Titan America Reports Record-Breaking Full-Year 2024 Results
Titan America SA, a leading fully-integrated producer and supplier of building materials, services, and solutions in the construction industry operating along the U.S. East Coast, has announced its financial results for the fourth quarter and full-year 2024. Titan America SA, along with its wholly-owned operating subsidiary, Titan America LLC, is collectively referred to 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 EBITDA 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 $87.2 million in Q4 2023
“In our first earnings announcement as a public company, we are pleased to report strong full-year financial results while continuing to invest in Titan America’s future growth,” said Bill Zarkalis, President & CEO of Titan America. “Our vertically integrated business model, extensive logistics network, and strategic positioning have driven record results, with our sales volumes outperforming the broader market. We remain optimistic about long-term industry trends, including infrastructure modernization, urban resilience, and manufacturing reshoring along the Eastern Seaboard. Looking ahead, we anticipate another solid year of growth and profitability in 2025.”
Revenue by Reportable Segment
| Year ended December 31 | 2024 ($M) | 2023 ($M) | $ Change | % Change |
|---|---|---|---|---|
| Florida | 997.6 | 969.9 | 27.6 | 2.8% |
| Mid-Atlantic | 634.9 | 619.7 | 15.3 | 2.5% |
| Other* | 1.9 | 2.0 | (0.1) | (5.7%) |
| Consolidated Revenue | 1,634.4 | 1,591.6 | 42.8 | 2.7% |
*Other includes equipment, related services, and miscellaneous revenue.
Full-Year 2024 Financial Performance
Revenues for 2024 totaled $1.63 billion, reflecting a 2.7% increase from 2023. This growth was driven primarily by increased product pricing, supported by sales volume expansion in downstream product lines. Adjusted EBITDA surged 12.8% year-over-year to $370.4 million, supported by operational efficiencies, cost reductions in materials, energy, and fuel, and margin improvements.
Fourth-Quarter 2024 Performance
Revenue for Q4 2024 was $389.8 million, reflecting a decline from Q4 2023 due to extreme weather disruptions along the East Coast. Despite these challenges, the company maintained strong pricing power, leading to an adjusted EBITDA margin of 21.4%.
Segment Performance
- Florida Segment: Revenue grew to $997.6 million in 2024, up 2.8% from 2023, driven by increased demand in aggregates, ready-mix concrete, concrete blocks, and fly ash. Adjusted EBITDA rose 12.9% to $249.7 million. The company is actively participating in major infrastructure projects under the “Moving Florida Forward” initiative.
- Mid-Atlantic Segment: Revenue increased to $634.9 million, up 2.5%, driven by demand in ready-mix concrete and fly ash. Adjusted EBITDA grew 14.0% to $134.8 million. Key projects include highway expansions and coastal resilience initiatives.
Cash Flow and Capital Resources
For 2024, Titan America generated $248.0 million in operating cash flow and allocated $137.3 million to capital expenditures, yielding a free cash flow of $110.8 million. As of December 31, 2024, the company had $12.1 million in cash and $460.2 million in gross debt, with a net debt-to-adjusted EBITDA ratio of 1.2x.
2025 Outlook
CEO Bill Zarkalis commented, “We remain focused on strategic growth, margin expansion, and capital efficiency. Market demand and pricing conditions remain favorable, and our operational efficiencies position us for strong performance in 2025. We anticipate mid-single-digit revenue growth and modest margin improvements.”
Commitment to Sustainability
Titan America continues its commitment to sustainability, achieving a 19% reduction in net CO₂ emissions per ton of cementitious material since 2019. Investments in alternative fuels, low-carbon cement, and operational efficiencies have solidified its position as a leader in sustainable construction materials.
Investor Conference Call
Titan America will host a conference call on March 26, 2025, at 8:00 a.m. ET. The call, accompanied by a slide presentation, will be accessible via the Investors section of Titan America’s website. A recorded replay will be available for 30 days.
