Titan Group’s US aggregate business ‘strong’

By |  November 12, 2020

Titan Cement International logo

Titan Group reported its third-quarter results, noting that the U.S. continued to exhibit dynamic underlying fundamentals.

The pandemic did not severely affect construction activity, Titan Group says. The residential construction segment, particularly single-family new homes – as well as infrastructure – continued to drive the market while commercial and industrial slowed due to macroeconomic conditions, the company adds. Record-low mortgage rates and a low stock of unsold houses drove strong demand for the residential segment.

According to Titan Group, its Florida and the Mid-Atlantic markets remained healthy. They were underpinned by both the strong market conditions in residential and infrastructure.

At the same time, Titan Group says it recorded a strong performance in its aggregates business.

Careful cost management in the third quarter aided profitability, Titan Group says. In the first nine months of 2020, revenue in the U.S. was down 1 percent in Euro terms. Earnings before interest, tax, depreciation and amortization (EBITDA) grew by 3.2 percent, though, with EBITDA margin increasing and reaching 19.8 percent versus 19 percent in the same period last year.

Kevin Yanik

About the Author:

Kevin Yanik is editor-in-chief of Pit & Quarry. He can be reached at 216-706-3724 or kyanik@northcoastmedia.net.

Comments are closed