TTAM

Interested in Titan America SA? Here are five stocks we like better. Q2 revenue rose 9.6% to $471 million, helped by the Keystone acquisition and strong Mid-Atlantic demand, while adjusted EBITDA increased 1.3% to $101 million. Net income declined to $43 million due partly to Keystone transaction costs and a one-time tax charge. Mid-Atlantic revenue and adjusted EBITDA grew 27% and 30%, respectively, driven by data centers, commercial construction and infrastructure. Florida performance weakened as maintenance shutdowns, import disruptions and soft residential demand reduced segment EBITDA by roughly $11 million year over year. Titan raised its 2026 outlook to high-single-digit revenue growth but expects a 25–50 basis-point adjusted EBITDA margin decline. The company is targeting at least $30 million in annual Keystone synergies by 2029 and is investing another $30 million in a Pennsylvania fly ash recycling plant expected to start operating in Q3 2027. Titan America (NYSE:TTAM) reported second-quarter 2026 revenue growth and a modest increase in adjusted EBITDA, as strong Mid-Atlantic demand offset operational disruptions and softer residential construction conditions in Florida. Revenue rose 9.6% year over year to $471 million, including a $20 million contribution from the recently acquired Keystone Cement Company. Adjusted EBITDA increased 1.3% to $101 million, although the adjusted EBITDA margin declined to 21.4% from 23.2% a year earlier. Net income fell to $43 million, or $0.23 per share, from $51 million, or $0.28 per share, in the prior-year period. → Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit Chief Financial Officer Larry Wilt said approximately $0.03 of the $0.05 year-over-year decline in earnings per share was tied to Keystone-related transaction costs and a one-time tax charge related to the post-acquisition reorganization of Keystone entities. The company’s Mid-Atlantic segment delivered external revenue of $214 million, up 27% from $168 million a year earlier, while adjusted EBITDA increased 30% to $53 million. The segment benefited from Keystone, strong legacy cement operations, and double-digit ready-mix concrete revenue growth. → This Tiny AI Supplier Could Be More Important Than the Chipmakers Management cited demand from data centers, commercial construction, infrastructure and other private non-residential applications. Ready-mix concrete growth was supported by higher selling prices, project mix and new portable plant capacity, according to the company. Titan America said it is participating in 77 of the 148 data centers under construction in Virginia during 2026. Chief Executive Officer Bill Zarkalis said Virginia represents a significant market for the company, with an estimated 30% share of the global hyperscale data center market. The company also noted that an additional 250 data centers are in the pre-construction phase in the state. → 2 Stocks Built to Thrive If Inflation Refuses to Fade Florida external revenue declined 1.6% to $257 million, while segment adjusted EBITDA fell to $51 million from $62 million in the prior-year quarter. The Florida adjusted EBITDA margin fell to 19.7% from 23.8%. The Florida business was affected by extended scheduled maintenance shutdowns at the Pennsuco cement and aggregates plant, delays in imported cement caused by Mediterranean port and shipping disruptions, and the cost of temporarily sourcing cement and aggregates from third parties. Wilt estimated that these short-term headwinds had an adverse direct impact of roughly $7 million in the quarter. Zarkalis said Florida pricing was broadly stable, though the company had not been successful in raising prices in the region. He cited subdued residential demand, project delays and softer cement demand as key pressures. In contrast, he said pricing was more robust in the Mid-Atlantic, where commercial, infrastructure and data center activity has been stronger. Cement volumes, including external sales and internal consumption, rose 10% year over year, reflecting Keystone’s initial contribution and demand in infrastructure and private non-residential construction. Excluding Keystone, cement volumes were roughly flat as import supply-chain disruptions limited performance. Total aggregate volumes declined 1.3% as higher external sales were offset by lower internal consumption in Florida. Fly ash volumes increased about 12% from a low prior-year base. Ready-mix concrete volumes rose 2.6%, led by Mid-Atlantic non-residential demand. Concrete block volumes increased 8.3%. On pricing, cement prices declined 1.5% year over year, with Mid-Atlantic improvement offset by Florida softness. Ready-mix concrete pricing increased 4.4%, while fly ash pricing was flat. Aggregate pricing declined due to regional market dynamics and product mix in Florida, and concrete block pricing declined 2.6% because of channel and customer mix. Operating cash flow for the first half of 2026 increased to $137 million from $108 million a year earlier, while free cash flow rose to $50 million from $26 million. Wilt attributed the improvement to working-capital discipline, lower tax payments and higher operating cash flow. As of June 30, Titan America had $36 million in cash and cash equivalents and $574 million of total debt, resulting in net debt of $538 million. Its leverage ratio was 1.37 times trailing-12-month adjusted EBITDA, compared with 0.64 times at the beginning of the year, following the Keystone acquisition. Titan America completed its acquisition of Keystone Cement during the second quarter, expanding its presence in Pennsylvania, Ohio, Delaware and Maryland. The company is targeting at least $30 million of annual run-rate synergies from the acquisition by 2029. Zarkalis said the synergies are expected to build over three years rather than occur evenly, with the largest contribution anticipated in the third year. The company expects benefits from improved plant reliability and throughput, commercial and logistics opportunities, operational improvements, and increased aggregate sales. Management said some initiatives will require targeted capital investments, including investments that may be completed during planned plant shutdowns. The company also announced plans for a fly ash recycling plant at the Brunner Island Steam Electric Station in Pennsylvania. Titan America expects to invest approximately $30 million in the facility, which is under construction and expected to become fully operational in the third quarter of 2027. The plant is expected to process 600,000 tons of landfill material annually and produce about 400,000 tons of concrete-grade fly ash per year. Following the Keystone acquisition, Titan America updated its full-year outlook. The company now expects high-single-digit revenue growth in 2026 compared with 2025 and a modest decline in adjusted EBITDA margin. During the question-and-answer session, Zarkalis said the expected full-year margin decline is estimated at roughly 25 to 50 basis points, reflecting Keystone’s lower initial margin contribution. Management said it expects no lingering effects from the extended Pennsuco shutdown, though a normal, shorter second-half maintenance outage remains scheduled. The company also said it does not currently expect further major disruptions from imported cement logistics, although some sea freight costs could be higher in the second half. Titan America’s board approved a $0.04-per-share issue premium distribution, payable Oct. 9 to shareholders of record as of Oct. 1. Titan America is a leading vertically integrated, multi-regional manufacturer and supplier of heavy building materials and services operating primarily on the Eastern Seaboard of the United States (the “Eastern Seaboard”). We are a leading provider of materials that contribute to lower carbon emissions than traditional building materials and/or beneficial reuse of waste materials. We are a leading provider of heavy building materials in Florida, the New York and New Jersey Metropolitan area (“Metro New York”), Virginia, North Carolina and South Carolina (Virginia and the Carolinas, together with Metro New York and their adjacent areas, the “Mid-Atlantic”). This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Titan America Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. Revenue: $471 million, an increase of 9.6% compared to $429 million in Q2 2025. Adjusted EBITDA: $101 million, up 1.3% from $99 million in the prior-year quarter. Adjusted EBITDA Margin: 21.4%, down from 23.2% in Q2 2025. Net Income: $43 million, compared to $51 million in the prior-year quarter. Earnings Per Share (EPS): $0.23, down from $0.28 in Q2 2025. Operating Cash Flow: $137 million for H1 2026, compared to $108 million in H1 2025. Free Cash Flow: $50 million, up from $26 million in the prior year. Leverage Ratio: 1.37 times trailing 12 months adjusted EBITDA, up from 0.64 times at the beginning of the year. Cement Volumes: Increased 10% year over year. Aggregate Volumes: Decreased by 1.3% compared to Q2 2025. Fly Ash Volumes: Increased approximately 12% year over year. Ready-Mix Concrete Volumes: Increased 2.6% year over year. Concrete Block Volumes: Increased 8.3% compared to Q2 2025. Mid-Atlantic Revenue: $214 million, up 27% from $168 million in Q2 2025. Florida Revenue: $257 million, a decrease of 1.6% from $261 million in Q2 2025. Net Capital Expenditures: Approximately $87 million for H1 2026. Warning! GuruFocus has detected 4 Warning Sign with TTAM. Is TTAM fairly valued? Test your thesis with our free DCF calculator. Release Date: July 28, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Titan America SA (NYSE:TTAM) reported a 9.6% increase in second-quarter revenue compared to the same period last year, demonstrating solid performance despite challenges. The Mid-Atlantic region showed strong year-over-year growth in both revenue and adjusted EBITDA, driven by robust project activity in private non-residential and public infrastructure investments. The acquisition of Keystone Cement Company expands TTAM's geographic reach and strengthens its vertically integrated footprint, enhancing its ability to serve customers and capture operational synergies. TTAM's participation in the growing data center market in Virginia positions the company to capitalize on substantial follow-on investments in power generation, infrastructure, and commercial construction. The development of a fly ash recycling plant at the Brunner Island Steam Electric Station aligns with TTAM's long-term growth strategy and enhances its position in the market for supplemental cementitious materials. Residential construction activity remains subdued in Florida, with project delays and softer cement demand impacting the region. Scheduled extended maintenance shutdowns at the Pennsuco plant resulted in longer outages, negatively affecting Florida's second-quarter results. Substantial delays in cement imports due to disruptions in overseas ports and shipping impacted the Florida business. Adjusted EBITDA margin decreased by approximately 180 basis points compared to the prior year, reflecting costs associated with the extended Pennsuco outage. Net income for the quarter decreased to $43 million from $51 million in the prior-year quarter, partly due to Keystone-related transaction costs and a one-time tax charge. Q: Can you talk about cement pricing trends, particularly the softness in Florida and improvements in the Mid-Atlantic? Also, how are price costs being managed given higher fuel and electricity costs? A: Pricing trends are more robust in the Mid-Atlantic due to demand in commercial non-residential applications and infrastructure. In Florida, prices have been stable but not increasing, mainly due to softness in the residential sector and logistical disruptions. Despite inflationary pressures from fuel and energy costs, operational excellence initiatives have helped manage price over cost, with improved margins in the Mid-Atlantic and stable margins in Florida despite challenges. Q: Are the Pennsuco outage and supply chain issues resolved, and how might tariffs on Canadian cement imports impact the Mid-Atlantic market? A: The Pennsuco outage and supply chain issues are largely resolved, with only normal maintenance activities expected in the future. The impact of potential tariffs on Canadian cement imports is still uncertain, and we are monitoring the situation. Q: Regarding the $7 million impact from the scheduled maintenance outage, is there any lingering effect on imports from the Mediterranean? A: There are no expected lingering effects from the scheduled maintenance outage. While sea freight rates are higher, we do not anticipate further disruptions in imports from the Mediterranean. Q: Can you provide more detail on the expected margin contraction for the year? A: We anticipate a margin contraction of 25 to 50 basis points, primarily due to the initial impact of the Keystone integration. However, we expect a positive step-up in the second half of the year, driven by improved order books and operational efficiencies. Q: How should we think about the revenue and synergy potential from the Keystone acquisition? A: The Keystone acquisition is integrated into our Mid-Atlantic operations, with expected synergies of at least $30 million by 2029. These synergies include operational, commercial, and logistics improvements, as well as increased sales of aggregates. We will provide more detailed guidance on revenue potential as we further integrate and optimize the asset. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Titan America (TTAM) came out with quarterly earnings of $0.23 per share, missing the Zacks Consensus Estimate of $0.29 per share. This compares to earnings of $0.28 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -20.69%. A quarter ago, it was expected that this manufacturer and supplier of heavy building materials would post earnings of $0.2 per share when it actually produced earnings of $0.18, delivering a surprise of -10%. Over the last four quarters, the company has not been able to surpass consensus EPS estimates. Titan America, which belongs to the Zacks Building Products - Miscellaneous industry, posted revenues of $470.63 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.35%. This compares to year-ago revenues of $429.24 million. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Titan America shares have added about 6% since the beginning of the year versus the S&P 500's gain of 8.3%. While Titan America has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Titan America was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.36 on $473.61 million in revenues for the coming quarter and $1.09 on $1.76 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Miscellaneous is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Jacobs Solutions (J), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 4. This construction and technical services company is expected to post quarterly earnings of $1.84 per share in its upcoming report, which represents a year-over-year change of +13.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Jacobs Solutions' revenues are expected to be $3.54 billion, up 16.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Titan America SA (TTAM) : Free Stock Analysis Report Jacobs Solutions Inc. (J) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Volume Performance Reflects Strong Commercial Execution in a Challenging Market Integration of Keystone Acquisition on Schedule, with Targeted Annual Run-Rate Synergies of at Least $30 million by 2029 Updated Full Year 2026 Outlook to Include Keystone Acquisition NORFOLK, Va., July 28, 2026--(BUSINESS WIRE)--Titan America SA (NYSE: TTAM), a leading vertically integrated producer and supplier of building materials, services and solutions in the construction industry operating along the U.S. East Coast, today announced its second quarter 2026 financial results. Titan America SA, including its wholly-owned operating subsidiary, Titan America LLC, is referred to herein as "Titan America" or the "Company." Second-Quarter 2026 Highlights Revenue of $470.6 million, an increase of 9.6% compared to $429.2 million in Q2 2025 Net Income of $43.3 million, compared to $51.1 million in Q2 2025 Earnings per share of $0.23, compared to $0.28 in Q2 2025 Adjusted EBITDA(1) of $100.7 million, an increase of 1.3% compared to $99.5 million in Q2 2025 "Our financial results in the second quarter demonstrated the resilience of the business, with strong year-over-year growth in our Mid-Atlantic region offsetting short-term headwinds experienced by Florida," said Bill Zarkalis, President and CEO of Titan America. "Our Mid-Atlantic business segment captured robust project activity in the quarter, as strong commercial and operating performance lifted volumes and generated strong year-over-year improvement. Our Florida business segment delivered a solid performance despite an extended maintenance outage at the Pennsuco plant compared to the prior year and temporary import logistics disruptions." Mr. Zarkalis continued, "Since closing the acquisition of the Keystone Cement Company, our integration team has been on site working closely with Keystone’s exceptional team to ensure a smooth transition, accelerate revenue growth, expand operating margins, and realize targeted annual run-rate synergies of at least $30 million by 2029. With a respected reputation that has been built over the last century, Keystone further strengthens our vertically-integrated footprint in this attractive region, enhancing our ability to serve our customers, while positioning us to benefit from the positive long-term secular growth trends underpinning these markets. We are excited about the significant opportunities ahead and confident in our ability to create long-term value through this strategic acquisition." Second Quarter 2026 Results (unaudited) Revenue for the three months ended June 30, 2026 was $470.6 million, an increase of 9.6% compared to $429.2 million in the prior year quarter, of which approximately $20 million was attributable to the acquired Keystone Cement operations. On a like for like basis, revenue for the three months ended June 30, 2026 grew by approximately $21 million primarily from higher external sales volumes in aggregates and concrete block, as well as increases in ready-mix concrete prices. Net Income for the three months ended June 30, 2026 was $43.3 million, compared to $51.1 million in the prior year quarter, while Adjusted EBITDA was $100.7 million, an increase of 1.3% compared to $99.5 million in the prior year period. Net Income Margin and Adjusted EBITDA Margin in the three months ended June 30, 2026 were 9.2% and 21.4%, respectively, compared to 11.9% and 23.2%, respectively, in the same period of 2025. The increase in Adjusted EBITDA was driven by strong performance in the Mid-Atlantic segment (including the post-acquisition contribution from Keystone) which was partially offset by lower contribution from the Florida segment as further described below. In addition, when compared to the prior year quarter, Net Income for the three months ended June 30, 2026 reflected higher depreciation, depletion, and amortization expense of approximately $3 million after tax, Keystone acquisition transaction expenses of approximately $2 million after tax, higher share-based compensation of approximately $1 million after tax, and additional income tax expense of approximately $4 million resulting from the corporate reorganization of the Keystone entities after acquisition, partially offset by lower net finance costs of approximately $2 million after tax. Cash Flow and Capital Resources For the six months ended June 30, 2026, cash flow provided by operating activities was $136.6 million and net capital expenditures were $86.9 million, resulting in free cash flow of $49.7 million. As of June 30, 2026, Titan America had $36.4 million in cash and cash equivalents and $574.1 million in total debt. Net debt was $537.7 million, representing a ratio of 1.37x trailing twelve-month Adjusted EBITDA. Revenue and Adjusted EBITDA by Reportable Segment The Florida segment generated revenue of $256.7 million in the second quarter of 2026, compared to $260.8 million in the prior year quarter with higher concrete block and external aggregates volumes not fully offsetting lower ready-mix concrete volumes and lower aggregates and concrete block pricing which were affected by product, channel, and customer mix. Segment Adjusted EBITDA for the quarter was $50.6 million, compared to $62.2 million in the prior year period. Results were impacted by costs associated with extended major maintenance activities at the Pennsuco cement and aggregates facility as well as cement import supply chain disruptions and the associated incremental cost of temporarily sourcing cement and aggregates from third parties during the period. The Mid-Atlantic segment generated revenue of $214.0 million in the second quarter, compared to $168.5 million in the prior year quarter. The 27.0% year-over-year increase in revenue was primarily due to approximately $20 million of revenue from the acquired Keystone assets, double digit growth in volumes and unit selling prices in ready-mix concrete, and higher pricing and volumes in the segment’s legacy cement operations. Segment Adjusted EBITDA was $52.8 million, an increase of 30.0% compared to $40.6 million in the prior year quarter, as the benefit of project mix, improved pricing, and operating efficiencies more than offset higher raw materials and energy costs and cement import disruptions. 2026 Outlook Regarding Titan America’s outlook, President & CEO Bill Zarkalis stated, "Following our recently completed acquisition of Keystone Cement, we have updated our full year 2026 outlook for the Company. We now expect high single digit revenue growth versus 2025, including the contribution from Keystone. We also expect a modest decline in our Adjusted EBITDA margin versus 2025, reflecting the lower starting contribution from Keystone." Conference Call Titan America will host a conference call at 5:00 p.m. ET on July 28th, 2026. The conference call will be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the call and view the slides, please visit the Investors section of Titan America’s website at https://www.titanamerica.com/. For those who are unable to listen to the live broadcast, an audio replay of the conference call will be available on the Titan America website for 30 days. About Titan America SA Titan America is a leading vertically-integrated producer of cement and building materials in the high-growth economic mega-regions of the U.S. East Coast, with operations and leading market positions across Florida, the Mid-Atlantic, and Metro New York/New Jersey. Titan America’s family of company brands includes Essex Cement, Roanoke Cement, Keystone Cement, Titan Florida, Titan Virginia Ready-Mix, S&W Ready-Mix, Powhatan Ready Mix, Titan Mid-Atlantic Aggregates, and Separation Technologies. Titan America’s operations include cement plants, construction aggregates and sand mines, ready-mix concrete plants, concrete block plants, fly ash production facilities, marine import and rail terminals, and distribution hubs. Forward-Looking Statements This press release may include forward-looking statements. Forward-looking statements are statements regarding or based upon our management’s current intentions, beliefs or expectations relating to, among other things, Titan America’s future results of operations, financial condition, liquidity, prospects, growth, strategies, developments in the industry in which we operate and the integration of the Keystone Cement Company. In some cases, you can identify forward-looking statements by terminology such as "believe," "anticipate," "continue," "could," "expect," "goal," "may," "plan," "predict," "propose," "should," "target," "will," "would" and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. By their nature, forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results or future events to differ materially from those expressed or implied thereby. These include the risks detailed in our 2025 Annual Report filed on Form 20-F on March 24, 2026, as well as a prolonged conflict in Iran negatively affecting infrastructure spending. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this report regarding trends or current activities should not be taken as a report that such trends or activities will continue in the future. Titan America undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this report. The information contained in this report is subject to change without notice. No re-report or warranty, express or implied, is made as to the fairness, accuracy, reasonableness or completeness of the information contained herein and no reliance should be placed on it. Financial Measures (Non-IFRS) In addition to the financial information presented in accordance with International Financial Reporting Standards ("IFRS"), this press release includes the following Non-IFRS financial measures: Adjusted EBITDA, Adjusted EBITDA Margin, Net Income Margin, free cash flow, net debt and the Ratio of Net Debt to Adjusted EBITDA. We define Adjusted EBITDA as net income before finance cost, net, income tax expense, depreciation, depletion and amortization, further adjusted to remove the impact of additional items such as (gain)/loss on disposal of fixed assets, asset impairment (recovery)/loss, foreign exchange (gain)/loss, net, derivative financial instrument (gain)/loss, net, fair value loss on sale of accounts receivable, net, share-based compensation and other non-recurring items, including certain transaction costs related to our initial public offering. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. We define Net Income Margin as net income divided by revenue. We define free cash flow as net cash provided by operating activities, less net payments for capital expenditures, which includes (i) investments in property, plant and equipment, (ii) investments in identifiable intangible assets and (iii) proceeds from the sale of assets, net of disposition costs. We define net debt as the sum of short and long-term borrowings, including accrued interest and short-term and long-term lease liabilities less cash and cash equivalents. We define the Ratio of Net Debt to Adjusted EBITDA as the ratio derived by dividing net debt by Adjusted EBITDA. See "Reconciliation of IFRS to Non-IFRS" section for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure. We believe that in addition to our results determined in accordance with IFRS, these Non-IFRS financial measures provide useful information to both management and investors in measuring our financial performance and highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. Non-IFRS financial information is presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. Our presentation of Non-IFRS measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. Other companies in our industry may calculate these measures differently, which may limit their usefulness as comparative measures. View source version on businesswire.com: https://www.businesswire.com/news/home/20260728302149/en/ Contacts Investor Relations [email protected] 757-901-4152https://ir.titanamerica.com

As you might know, Titan America SA (NYSE:TTAM) recently reported its first-quarter numbers. It was not a great result overall. While revenues of US$398m were in line with analyst predictions, earnings were less than expected, missing statutory estimates by 12% to hit US$0.18 per share. Earnings are an important time for investors, as they can track a company's performance, look at what the analysts are forecasting for next year, and see if there's been a change in sentiment towards the company. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. Taking into account the latest results, the most recent consensus for Titan America from seven analysts is for revenues of US$1.73b in 2026. If met, it would imply a reasonable 3.3% increase on its revenue over the past 12 months. Statutory earnings per share are predicted to accumulate 8.0% to US$1.08. Yet prior to the latest earnings, the analysts had been anticipated revenues of US$1.71b and earnings per share (EPS) of US$1.10 in 2026. So it's pretty clear that, although the analysts have updated their estimates, there's been no major change in expectations for the business following the latest results. View our latest analysis for Titan America There were no changes to revenue or earnings estimates or the price target of US$17.64, suggesting that the company has met expectations in its recent result. Fixating on a single price target can be unwise though, since the consensus target is effectively the average of analyst price targets. As a result, some investors like to look at the range of estimates to see if there are any diverging opinions on the company's valuation. The most optimistic Titan America analyst has a price target of US$20.00 per share, while the most pessimistic values it at US$15.00. The narrow spread of estimates could suggest that the business' future is relatively easy to value, or thatthe analysts have a strong view on its prospects. Another way we can view these estimates is in the context of the bigger picture, such as how the forecasts stack up against past performance, and whether forecasts are more or less bullish relative to other companies in the industry. It's clear from the latest estimates that Titan America's rate of growth is expected to accelerate meaningfully, with the forecast 4.5% annualised revenue growth to the end of 2026 noticeably faster than its historical growth of 2.7% over the past year. By contrast, our data suggests that other companies (with analyst coverage) in a similar industry are forecast to grow their revenue at 6.6% per year. It seems obvious that, while the future growth outlook is brighter than the recent past, Titan America is expected to grow slower than the wider industry. The most important thing to take away is that there's been no major change in sentiment, with the analysts reconfirming that the business is performing in line with their previous earnings per share estimates. Fortunately, the analysts also reconfirmed their revenue estimates, suggesting that it's tracking in line with expectations. Although our data does suggest that Titan America's revenue is expected to perform worse than the wider industry. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates. With that said, the long-term trajectory of the company's earnings is a lot more important than next year. At Simply Wall St, we have a full range of analyst estimates for Titan America going out to 2028, and you can see them free on our platform here.. It might also be worth considering whether Titan America's debt load is appropriate, using our debt analysis tools on the Simply Wall St platform, here. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Image source: The Motley Fool. Wednesday, May 6, 2026 at 8:00 a.m. ET President and Chief Executive Officer — Vassilios Zarkalis Chief Financial Officer — Lawrence Wilt Vice President of Investor Relations — Michael Bennett Operator: Good morning, and thank you for joining us. I am Erica, your conference call operator. Welcome to Titan America's First Quarter 2026 Conference Call. [Operator Instructions] The conference is being recorded. [Operator Instructions] I would now like to turn the call over to Michael Bennett, Vice President of Investor Relations. Michael Bennett: Thank you, operator, and good morning to everyone on the line. Thank you for joining us for Titan America's First Quarter 2026 Conference Call. I am joined by Bill Zarkalis, President and Chief Executive Officer of Titan America; and Larry Wilt, Chief Financial Officer. Before we begin, I would like to remind you that, yesterday afternoon, we released Titan America's first quarter 2026 results, which are available on our website at ir.titanamerica.com, along with today's accompanying slide presentation. This call is being recorded, and a replay will be made available on our Investor Relations website. During the call, we will present both IFRS and non-IFRS financial measures. The most directly comparable IFRS measure and reconciliations for non-IFRS measures are available in today's press release and accompanying slides. Certain statements on today's call may be deemed to be forward-looking statements. Such statements can be identified by terms such as expect, believe, intend, anticipate and may, among others, or by the use of the future tense. You should not place undue reliance on forward-looking statements. Actual results may differ materially from those forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today as well as the risks and uncertainties described in our SEC filings. I would now like to turn the call over to Bill. Please go ahead. Vassilios Zarkalis: Thank you, Michael, and good morning, everyone. Thank you for joining us today for Titan America's First Quarter 2026 Financial Results Call. Yesterday, we announced our financial results for the first quarter. I would like to begin on Slide 4 by highlighting a few key messages. The first quarter is usually the weakest quarter of the year. It was a quarter that started slowly, affected by continued softness in the residential market and harsh winter weather in our Mid-Atlantic region. In March, the conflict in Iran exacerbated the geopolitical uncertainty, triggered inflationary pressures with increasing fuel and energy costs. Against this backdrop, Titan America once again delivered a solid first quarter performance with year-over-year improvement in our results, showcasing once again the resilience of our vertically integrated business model, the benefits from our ongoing strategic initiatives and the agility of our teams to execute in a challenging environment of mixed end market demand trends and increased uncertainty. First quarter revenue increased by 1.5%, while adjusted EBITDA was 3.4% higher than the same quarter of last year. In the first quarter, our Florida segment delivered robust performance, underpinned by strong participation in infrastructure and private nonresidential construction. We saw meaningful volume growth in aggregates, concrete block and fly ash that was partially offset by softer demand for cement and ready-mix concrete in the residential sector. Prices in Florida were modestly higher sequentially when compared to the fourth quarter of last year. The Mid-Atlantic region delivered strong year-over-year improvement in the first quarter, trimmed down by the impact of adverse winter weather on demand in the region. We are encouraged by the strong performance, which was partly driven by the start of substantial projects in the region, including data centers and public infrastructure. In addition, the quarter included benefits from both year-over-year and sequential growth in cement and ready-mix concrete pricing as well as operating efficiencies that drove adjusted EBITDA margins higher. On May 1, we completed the acquisition of the Keystone Cement Company. This investment represents an important milestone in our growth strategy, and we are very pleased to welcome the Keystone team to the Titan America family. Despite the challenges following our first quarter results and taking into consideration our current visibility for the year, we are reaffirming our full year 2026 outlook. We'll discuss our guidance at the end of the presentation. Let's move now to Slide 5. As communicated, as of May 1, we have concluded the acquisition of the Keystone Cement Company. We have now expanded our geographic reach in the markets of Pennsylvania, Ohio, Delaware and Maryland. In combination with our existing assets, we have strengthened our vertically integrated footprint in this region and are better positioned to capitalize on the strong secular trends. As a reminder, Keystone is a modern cement facility with approximately 990,000 short tons of current clinker capacity and serves a greater than 6 billion short ton addressable market. In 2025, Keystone generated revenue of approximately $97 million with an EBITDA margin of approximately 10%. We believe that we can deliver game-changing synergies for the acquired Keystone assets that will substantially grow both its top line and its margins. We expect to grow the output of the assets by significantly improving reliability with our proprietary real-time optimizers and predictive maintenance capabilities. We will drive strong benefits from raw material cost optimization, more efficient energy consumption and increased use of alternative fuels. In parallel, we expect to target the infrastructure segment in the region by capitalizing on the high-quality aggregates of Keystone. Our integration team is already on site, working together with experienced and knowledgeable Keystone colleagues. We look forward to updating you on our progress in the future. Let's move now to Slide 6 to discuss a recent exciting development for Titan America. In April, we announced the grand opening of the Titan America Innovation Hub in Miami. This collaborative center is designed to accelerate the development and scale-up of advanced materials, digital technologies and construction solutions, bringing together the most creative minds in construction, design, academics and sustainability. Through the innovation hub, we continue to innovate and expand product offerings focused on meeting the evolving needs of our customers for sustainable, high-performance products, services and solutions. There are major transformational themes in our industry such as resilient urbanization, digitalization and the need for smart materials, novel construction technologies and circularity. These trends create new value pools of high growth and high margins. As part of our strategy, we invest in innovation in order to tap these high-growth, high-value pools. Consider, for example, data centers. As someone said, the cloud is built of concrete, and we serve Virginia's data center alley, the largest concentration of data centers in the world. We do this with our proprietary AI-engineered concrete mixes, incorporating and enabling new levels of performance and sustainability. We capitalize on industrial reshoring by providing smart materials to enable fast-track construction for the next generation of manufacturing and logistics infrastructure. We incorporate circularity in our offerings, including expanded use of valuable supplementary cementitious materials like fly ash beneficiated with our proprietary electrostatic technology. We also offer ultra-durable marine-grade concrete and supply innovative blue-grade solutions inspired by nature such as patented 3D-printed concrete for the next generation of seawalls and reefs. Our hub is already operational, and you are welcome to visit and learn more about our innovative products and solutions. You can find more about the hub also on our website. I will now turn it over to Larry, who will provide a more detailed breakdown of our first quarter financial results and business segment performance. Larry? Lawrence Wilt: Thank you, Bill, and good morning, everyone. Moving to Slide 7. Let me share an overview of our first quarter 2026 financial highlights. The first quarter saw a mixed operating environment. Winter weather disruptions in the Mid-Atlantic region weighed on volumes during the quarter, while the macroeconomic backdrop introduced incremental uncertainty as the quarter progressed. Against that backdrop, we were pleased to deliver solid financial performance with year-over-year improvement in revenue, adjusted EBITDA and operating cash flow. For the quarter, we delivered revenue of $398 million, an increase of 1.5% compared to $392 million in the first quarter of 2025. Adjusted EBITDA for the quarter was $83 million compared to $80 million in the prior year quarter, an increase of 3.4%. Our first quarter adjusted EBITDA margin was 20.7%, an improvement of 40 basis points compared to 20.3% in the first quarter of 2025, reflecting the benefits of our vertically integrated model, pricing discipline and ongoing cost management efforts. Net income for the quarter was $33 million, consistent with the prior year quarter with earnings per share reflecting the impact of incremental shares outstanding from our 2025 initial public offering. Operating cash flow for the quarter was $62 million compared to $35 million in the prior year quarter, having benefited from lower levels of working capital and lower income tax payments. Free cash flow was $30 million in Q1 2026, reflecting the improvements in operating cash flow and steady year-over-year CapEx investments. And finally, our leverage ratio further improved to 0.58x at the end of Q1 2026. Turning to Slide 8. Let me walk you through our sales volume performance by product line. Total cement volumes, including external sales and internal consumption, were broadly stable, down less than 1% year-over-year with winter weather-related impacts in the Mid-Atlantic region and persistent softness in the residential sector generally offset by continued demand strength from infrastructure and private nonresidential construction. Total aggregates volumes grew 1.8% in the quarter, benefiting from the expanded production capacity in Florida, the strength of which was partially offset by lower volumes from our Mid-Atlantic sand sources. Total fly ash volumes were up 12.3% compared to the prior year quarter on higher utility generation and increased commercial push, while ready-mix concrete volumes decreased 2.1% year-over-year with delays in project starts in Florida only partially offset by sustained volumes from data center construction in the Mid-Atlantic. Concrete block volumes increased 9.7% compared to Q1 2025, driven higher by improved contribution from remodeling and renovation channels as well as shell contractor demand in select regional markets. Turning to Slide 9. External pricing improved sequentially from Q4 2025 across all product lines. On a year-over-year basis, cement pricing was flat, while aggregates and fly ash pricing, which were impacted by product and regional mix declined by 0.6% and 2.4%, respectively. Ready-mix concrete prices improved year-over-year, benefiting from a larger proportion of value-added product sales. On a year-over-year basis, concrete block pricing declined 2.1%, reflecting customer and end market mix as well as the softness experienced in residential demand during 2025. Turning to Slide 10. Let me focus your attention on our Q1 business segment performance. In Florida, we delivered strong results in a challenging market. Florida's external revenue was $253 million in the first quarter, essentially flat compared to the first quarter of 2025 as revenue growth from aggregates, concrete block and cement were offset by a lower contribution from ready-mix concrete. Adjusted EBITDA for the Florida segment was $73 million, an increase of 2.5% compared to $71 million in the prior year quarter. Adjusted EBITDA margin expanded to 28.6% in Q1 2026, up from 27.9% in the first quarter of 2025 as cost discipline offset headwinds from higher energy costs and tariffs. In the Mid-Atlantic, we delivered meaningful year-over-year improvement during the quarter, consistent with the constructive 2026 outlook we communicated during our fourth quarter call. Despite winter weather that got disruptions and suppressed volumes in the Mid-Atlantic region in January and February, our team executed well and delivered strong financial results and improved pricing in ready-mix concrete and cement were amplified by operating efficiencies, which more than offset the impact of tariffs and higher import costs. Mid-Atlantic external revenue was $145 million in the first quarter, an increase of 4.2% compared to $139 million in the first quarter of 2025. The revenue improvement was primarily driven by strong ready-mix concrete participation in regional commercial construction projects, including data centers. Adjusted EBITDA for the segment was $13 million compared to $11 million in the prior year quarter, an increase of 16% and segment adjusted EBITDA margin improved to 8.7% from 7.8% in the prior year quarter. As a reminder, the first quarter in the Mid-Atlantic segment included the impact of our Roanoke Cement plant's annual major maintenance campaign in both 2026 and 2025. Now turning to our balance sheet and cash flows on Slides 11 and 12. As of March 31, 2026, we had $228 million of cash and cash equivalents and total debt of $455 million. Our net debt position was $227 million, representing a leverage ratio of 0.58x trailing 12 months adjusted EBITDA, a further improvement from 0.64x at the end of 2025. Our strong leverage profile provides significant balance sheet capacity to pursue strategic growth opportunities such as the recent Keystone acquisition, while maintaining our commitment to returning capital to shareholders. With respect to Keystone, the acquisition was funded with a combination of cash on hand and a new term loan issued in April 2026 with a maturity date of February 2031. Slide 13 shows our capital expenditure profile for the first quarter of 2026. Net capital expenditures in the first quarter were approximately $32 million and remain focused on our previously communicated strategic objectives. These include increasing our domestic cement and aggregates capacity, improving the efficiency of our logistics networks and further enhancing our strong positions in select downstream channels to market. On Slide 14, I will remind you of our capital allocation strategy. As mentioned in our previous calls, we are focused on 3 key priorities: investing in the business, including organic growth opportunities, pursuing strategic M&A and providing returns to shareholders, all while maintaining a healthy net leverage profile. During our fourth quarter conference call, I discussed our organic growth priorities for 2026. These remain unchanged. Now that we've closed the Keystone acquisition, we expect to make further investments to deliver operational, commercial and logistics synergies as we incorporate the Keystone assets into our Mid-Atlantic network. With respect to shareholder returns, I would also like to announce that yesterday, our Board of Directors approved an issue premium distribution of $0.04 per share payable on July 7, 2026, to shareholders of record on June 18, 2026. With that, I'll turn it back to Bill for his closing remarks. Vassilios Zarkalis: Thank you, Larry. In conclusion, the first quarter demonstrated the resilience and quality of Titan America's business model in a stubbornly challenging operating environment. Despite winter weather headwinds, macroeconomic uncertainty and continued softness in the residential sector, we grew revenue and adjusted EBITDA, expanded margins and generated substantially stronger operating and free cash flow compared to the prior year period. Our teams executed well and the underlying fundamentals of our key markets remain constructive. Turning now to our 2026 outlook on Slide 15. As we mentioned during our fourth quarter financial results call, the recent surge in oil and energy prices due to the conflict in Iran has introduced additional risks in an already complex and uncertain economic backdrop. We expect softness in the residential sector to continue through the remainder of the year with a much anticipated inflection point potentially delayed to 2027. Despite the challenges, following our first quarter results and taking into consideration our current visibility for the year, we are reaffirming our full year 2026 outlook. On a like-for-like basis, we continue to anticipate low single-digit revenue growth compared to last year, with modest expansion in our adjusted EBITDA margins. This outlook reflects our confidence in the underlying demand trends in our markets, especially as we move into the seasonally stronger middle part of the year as well as our ability to execute and deliver benefits from our previous and ongoing strategic initiatives. It is worth noting that this guidance does not include the contribution from Keystone as we focus on integrating the acquisition and building out its full commercial potential. Before we open the call for questions, I want to express my sincere gratitude to all of our Titan America team members, and extend a warm welcome to our new colleagues from the Keystone Cement Company, whom we are proud to have now as part of the Titan America family. With that, I'll turn the call over to the operator for the Q&A session. Operator? Operator: [Operator Instructions] We'll take our first question from Philip Ng with Jefferies. Philip Ng: Congrats on a really strong quarter in a choppy environment. So great execution from the team. Larry -- I guess, Bill, to kind of kick things off, the Keystone acquisition, quite exciting. 10% EBITDA margins would certainly be much lower than I would have thought. Best-in-class cement assets, I think, are probably closer to 30% EBITDA margins. And I suspect your business is probably not too far from that. So what needs to happen to kind of get that? I mean, one, is there anything structural with the asset or the market? Or this is just we need to deploy the Titan America playbook in terms of capital deployment and bringing that business in-house? So just kind of give us some color in terms of what that profit profile could look like and if there's anything structural with the business. Vassilios Zarkalis: Absolutely. I think that element represents also the reason why we say that we're going to implement game-changing synergies in this asset, bringing the profitability up to norm for how we perform overall with our own assets. As we have explained, this is a value-accretive opportunity for Titan America. It's expanding and strengthening our geographic reach and our leadership position in the East Coast, adding important geographies like Pennsylvania, Ohio, Delaware, Maryland. We will expand and extend our integrated model. Also very important is to think that it's an acquisition of important aggregates assets, both for production of clinker, but also of infrastructure-grade aggregates. So it is a very important lever. And last, in relation to your question, we see game-changing synergies, as we said, in relation to optimizing and improving the margins, of course, by reducing the cost, improving overall logistics, energy consumption and bringing all the digitalization and elements of operational excellence that Titan America has been delivering for years. So a great opportunity for us, starting from that point that you mentioned. Philip Ng: Bill, like how quickly can you get this to a good margin profile? And is the assumption based on what you said, you can get this asset to something that we're accustomed to for the legacy Titan Cement assets from a profitability standpoint? Vassilios Zarkalis: Thanks, Philip. Good question. Let me just say that we have our integration team working already from the phase that we were doing the due diligence. And as soon as we start -- we signed the SPA, and we were ready to move in and start cooperating with our new colleagues at Keystone from day 1, and our teams are implementing already the synergies. In relation to specifics, if you allow me, we'd like really to be there for a couple of months. So we anticipate that in our upcoming second quarter analyst call, we're going to give you details in relation to synergies that we intend to implement and provide the necessary details that you need also for your models. Philip Ng: Okay. That's helpful. Question for Larry. Impressive, you reiterate the guidance, particularly margin expansion in a pretty inflationary backdrop. Can you remind us what are some of the inflation that you could see that could be impactful? I believe you've got pass-throughs for freight, which is helpful. And then certainly, on the pricing side, any update that you have out there in terms of the cement price increases, the ready-mix price increases and aggregates price increase that's out there for April? Do you need those price increases to stick to kind of offset inflation and drive the margin expansion you're calling for? Lawrence Wilt: Look, I think we operate in a year where we have some mixed environments, Phil. So if you look at what we put into our own internal thinking on this, there'll be some ZIP code area differences on these kind of things. So we do see opportunities on both price and volume, depending on where we are. And beginning in April, in those markets where the markets were stronger beginning in April, we've begun to pass through some of those prices that we're talking about. You mentioned pass-throughs on the cost side when you talk about pricing, for example, sort of the cost element of that on the energy side. Those, as you recall, are not as significant for us as you might imagine. They're 8% of our total cost of sales. And with that, we have fuel flexibility when we talk about energy costs at our cement plants. I think we've described that a couple of times in terms of the multiple fuels that we are able to burn there and the increased use of alternative fuels through those same facilities. We have implemented some capital projects. I think I described that in the last call as well coming out of Q1 out of the outage in Roanoke. We have a different and more flexible burner system there. And then Florida, where we've got an alternative fuels project that will enable us to bring further alternative fuels and bring down the cost in a further period, so beginning in Q2, Q3, for example. So we're optimistic on that front. Now the pass-through, as you described, you're right. We have -- for the diesel fuel that we consume within our business, about 2/3 of that is used in the delivery of ready-mix concrete, about 1/3 is used within the facilities themselves. One obviously has a direct opportunity for pass-through in the fuel surcharge. The other is reliant on price improvement to cover that to the extent that it continues. Every day brings different news. You saw today's news. Things may not be as grim as we had feared they may be in terms of longevity. So we'll take it day by day, but that's what's in our guidance. Operator: And we'll take our next question from Anna Schumacher with BNP Paribas. Anna Schumacher: I have 2. So firstly, on aggregates, how significant are your aggregates ambitions? And what makes Titan the partner of choice in this industry? And secondly, on -- again on cement, has there been any change in the cement import situation this year? Are they still disruptive in either of your markets? And if you can share your pricing expectations for '26, that would be great. Lawrence Wilt: Yes. I think on the aggregates question, you'll see obviously in our public documents, we are a well-positioned aggregates producer in some of our markets. We have ambitions to be bigger in some of our markets as well. But when you look at Florida, we are a good participant down there with good cost structure in our facility in the Pennsuco location, for example, I think Corkscrew is the one on the West Coast for us. So we see good opportunity for there. On the other calls, Anna, we may have described -- maybe perhaps you didn't have a chance to listen in. But on some of the other calls, we described some of the additional opportunities we have, taking advantage of newer mining technologies to bring some product up, liberated from what was remnant mining in effect from periods gone by. So that's a good opportunity ahead for us. We're investing to be able to do that. I think with respect to cement imports, -- and sorry, just as a follow-up comment here on Keystone as well, we have good opportunities in Keystone, as Bill was describing before, going into that new market, but our teams are just getting oriented around that location this week. Now when we go back to the cement imports you described, I think if your question was around patterns of cement imports, I think one of the challenges that we are going to face is some of the ocean freight, perhaps some of the war impact has had some delays on some of the loading of ships at some of the location points and some of that disruption perhaps coming in and the volatility perhaps in ocean freight is something that we have on our radar screen. So we are looking at that. But generally, the import strategy is no different than it was in the past. We have a flexible import model where we combine this local production that we have combined with the imports to give us the channels to market to our internal and external customers. That's the plan. Operator: And we'll take our next question from Wesley Brooks with HSBC. Wesley Brooks: So yes, a couple of questions from me. I guess first one, just coming back to Keystone. Just looking at that revenue number, what's it, $97 million in revenue on almost 1 million tons of clinker. It just seems like a very low realized price. So I wondered if -- is this because they just sell the clinker? I'm interested to understand that. I mean you're making about $160 a ton in your Mid-Atlantic region. So can you help us understand what's going on there? And is that a big part of the opportunity that, that is not doing something well there? Vassilios Zarkalis: The key issue here, Wesley, is not -- the clinker capacity is one thing. The important element is the reliability at which these assets are being run, and also certain limitations that reduce capacity utilization. And that's a great opportunity for us to improve capacity utilization and therefore, have a bigger output and more reliable output, which will allow us to increase top line. And of course, on the other side, as we mentioned, address unit cost and improve margins. So the roughly 1 million tons in capacity of clinker that we mentioned doesn't mean that actually this plant operates at this rate. Wesley Brooks: Yes, that makes sense. Okay. And then I guess, yes, my next question, following up again on the energy cost. As you say, you have alternative options for fuel, but the broader market, I think, has a higher exposure to energy costs in cement production. So I'm wondering, is this something that you think could be an impetus for further pricing actions that maybe are more sustainable? I mean, if we think of what happened during the pandemic, we had a lot of cost inflation. You guys -- I mean, that was really a positive for the market and for margins for cement players for longer term. Is this something that could be similar? Or do you think the market is broadly looking at more short-term, as you say, kind of surcharges and things like that? Vassilios Zarkalis: As we mentioned, our margin expansion and our results [ incorporate ] both our strong execution in the marketplace, capitalizing on positive trends in infrastructure and private commercial like data centers, logistic infrastructure, manufacturing, reshoring, power assets, hospitals, water systems, elements like this. But also a good part was our operational excellence and our ability to manage cost, including energy and fuels. Now to your broad question, whether this is an opportunity, clearly, the industry is faced with tremendous inflationary pressure, which clearly necessitate a price increase in the market in order to face these pressures, independent of what we do internally in order to manage it. So you're right, this environment, this backdrop against which we operate necessitates price increases. That's why Larry mentioned that we -- coming into the high season now, as of April, we implement price increases that were delayed in the first quarter, especially in the areas where we see growth momentum. And in the other areas, of course, trying to capitalize on the supply and demand situation. Operator: And we'll take our next question from Brian Brophy with Stifel. Brian Brophy: Just thoughts or intentions you guys have on potentially building out downstream assets around Keystone? Any color there? Lawrence Wilt: Okay. I think what we've said, Brian, is that we have existing assets in the area. So if you look at our broader business in the Mid-Atlantic, we have the fly ash businesses where some of the same customers are called upon by our current fly ash business, as is Keystone, serving on the cement side. We have now this ability to integrate and provide this bookended sourcing points that we described for the Mid-Atlantic and Florida -- the rest of the Mid-Atlantic and Florida with the Essex import terminal providing backstop reliability for Keystone as well, right? So this is a nice additional synergy that we get there. I think the thing that we said in the document is we have, nearby to this plant, just as close it is to Roanoke, our Northern Virginia ready-mix business, which is a big part of our ready-mix portfolio in the Mid-Atlantic. And that integrates nicely by itself with the acquisition that we have. Now I think we said we'll integrate where we think it makes sense, and this is something that will be considered. Vassilios Zarkalis: And it's a good question, Brian. I mean, like Larry mentioned, of course, we're going to capitalize and serve most likely from Keystone because it's better logistics and therefore, a better opportunity to serve our customers in North Virginia and Washington D.C. from that side. So there's going to be an immediate integrated model served from Keystone. We have strong positions with downstream customers in New York and New Jersey. And our Keystone business unit -- our Keystone colleagues have built strong relationships in Pennsylvania and Ohio. We have also positions there with our fly ash. So our first priority will be to capitalize on our upstream integration, with now cement, aggregates and fly ash, a different type of offering as compared to Keystone alone and capitalize on this virtual integration as we have with long-term relationships from our Keystone colleagues with downstream customers. So our first step will be to enhance our relationship with these customers to offer them more products and more solutions and create, as a first step, this virtual integration. Brian Brophy: Yes. That's really helpful. And then just as kind of a follow-up. Do you guys have any sense yet for how much CapEx is needed to execute on the synergies discussed for Keystone? Or do you just have a general sense for the capital intensity of executing on some of these? Vassilios Zarkalis: We have a good understanding that we developed through the due diligence and also the phase between the SPA and finally closing, detailed plans. As I mentioned, we will come with more details in our second quarter call so that you have more granularity. We want to take advantage of this in the next month to go deeper in our plans and provide more details. So -- but I can say that -- as a general comment that we don't expect high capital intensity in relation to our investments. We have the ways and the combination between the existing assets that we have and the assets from Keystone to synergize. So we don't expect high capital investments in order to deliver the synergies. Operator: At this time, we have no further questions. I'd like to turn it back over to Bill Zarkalis for any closing remarks. Vassilios Zarkalis: Thank you, Erica, and thank you all for your time today. We appreciate your interest in Titan America and look forward to updating you on our progress on our second quarter call. Thank you for joining, and have a great day ahead. All the best. Operator: Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect. Before you buy stock in Titan America, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Titan America wasn’t one of them. 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