Canadian companies

Titanium Transportation revenue surges over 90% in Q1

A tractor-trailer from Canadian trucking company Titanium Transportation Group

Titanium Transportation Group (TSX-V:TTR) reported record revenue in the first quarter on Tuesday as the Canadian firm’s U.S. brokerage business and newly expanded cross-border trucking fleet delivered growth on two fronts. 

The Ontario-based company brought in CA$85.7 million ($70.8 million) in revenue during the quarter — an increase of over 93% from a year ago. Net income rose by over 80% to CA$1.17 million, or 3 cents per share, while earnings before interest, taxes, depreciation and...

https://s29755.pcdn.co/news/titanium-transportation-revenue-surges-over-90-in-q1

Lion Electric SPAC wins shareholder approval

A Lion8 electric truck with a trailer produced by the Lion Electric Co.

Lion Electric is set to go public after shareholders of special purpose acquisition company (SPAC) Northern Genesis Acquisition Corp. (NYSE: NGA) approved a merger Friday with the Canadian electric truck and bus manufacturer. 

Quebec-based Lion will trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV once the transaction closes.  

The company announced its plans to go public via a SPAC merger in November saying it would help fund a U.S. manufacturing facility...

https://www.freightwaves.com/news/lion-electric-spac-wins-shareholder-approval

Descartes Systems posts strong Q4 as CEO signals more M&A

The logo of Descartes Systems Group on an image from a shipping container being loaded at a port.

Supply chain software provider Descartes Systems Group (NASDAQ:DSGX) reported record revenue and a 51% jump in profits in the fourth quarter as the Canada-based company signaled it will continue to pursue acquisitions. 

Descartes, which reports in U.S. dollars, had net income of $17.2 million or an adjusted 20 cents per diluted share, on $93.4 million in revenue. Net income jumped by 51% and revenue 11% compared to a year earlier. 

The result handily beat analysts’ expectations of 16 cents per...

https://s29755.pcdn.co/news/descartes-systems-posts-strong-q4-as-ceo-signals-more-m;a

Shopify says fulfillment network handled record volumes during holidays

A package is handled by a warehouse worker wearing gloves at a Shopify fulfillment network facility.

Shopify’s (NYSE:SHOP) U.S.-based fulfillment network handled a record volume during the holiday season, the Canadian e-commerce company said on Wednesday as it reported record fourth-quarter financial results. 

The company offered no details about how many shipments the Shopify Fulfillment Network handled or the impact on its financial performance. The network, launched in 2019, uses automated warehousing technology to allow merchants to manage inventory off-site and ship orders in direct...

https://s29755.pcdn.co/news/shopify-says-fulfillment-network-handled-record-volumes-during-holidays

Titanium buys ITS, joins big leagues of Canadian trucking

A tractor-trailer of Titanium Transportation Group.

Titanium Transportation Group (TSX-V:TTR) has acquired International Truckload Services Group (ITS) in a deal that vaults the cross-border trucking and logistics company to among the largest in Canada.

The CA$60 million ($47 million) acquisition, announced Friday, roughly doubles the size of Ontario-based Titanium’s fleet to nearly 900 trucks. ITS, also based in Ontario, has an annual revenue of about CA$80 million, providing cross-border and domestic truckload, in addition to logistics services.

https://www.freightwaves.com/news/news-alert-titanium-acquires-international-truckload-services

Canadian trucking company’s shutdown gets happy-ish ending

A front view of a truck hauling a trailer with lumber. Canadian trucking company BLB shut down recently.

The end for Canadian flatbed trucking company BLB Transport Group came suddenly in October when owner Carl Gatt shut it down amid a financing dispute with his lender, RBC Bank. The bank, in turn, successfully petitioned an Ontario court to place it under the control of a receiver. 

The shutdown was a painful decision for Gatt, a longtime owner-operator. In 2019, he acquired the struggling Bartia Transport, which did business as BLB. He quickly transformed his one-driver operation of Gatt...

https://s29755.pcdn.co/news/canadian-trucking-companys-shutdown-gets-happy-ish-ending

Manitoulin acquires third US freight forwarder

A tractor-trailer of Manitoulin Transport crossing a bridge. Manitoulin acquired a third US freight forwarder.

Manitoulin Global Forwarding, the freight-forwarding subsidiary of Canada’s Manitoulin Group, has acquired Chicago-based World Wide International Logistics, further growing its presence in the U.S.

Privately held Manitoulin announced the acquisition on Thursday. It did not disclose the price of the customs brokerage and freight forwarder. 

World Wide International Logistics marks the third U.S. acquisition for Ontario-based Manitoulin Global Forwarding. It acquired Miami-based Demark Global...

https://s29755.pcdn.co/news/manitoulin-acquires-third-us-freight-forwarder

Descartes Systems profits surge 37% in Q3

Shipping containers stacked at a port to illustrate Descartes Systems third quarter financial results

Descartes Systems Group (NASDAQ:DXSG) reported a 37% jump in third-quarter net income on Wednesday as the Canadian supply chain software provider squeezed more profits from a more modest 5% increase in revenue compared to a year ago. 

The Waterloo, Ontario-based firm beat analysts’ estimates by bringing in $13.3 million, or 15 cents per share, on a record $85.5 million in revenue. Analysts expected net income of 14 cents per share on 85.9 million in revenue, according to Benzinga.  

“Supply...

https://s29755.pcdn.co/news/descartes-systems-profits-surge-37-in-q3

Lion Electric to go public in SPAC merger

A Lion Electric battery-powered truck seen from the front. Lion Electric is going public via a SPAC merger.

Canadian electric truck and bus manufacturer The Lion Electric Company said Monday it intends to go public through a special purpose acquisition company (SPAC) merger in a move that will help fund its first U.S. manufacturing facility. 

Quebec-based Lion plans to combine with blank check company Northern Genesis Acquisition Corp. (NYSE: NGA) and then be listed on the New York Stock Exchange with the ticker LEV. It expects to raise about $500 million from the transaction.

It comes as Lion looks to...

https://s29755.pcdn.co/news/lion-electric-to-go-public-in-spac-merger

QSL buys out Groupe Robert’s stake in heavy-haul carrier

A semi-truck of Watson Transport with a trailer containing a rail car. QSL became full owner of Watson.

Canadian maritime terminal operator QSL has bought out Groupe Robert’s stake in Transport Watson & Sycamore to become full owner of the heavy-haul trucking company based near Montreal.

Quebec-based QSL announced the transaction on Tuesday without disclosing a price. The terminal operator and Groupe Robert, one of Canada’s largest trucking and logistics companies, jointly acquired Quebec-based Watson in 2018.

“I would like to thank Groupe Robert for enabling us to bring this acquisition project to...

https://s29755.pcdn.co/news/qsl-buys-out-groupe-roberts-stake-in-heavy-haul-carrier

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