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Mullen’s 4Q, Full-Year Profits Improve

2/23/2012 11:45:00 AM
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Canadian transportation firm Mullen Group’s fourth-quarter and full-year operating income rose on higher demand at its oilfield services unit.

Operating income for the quarter rose 45% to C$83.8 million, the company said late Wednesday.

Fourth-quarter revenue rose 33% to C$394.1 million, led buy gains in oilfield services and its trucking and logistics segment.

Operating income for the year rose 43% to C$288 million, led by a $61.3 million gain in its oilfield services segment to in a $21.2 million increase in its trucking/logistics segment.

Full-year revenue rose 33.5% to C$1.4 billion.

Adjusted full-year net income was C$125.4 million, or C$1.57 per share, up from C$60.7 million, or 76 cents, in 2010.

Mullen Group is ranked No. 56 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.

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Emil Estafanous, CPA, CFF, CGMA