Titan America Reports Record-Breaking 2024 Financial Results
Titan America SA , a leading producer and supplier of building materials, services, and solutions for the construction industry along the U.S. East Coast, has announced its financial results for the fourth quarter and full year 2024. The report highlights record-breaking performance, driven by strategic investments, operational efficiencies, and strong market fundamentals.
Full-Year 2024 Highlights:
- Revenue: $1.63 billion, a 2.7% increase from 2023
- Net Income: $166.1 million, up 7.0% year-over-year
- Earnings per Share: $0.95, up from $0.89 in 2023
- Adjusted EBITDA: $370.4 million, reflecting 12.8% growth from the previous year
Fourth-Quarter 2024 Highlights:
- Revenue: $389.8 million, compared to $399.1 million in Q4 2023
- Net Income: $36.5 million, down from $45.4 million in Q4 2023
- Earnings per Share: $0.21, compared to $0.26 in the prior year’s quarter
- Adjusted EBITDA: $83.5 million, compared to $87.2 million in 2023
President & CEO Bill Zarkalis remarked, “As we present our first earnings report as a publicly traded company, we are pleased with our strong full-year results and continued investments in growth. Our vertically integrated business model, robust logistics network, and strategic positioning have enabled us to outperform the market. Looking ahead, we are optimistic about sustained growth opportunities in 2025, driven by infrastructure modernization, urban expansion, and manufacturing reshoring along the East Coast.
Revenue by Segment
Full-Year 2024 Performance
- Florida Segment: Revenue of $997.6 million, up 2.8% from 2023, driven by strong demand for aggregates, ready-mix concrete, concrete blocks, and fly ash.
- Mid-Atlantic Segment: Revenue of $634.9 million, reflecting 2.5% growth, fueled by expansion in ready-mix concrete and fly ash sales.
- Other Revenue: Includes equipment and miscellaneous services, totaling $1.87 million.
Fourth-Quarter 2024 Performance
- Florida Segment: Revenue of $235.2 million, slightly lower than $240.6 million in Q4 2023, primarily due to severe weather disruptions.
- Mid-Atlantic Segment: Revenue of $153.9 million, down from $158.1 million in the prior-year quarter, impacted by weather conditions and project timing shifts.
Despite weather-related setbacks, the company maintained strong Adjusted EBITDA margins, demonstrating resilience and pricing power.
Operational and Financial Performance
Company-wide Adjusted EBITDA grew to $370.4 million, outpacing revenue growth at 12.8% year-over-year. Operational improvements, cost reductions in materials, energy, and fuel, and enhanced efficiencies helped offset inflationary pressures on labor, repairs, and maintenance. Adjusted EBITDA margin improved by 210 basis points, reaching 22.7%.
Strategic Market Positioning
Titan America remains well-positioned to capitalize on long-term industry trends, including:
- Infrastructure investment, highlighted by the company’s participation in major projects like Florida’s “Moving Florida Forward” initiative and expansions at major airports in Orlando and Jacksonville.
- Urban development and coastal resiliency projects, particularly in the Mid-Atlantic region, where Titan America is engaged in infrastructure projects such as the Winston-Salem Beltway I-74, Raleigh I-40 expansion, and the Newark International Airport expansion.
- Growth in manufacturing and industrial construction, with Titan America supporting projects like offshore wind farms in Virginia Beach and developments in North Carolina’s Research Triangle.
Cash Flow and Capital Resources
For the year ended December 31, 2024:
- Cash flow from operations: $248.0 million
- Capital expenditures: $137.3 million
- Free cash flow: $110.8 million
- Net debt: $448.1 million, with a 1.2x net debt-to-EBITDA ratio
Titan America continues to prioritize capital efficiency while investing in strategic growth initiatives.
2025 Outlook
CEO Bill Zarkalis reaffirmed Titan America’s commitment to long-term growth, stating:
“We are focused on driving top-line growth, margin expansion, and strong capital returns. With continued demand for construction materials, favorable pricing conditions, and operational efficiency improvements, we expect mid-single-digit revenue growth in 2025, accompanied by further gains in EBITDA margins.”
Sustainability Commitment
Sustainability remains a core priority for Titan America. The company achieved a 19% reduction in CO₂ emissions per ton of cementitious materials since 2019, lowering emissions from 718 kg in 2019 to 582 kg in 2024. Investments in alternative fuels, low-carbon cement technologies, and operational efficiencies continue to enhance both environmental performance and business results.
Titan America’s cement plants rank among the top five most energy-efficient in the U.S. and have maintained EPA Energy Star certification for:
- 17 consecutive years at the Roanoke Plant
- 16 consecutive years at the Pennsuco Plant
The company remains committed to sustainability leadership, aligning with global carbon reduction goals while ensuring continued innovation in eco-friendly construction solutions.
