Canadian trucking and logistics firm Mullen Group (MTL) reported that its second quarter profit declined 15% from a year earlier due to lower freight volumes.
The Alberta-based company said it earned $36.5 million, or $0.39 per share, for the quarter ended June 30. That was down 15% from a profit of $42.7 million, or $0.43 a share a year ago.
Revenue in the quarter totalled $494.3 million, down 5% from $521.5 million in Q2 2022.
Analysts who track the company’s progress had, on average, expected a profit of $0.32 per share, according to Refinitiv data.
Mullen Group, which operates throughout Canada and the U.S., blamed the poor results on a decline in freight volumes, which continue to negatively impacts its business.
The stock of Mullen Group has risen 15% over the past 12 months to trade at $15.11 per share.
