Canadian Carrier Mullen Reports Record Revenue in 1Q
Canadian company Mullen Group Ltd. increased revenue by C$27.5 million, or 9.4%, to $319.6 million in the first quarter, according to a news release.
Mullen Group said its truckload segment grew by $7.7 million, or 3.7%, to $215.2 million, a record compared with any previous first quarter. Incremental revenue from acquisitions was $4.1 million, Mullen reported.
Total operating income jumped to $44 million, up 16.1% from the first quarter of 2018.
Net income increased 14%, to $11.6 million, or 11 cents per common share.
The company’s oil field service in western Canada grew by 24%, to $105 million, a trend the company said will continue because of growth along the oil-service network.
“Over the course of the last few quarters, we completed a series of transactions expanding our service network along with adding new customers in both operating segments,” Chairman and CEO Murray Mullen said. “These investments drove our revenue growth in the quarter and, more importantly, will serve our corporation well for many years.”
Mullen Group, based in Okotoks, Alberta, ranks No. 52 on the Transport Topics Top 100 list of largest for-hire carriers in North America based on revenue for its trucking operations only.
