03:51 PM EDT, 10/21/2020 (MT Newswires) -- Mullen Group (MTL.TO) on Wednesday said its third-quarter profit rose 28% despite a drop in revenue as federal pandemic support programs buoyed its bottom line.
The trucking and logistics company said its net income in the period rose to C$26.2 million, or C$0.26 per share, from C$20.5 million, or C$0.20, in the third-quarter of 2019. Adjusted income, which excludes most one-time items, rose 55% to C$25.6 million, or C$0.26, well past the consensus per-share estimate for the measure of C$0.16.
Revenue fell 11% to C$290.9 million.
"We did see some improvement in activity during the quarter. Revenues have recovered nicely from last quarter, yet they remain a little softer as compared to last year. All in all, I am very pleased considering how 2020 has unfolded thus far," chief executive Murray Mullen said in a release.
The company said operating earnings rose for its three divisions; less than truckload, Logistics & Warehousing and Specialized & Industrial Services, as it took advantage of the Canada Emergency Wage Subsidy, adding C$10.3 million in wage supports among the three groups.