Energy services company Mullen Group Ltd. (MTL.TO: Quote) 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.
by RTT Staff Writer
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