The company’s net income climbed to C$0.52 a share from C$0.36 in the same period last year, easily clearing the C$0.43 estimate polled by FactSet. Revenue reached C$653.2 million, a 16% increase that surpassed analyst projections of C$614.9 million. This performance was anchored by C$44.3 million in internal growth and C$37.7 million in fuel surcharges, supplemented by C$9.4 million from recent acquisitions.
In section Market Quotes
Mullen Group Surges as Freight Demand and Fuel Fees Drive Profits
Rising fuel surcharges and aggressive organic freight growth propelled Mullen Group to a strong third quarter, with the Canadian logistics firm reporting a net income of C$51.5 million. The results significantly outpaced Wall Street expectations, showcasing resilience despite a broader economic environment marked by trade volatility and escalating energy costs.
Sector performance remained robust across the board. The U.S. and international logistics division saw a 30% revenue spike, while the logistics and warehousing segment grew by 13.5%. Specialized and industrial services also contributed to the bottom line, alongside a 10% gain in less-than-truckload revenue. Chair and Senior Executive Murray Mullen credited the strength of the company’s balance sheet for navigating a landscape typically hostile to shipping volumes. Looking ahead, the firm is moving to broaden its customs brokerage capabilities through the acquisition of Willson International.
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