Titan America (TTAM) Q4 2024 earnings summary

Executive summary

• Achieved record full-year 2024 results with revenue of $1.63 billion (up 2.7%–3% year-over-year), net income of $166.1 million (up 7%), and adjusted EBITDA of $370.4 million (up 12.8%–13%).

• EPS increased to $0.95 from $0.89 in 2023.

• Completed IPO in February 2025, enhancing financial flexibility and supporting strategic growth.

• Vertically integrated business model and comprehensive logistics network cited as key competitive advantages in high-growth U.S. East Coast regions.

• Outperformed the market over the past decade, with a 7% CAGR in cement sales volumes from 2013 to 2024.

Financial highlights

• Adjusted EBITDA margin expanded to 22.7% in 2024 (up from 20.6% in 2023); Q4 margin was 21.4%.

• Q4 revenue was $389.8–$390 million (down from Q4 2023), with adjusted EBITDA of $83.5–$84 million.

• Free cash flow for 2024 was $110.8–$111 million; cash flow from operations totaled $248 million.

• Gross profit increased to $416.7 million from $363.5 million in 2023.

• Returned $137 million to shareholders through dividends and capital returns.

Outlook and guidance

• 2025 guidance anticipates mid-single-digit revenue growth and modest improvement in adjusted EBITDA margins.

• Results expected to be weighted toward the second half of 2025 due to severe Q1 weather.

• Positive price momentum and infrastructure/commercial demand to drive growth; residential sector remains soft but may rebound in H2 2025.