Canadian trucking and logistics company Mullen Group (TSX:MTL) has reported a decline in both profit and revenue for the second quarter, sending its shares tumbling.
For the quarter ended June 30, 2023, the company saw its revenue decrease by 5.2% from $521.5 million to $494.3 million.
Mullen attributed the decline to softer demand for freight and logistics services in addition to a more normalized pricing environment in 2023 compared to the previous year.
However, its adjusted earnings per share (EPS) beat expectations at $0.38, above the Street forecast of $0.32 per adjusted share according to Refinitiv data. In the year-ago quarter, the company’s adjusted EPS was $0.47.
Mullen’s Toronto-listed shares had fallen 5.5% at C$14.41 on Thursday morning.
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