Mullen Group Surges as Freight Demand and Fuel Fees Drive Profits

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.

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.