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

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 10^th 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.

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