Canada Emergency Wage Subsidy Archives

Canada freight pricing to jump, Mullen Group CEO says

28 October 2021

A tractor-trailer from Mullen Group trucking company Payne Transportation travels on a highway, viewed from the side of the road.

The price of freight in Canada is poised to surge higher as demand continues to outstrip the capacity to move goods and government wage subsidies end, the CEO of one of the country’s largest trucking and logistics firms, Mullen Group, said Thursday.

“This has already occurred in the United States,” Murray Mullen told financial analysts. “In Canada, we are lagged on this market change but … I am of the view that we are in the early days of improved pricing. I can tell you this, our business units...

https://www.freightwaves.com/news/canada-freight-pricing-to-jump-mullen-group-ceo-says

What the Canadian election could mean for freight

21 September 2021

Canadian voters went to the polls on Monday in a national election that has boiled down to a tight, two-horse race: Prime Minister Justin Trudeau’s Liberals and a Conservative Party led by Erin O’Toole. The outcome will affect freight and the supply chain – even if they haven’t loomed large in the campaign or either party’s platform. Much of that will come from how the next government spends billions of dollars to help the country recover from the pandemic.

Here’s what you need to know:

1 Next...

https://www.freightwaves.com/news/what-the-canadian-election-could-mean-for-freight

Canadian freight market poised for US-style recovery pop: Mullen Group CEO

22 April 2021

A tractor-trailer of a Mullen Group carrier during a sunset to illustrate an article about the company CEO's comments on the Canadian freight market.

Canada’s freight market is set for a major bump once the COVID-19 pandemic is under control, the CEO of Mullen Group (TSX:MTL) said on Thursday after the trucking and logistics firm reported an over 8% drop in revenue in the first quarter.

“There is ample evidence to suggest that once the impact of COVID is minimized, the economy will recover quickly and show very strong growth, the active ingredient for freight demand and improved margins,” Murray Mullen told financial analysts. “Now we only...

https://s29755.pcdn.co/news/canadian-freight-market-poised-for-us-style-recovery-pop-mullen-group-ceo

Mullen Group pushes through Q3 with help from feds

22 October 2020

A tractor-trailer of Mullen Group carrier Payne Transportation. Mullen reported Q3 financial results.

Canadian trucking and logistics company Mullen Group (TSE:MTL) reported a nearly 28% increase in profits in its third-quarter financial results on Wednesday as government wage subsidies offset the continued drag from COVID-19, which pushed down revenue by over 10%.

Alberta-based Mullen had net income of C$26.2 million, or 26 cents per share, on C$290.9 million revenue. Net income increased by 27.8% while revenue dropped 10.6% compared a year earlier.

The increase in profits appears to have come...

https://www.freightwaves.com/news/mullen-group-pushes-through-q3-with-help-from-feds

Canada wage subsidy could reach more trucking companies

18 July 2020

A tractor-trailer moving on a street next to a skateboarder in Toronto. More trucking company in Canada could be eligible for the Canada Emergency Wage Subsidy under proposed changes.

Canada’s wage subsidy likely would reach more trucking companies struggling with the impacts of COVID-19 under a proposed revamp announced by the federal government on Friday.

Companies showing less than 30% drop in revenue would be eligible for the Canada Emergency Wage Subsidy under the proposed changes, Finance Minister Bill Morneau said during an appearance in Toronto. The subsidy amount would gradually reduce based on the amount of the revenue decline.

Proposed changes came as welcome news...

https://s29755.pcdn.co/news/canada-wage-subsidy-could-reach-more-trucking-companies

Mullen begins rolling back layoffs; CEO sees recovery and resilient Q2

11 June 2020

With year-over-year revenue down more than 20% from COVID-19 but profits holding fairly steady, Murray Mullen, CEO of Mullen Group, said the Canadian trucking and logistics company has begun rehiring some laid-off workers and sees recovery coming.

Mullen said a combination of its own operational efficiencies and performance, as well as federal wage subsidies, will allow the company to finish the second quarter with a level of profitability similar to that of a year earlier.

“It certainly appears...

https://s29755.pcdn.co/news/mullen-begins-rolling-back-layoffs-ceo-sees-recovery-and-resilient-q2