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Mullen Group Ltd
Mullen Group Ltd. provides trucking and logistics services. The company is headquartered in Okotoks, Alberta and currently employs 7,202 full-time employees. The Company’s segments include Less-Than-Truckload, Logistics & Warehousing, Specialized & Industrial Services, and U.S. & International Logistics. The Less-Than-Truckload segment consists of smaller shipments, packages, and parcels. Logistics & Warehousing segment provides shippers throughout North America with a range of trucking and logistics services, including full truckload, specialized transportation, warehousing, fulfillment centers that handle e-commerce transactions, and trans-loading facilities designed for intermodal and bulk shipments. Specialized & Industrial Services segment is providing specialized equipment and services to the oil and natural gas, environmental, construction, pipeline, utility, telecom, and civil industries. The U.S. & International Logistics segment provides third-party logistics services and freight brokerage services across multiple modes of transportation.
Mullen Group Ltd. provides trucking and logistics services. The company is headquartered in Okotoks, Alberta and currently employs 7,202 full-time employees. The Company’s segments include Less-Than-Truckload, Logistics & Warehousing, Specialized & Industrial Services, and U.S. & International Logistics. The Less-Than-Truckload segment consists of smaller shipments, packages, and parcels. Logistics & Warehousing segment provides shippers throughout North America with a range of trucking and logistics services, including full truckload, specialized transportation, warehousing, fulfillment centers that handle e-commerce transactions, and trans-loading facilities designed for intermodal and bulk shipments. Specialized & Industrial Services segment is providing specialized equipment and services to the oil and natural gas, environmental, construction, pipeline, utility, telecom, and civil industries. The U.S. & International Logistics segment provides third-party logistics services and freight brokerage services across multiple modes of transportation.
Record Revenue: Mullen Group delivered record quarterly revenue of just over $560 million, up 5.6% from last year, mainly driven by acquisitions.
Cash Generation: The company achieved record cash from operations, exceeding $100 million for the quarter, strengthening its balance sheet and providing flexibility for future growth.
Guidance Update: Management signaled that 2025 guidance will be missed slightly due to weaker commodity prices and acquisition timing, but expects to be close on a pro forma 12-month basis with future margin improvement possible.
Acquisition Strategy: Acquisitions remain a key growth driver, with management prioritizing high-quality tuck-in and platform deals, supported by strong liquidity and low leverage.
Cost Discipline: With a stable but slow economy and customer-driven rate pressure, the focus remains on controlling costs, limiting CapEx, and protecting margins rather than pursuing low-margin volume.
Segment Performance: The Specialized & Industrial segment was impacted by low commodity prices and delayed customer spending, while LTL and Logistics & Warehousing segments benefited from acquisitions.
Convertible Debentures: The company will redeem its $125 million outstanding convertible debentures, which could reduce leverage and provide options for buybacks or further investment.
Outlook: Management sees signs of supply tightening in trucking that could benefit margins, but remains cautious, especially in the oil and gas services sector.
