interest paid
(3,602
)
(2,124
)
IPO Costs
(9,172
)
—
Net cash provided by/(used in) financing activities
122,207
(11,704
)
Net increase/(decrease) in cash and cash equivalents
131,122
(5,192
)
Cash and cash equivalents at:
Beginning of period
12,124
22,036
Effects of exchange rate changes
—
(69
)
End of period
$
143,246
$
16,775
Expand
Reconciliation of IFRS to Non-IFRS
Three Months Ended
March 31
Twelve Months Ended
2025
2024
March 31, 2025
December 31, 2024
($ in thousands)
Net income
$
33,373
$
29,533
$
169,914
$
166,074
Finance cost, net
6,580
5,466
27,289
26,175
Income tax expense
11,439
9,616
59,367
57,544
Depreciation, depletion and amortization
24,434
22,103
102,272
99,941
(Gain)/loss on disposal of fixed assets
(37
)
788
1,586
2,411
Foreign exchange loss/(gain), net
13,812
(7,521
)
487
(20,846
)
Derivative financial instrument (gain)/loss, net
(10,904
)
9,237
2,300
22,441
Fair value loss on sale of accounts receivable, net
963
1,486
4,097
4,620
Share-based compensation
774
785
3,830
3,841
IPO transaction expenses
1,884
762
12,938
11,816
Other
(2,521
)
(809
)
(5,329
)
(3,617
)
Adjusted EBITDA
$
79,797
$
71,446
$
378,751
$
370,400
Revenue
$
392,438
$
400,091
$
1,626,740
$
1,634,393
Net Income Margin (1)
8.5
%
7.4
%
10.4
%
10.2
%
Adjusted EBITDA Margin (2)
20.3
%
17.9
%
23.3
%
22.7
%
Expand
(1)
Net Income Margin is calculated as net income divided by revenues.
(2)
Expand
Reconciliation of Net Debt
As of
March 31, 2025
December 31, 2024
($ in thousands)
Short-term borrowings, including accrued interest
$
37,014
$
33,608
Long-term borrowings
359,157
358,222
Short-term lease liabilities
11,977
12,386
Long-term lease liabilities
53,829
55,967
Less:
Cash and cash equivalents
(143,246
)
(12,124
)
Net Debt
$
318,731
$
448,059
Expand
Net Debt to Adjusted EBITDA
As of
March 31, 2025
December 31, 2024
($ in thousands)
IFRS:
Short-term borrowings, including accrued interest
$
37,014
$
33,608
Long-term borrowings
359,157
358,222
Short-term lease liabilities
11,977
12,386
Long-term lease liabilities
53,829
55,967
Total Debt
$
461,977
$
460,183
Trailing Twelve Months Net Income
169,914
166,074
Ratio of Total Debt to Net Income
2.7
2.8
Non-IFRS:
Net Debt
$
318,731
$
448,059
Trailing Twelve Months Adjusted EBITDA
$
378,751
$
370,400
Ratio of Net Debt to Adjusted EBITDA
0.8
1.2
Expand
Product Volumes and External Pricing
Three Months Ended March 31
Volumes (in thousands) (1)(2)(3)
2025
2024
Change
% Change
Total cement volumes
1,295
1,392
Cement consumed internally
(343
)
(362
)
External cement volumes
952
1,030
(78
)
(7.6
)%
Total aggregates volumes
2,056
1,664
Aggregates consumed internally
(984
)
(906
)
External aggregates volumes
1,072
758
314
41.4
%
External ready-mix concrete volumes
1,116
1,141
(25
)
(2.2
)%
External concrete block volumes
14,975
16,993
(2,018
)
(11.9
)%
Total fly ash volumes
135
117
Fly ash consumed internally
(40
)
(28
)
External fly ash volumes
95
89
6
6.7
%
(1) Sales volumes are shown in tons for cement, aggregates and fly ash; in cubic yards for ready-mix concrete; and in 8-inch equivalent units for concrete blocks.
(2) Cement, aggregates and fly ash consumed internally represents the quantity of those materials transferred to our ready-mix concrete and concrete block production lines for use in the production process. Internal trading activity represents the consumption of internally sourced materials at a transfer price approximating market prices. These amounts are eliminated at the operating segment level or in consolidation, as appropriate.
(3) Aggregate volumes exclude by-products.
Expand
Three Months Ended March 31
Average External Selling Price (1)
2025
2024
$ Change
% Change
Cement
$
149.53
$
149.45
$
0.08
0.1
%
Aggregates
$
24.89
$
24.93
$
(0.04
)
(0.2
)%
Ready-mix concrete
$
163.41
$
159.78
$
3.63
2.3
%
Concrete block
$
2.38
$
2.39
$
(0.01
)
(0.4
)%
Fly ash
$
55.96
$
43.46
$
12.50
28.8
%
(1) Average external selling prices are shown on a per ton basis for cement, aggregates and fly ash; on a per cubic yard basis for ready-mix concrete; and on a per 8-inch equivalent unit for concrete blocks.
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