Mullen Group Ltd. (MTL.TO), a logistics provider, Wednesday reported net income of $17.7 million or $0.20 per share for the first quarter, lower than $22.2 million or $0.25 per share in the same quarter a year ago.
Excluding one-time items, adjusted earnings decreased to $18 million or $0.21 per share from $22.4 million or $0.25 per share last year.
Revenue for the quarter, however, grew 7.5% to $497.1 million from $462.6 million in the previous year.
Analysts on average expected the company to report earnings of $0.22 per share on revenue of $498.74 million for the quarter. Analysts' estimates typically exclude special items.
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