third quarter 2021 results-Record Revenue OKOTOKS, AB, Oct. 27, 2021 /PRNewswire/ - (TSX: MTL) Mullen Group Ltd. ("Mullen Group", "We", "Our" and/or the "Corporation"), one of Canada's largest logistics providers with a wide range of service offerings including less-than-truckload, truckload, warehousing, logistics, transload, oversized and specialized hauling transportation, today reported its financial and operating results for the period ended September 30, 2021, with comparisons to the same period last year. Full details of our results may be found within our Third Quarter Interim Report, which is available on SEDAR at www.sedar.com or on our website at www.mullen-group.com.
"Very pleased to report that we have achieved record revenues for the quarter, in fact for any quarter. The main reason is acquisitions that were completed earlier this year. Not only have these quality companies contributed to our revenue growth, they operate in sectors of the economy that we view as having the best potential for growth. Everyone knows that the economy is driven by consumer spending but in today's economy the trend has never been more evident which is precisely why we have invested significant capital to acquire companies that provide logistics solutions to this sector of the economy," commented Mr. Murray K. Mullen, Chairman and Chief Executive Officer.
"Our core businesses, owned for more than one year, performed in line with our expectations. Consumer spending remained strong supporting our LTL, logistics and warehousing businesses. However, parts of the economy continued to be challenged with COVID-19 mandated workplace restrictions. The underinvestment in capital spending in Canada is very evident, directly impacting the role of capital investment to the economy. This was one of the primary reasons our flat deck transport business along with the majority of our Specialized & Industrial Services business was down again this quarter. The other reason is that this segment of the economy appeared to be the one that was impacted the most by the COVID-19 restrictions. Projects were slowed and delayed leading to lower revenues and reduced profitability at several of our Business Units. And while I view the slowdowns in capital spending to be temporary the reality is that our profitability was negatively impacted by these events in the third quarter. I suspect it's only a matter of time before capital once again begins to be deployed in the Canadian marketplace and when it does the Mullen Group will be well positioned. We are one of Canada's largest and leading logistics companies, servicing multiple industries and sectors of the economy. This is why it is so important that our organization continues to support all of our Business Units. Customers rely on our company to be there for them when their business requires transportation services. And we support our customers in difficult markets as well as during the good times," added Mr. Mullen.