Titan America: Keystone contribution masked by weaker Florida; guide implies marginal change to near-term numbers

研报英文原文证据摘录

Titan America: Keystone contribution masked by weaker Florida; guide implies marginal change to near-term numbers

28 July 2026

Chad Dillard

+1 917 344 8469

U.S. Machinery chad.dillard@bernsteinsg.com

Miguel Marques, CFATitan America +1 917 344 8432

Rating miguel.marques@bernsteinsg.com

Market-Perform Specialist Sales

Steve Song

Price Target +1 917 344 8401

steve.song@bernsteinsg.com

TTAM 17.00 USD

Titan America: Keystone contribution masked by weaker Florida;

guide implies marginal change to near-term numbers

TTAM reported 2Q26 results post-close with EPS of $0.23, 21% below consensus driven by

Close Date 28 Jul 2026

1) one-time margin headwinds in their Florida business and 2) ~5c of dilution from transaction

TTAM Close Price (USD) 17.62

and one-time tax costs from the Keystone deal. Revenues of $471M were 5% ahead, but Adj.

Price Target (USD) 17.00

EBITDA of $101M was 5% below, and margins of 21.4% missed by 200+ bps. Management

Upside/(Downside) (4)%

also offered updated guidance, raising its revenue outlook (largely due to Keystone) but

52-Week Range 19.57/13.16

lowered its margin expectations.

SPX 7,428.78

Revised guidance moves revenues higher, but EBITDA margins and EPS lower. FYE Dec

Management raised its revenue guide to high-single growth vs. low-single digit prior. On Div Yield 0.9%

profits, EBITDA margins were guided down to a modest Y/Y decline (suggested ~25-50bps Market Cap (USD) (M) 3,248

lower Y/Y vs. modestly higher Y/Y prior) which is also attributed to Keystone dilution. The EV (USD) (M) 3,475

critical nuance is, ex-Keystone, there was likely no material change to ‘26 organic growth and Performance YTD 1M 6M 12M

margin expectations. On net, however, our revenue expectations move ~5% higher, EBITDA Absolute (%) 7.4 (8.8) (0.8) 28.2