Market MoversNo surprise here. GLTA
On the rise
Mullen Group Ltd. enjoyed large gains following the premarket release of better-than-anticipated third-quarter results.
The Okotoks, Alta.-based transportation and logistics provider reported a 5.6-per-cent year-over-year rise in revenue to $532-billion, exceeding the Street’s expectation of $521.3-million as acquisitions helped push daily revenue up to $8.6-million (from $8.1-million a year ago). Earnings per share slipped 1 cent year-over-year to 42 cents, but topped the consensus forecast by 6 cents.
“MTL reported strong Q3 results that beat our estimates and consensus and were up year-over-year as a result of acquisitions and a focus on cost control,” said Acumen Capital analyst Trevor Reynolds. “Management highlights continued headwinds facing the freight industry with plans to remain disciplined and patient.”