ALDERSYDE, Alta. — Mullen Transportation continues to reap the benefits of a thriving oilpatch, and has announced a jump of 42.9 per cent in Q3 consolidated revenues when compared to this time last year.
Several acquisitions made earlier this year have helped the company achieve its success as well as the continued growth of its Oilfield Services segment.
Profitability was also up in the third quarter, with operating income increasing 77. 4 per cent from last year’s totals over the same quarter. Net income skyrocketed 114.3 per cent to $7.5 million and earnings per share were 50 cents.
The company says better asset utilization in the Oilfield Services segment also played a part in the company’s strong third quarter. Meanwhile, the trucking segment also performed well, thanks in part to improved operating efficiencies in the Mill Creek operations.
The Q3 results indicate Mullen has generated consolidated revenues of $311.2 million so far this year, compared to $217.1 million over the first three quarters of 2002.
“We had a number of positive factors in this latest quarter that contributed to our record results. Our acquisition strategy continues to pay dividends but of equal importance was the on-going strength in the oil and gas industry in western Canada. Our customers in this sector are enjoying strong cash flows which they are re-investing in drilling activity and capital projects," said Murray Mullen, president, chairman and CEO of Mullen Transportation. "The most pleasant surprise, however, was the improvement in the overall Canadian economy. The demand for trucking services was notably higher in September, particularly in eastern Canada. The near term fundamentals look very good and I am quite confident that our business units are well positioned to take advantage of the strong demand in both segments of our business. I believe this next quarter will be another record fourth quarter for our Company.”
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