Energy services company Mullen Group Ltd. (MTL.TO) Wednesday reported first-quarter net income of $58.8 million or $0.73 per share, compared to $48.3 million or $0.61 per share last year.
Excluding items, adjusted earnings were $54 million or $0.67 per share, compared to $34 million or $0.43 per share a year ago.
Analysts polled by Thomson Reuters expected earnings of $0.51 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter was up by 24.3% to $426 million from $342.7 million a year ago, reflecting growth in both Oilfield Services and the Trucking/Logistics segments. Analysts expected revenue of $406 million for the quarter. Additionally, the company said it is expanding its service offerings to its oil and gas customers through the addition of onsite modular frac storage tanks or frac corrals. The company said its initial investment into frac corrals is designed to help customers better manage their overall cost of drilling and completing wells.
Mullen Group's capital investment in the frac corrals forms part of its previously announced $100.0 million capital budget and it is anticipated that the initial order of frac corrals will be in service by the end of the third quarter of 2012.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.