Mullen Group’s Profit Falls in 4Q

Canadian transportation firm Mullen Group said its net income fell in the fourth quarter as weather and holidays hurt trucking and logistics operations.

Profit fell to C$20.3 million, or 22 cents a share, a 6.9% decrease from last year’s C$21.8 million, or 25 cents a share. Revenue increased 6.2% to C$367.4 million.

Mullen blamed the decreases primarily on poor weather, especially in western Canada. Midweek holidays in December also hurt profits, the company said.

“Despite these external factors, Mullen Group increased revenue for the quarter, however, operating costs were significantly higher than normal,” Stephen Lockwood, Mullen’s co-CEO, said in a Feb. 12 statement.

Net income for the full year rose to C$143.3 million, or C$1.60 a share, from C$130.9 million, or C$1.58, in 2012. The income was mostly due to the oil field services segment, offset slightly by decreases in trucking and logistics profit.

Revenue grew 0.7% in the year to C$1.4 billion.