Canada-based energy transportation company Mullen Group Ltd. (MTL.TO) Wednesday reported first-quarter net income of C$44 million or C$0.50 per share, compared to C$59 million or C$0.73 per share last year.
Results for the recent quarter included a C$9.6 million negative variance in unrealized
foreign exchange.
Excluding items, adjusted earnings for the quarter were C$45 million or C$0.52 per
share, compared to C$54 million or C$0.67 per share a year ago.
Revenues for the quarter were C$386 million, down 9.5% from C$426 million a year ago, due mainly to a decline in the Oilfield Services segment.
Analysts polled by Thomson Reuters estimated earnings of C$0.50 per share on revenues of C$405.90 million for the quarter. Analysts' estimates typically exclude special items.
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