Mullen Transportation has frustrating 3Q

Oct. 29, 2002
Canadian truckload carrier Mullen Transportation had a 22.2% decline in revenues and a nearly 50% drop in net income in the third quarter, the result of what its CEO calls a "frustrating market." Mullen Transportation said its revenues dropped to $67.1 million in the third quarter, down from $86.2 million in the same period last year, with net income falling to $3.5 million from $6.5 million. For
Canadian truckload carrier Mullen Transportation had a 22.2% decline in revenues and a nearly 50% drop in net income in the third quarter, the result of what its CEO calls a "frustrating market."

Mullen Transportation said its revenues dropped to $67.1 million in the third quarter, down from $86.2 million in the same period last year, with net income falling to $3.5 million from $6.5 million. For the first nine months of 2002, Mullen said its revenues fell to $217.1 million, with net income dropping to $14 million, down from revenues of $269.8 million and net income of $23.8 million.

CEO Murray Mullen said the quarter was tough in more ways than one.

"On one hand the fundamentals of our business have never been better. Our on-time deliveries are at record levels, our safety performance is outstanding and we have a strong balance sheet," he said. "Unfortunately, our financial performance is below expectations in spite of the growth in the economy."

About the Author

Sean Kilcarr | Editor in Chief

Sean reports and comments on trends affecting the many different strata of the trucking industry -- light and medium duty fleets up through over-the-road truckload, less-than-truckload, and private fleet operations Also be sure to visit Sean's blog Trucks at Work where he offers analysis on a variety of different topics inside the trucking industry.

Sponsored Recommendations

Tackling the Tech Shortage: Lessons in Recruiting Talent and Reducing Turnover

Discover innovative strategies for recruiting and retaining tech talent in the trucking industry at our April 16th webinar, where experts will share insights on competitive pay...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

How Electric Vehicles Help You Prolong the Life of Your Fleet

Before adopting electric vehicles for commercial/government fleets, prioritize cost inquiries. Maintenance is essential; understand the upkeep of EV fleets. Here’s what you need...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!