Murray Mullen Archives - Maritime Shipping News

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

Canadian trucking CEO: Many companies want to sell

23 October 2020

A tractor-trailer from Mullen Group carrier Tenold Transportation. The company CEO says many Canadian trucking companies want to sell.

The CEO of Mullen Group (TSE:MTL) said the Canadian trucking and logistics company is currently “inundated with acquisition opportunities” as other firms look to sell during the economic turmoil of the COVID-19 pandemic.

“I ask myself, ‘Why are so many companies all of a sudden on the block?’” Murray Mullen told financial analysts during a conference call on Thursday. “My instincts are telling me that 2021 is going to be a great year of opportunity, especially as government support payments...

https://s29755.pcdn.co/news/canadian-trucking-ceo-many-companies-want-to-sell

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

Mullen Group acquires cross-border carrier Pacific Coast Express

2 September 2020

Three parked trucks from Pacific Coast Express, a Canadian less-than-truckload carrier recently acquired by Mullen Group.

Canadian trucking and logistics firm Mullen Group (TSX:MTL) has acquired Pacific Coast Express Limited, a cross-border less-than-truckload (LTL) carrier based near Vancouver, British Columbia.

Alberta-based Mullen purchased the outstanding 60% of shares in Pacific Coast Express (PCX) in a transaction that closed on Monday. Mullen bought a minority stake in PCX in 2018.

The acquisition of PCX adds CA$25 million (US$19 million) in annual revenue to Mullen Group and strengthens the company’s...

https://s29755.pcdn.co/news/mullen-group-acquires-cross-border-carrier-pacific-coast-express

Mullen Group profit plunges 27%, but CEO sees turnaround

23 July 2020

A tractor-trailer from Mullen Group's Payne Transportation drives on a road. Mullen Group reported second-quarter earnings on July 22.

Mullen Group (TSX:MTL) reported a 27% drop in profits during the second quarter. But even as the Canadian trucking and logistics firm reeled from the impact of COVID-19, the company continued to position itself for recovery as it rehired laid-off employees and reinstated its dividend.

Mullen Group recorded net income of C$23 million (US$17.1 million), or 23 cents per share, on revenue of C$257 million in its second-quarter financial results released on Wednesday. Compared to a year ago, profits...

https://s29755.pcdn.co/news/mullen-group-profit-plunges-27-but-ceo-sees-turnaround

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