Mullen Group profit rises as Canadian transport, aviation and banking sectors signal strategic shifts

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Mullen profit and sector shifts

Highlights

Mullen Group reports third-quarter profit of $51.5 million and revenue of $653.2 million, up 55% and 16% year-over-year, respectively, driven by internal growth, fuel surcharges, and acquisitions.
Chorus Aviation announces a $40 million acquisition of SkyCare Air Ambulance, expected to close in Q4 2026, expanding its presence in northern Ontario’s air medical market.
Stelco posts its best quarterly results since Cleveland-Cliffs’ acquisition, but plans up to 500 Ontario layoffs amid strong hot-rolled steel demand and oversupplied galvanized market concerns.

Quarterly results and transaction activity

As reported by MoneySense, Mullen Group Ltd. reports third-quarter profit of $51.5 million for the period ended Sept. 30, up from $33.2 million a year earlier, as revenue rises 16% to $653.2 million from $561.8 million.

The trucking and logistics company says profit amounts to 52 cents per diluted share, compared with 36 cents per diluted share a year earlier. On an adjusted basis, it earns 52 cents per share in the latest quarter, up from an adjusted 38 cents per share a year earlier.

Mullen Group says the year-over-year revenue increase includes $44.3 million of internal growth, a $37.7 million rise in fuel surcharge revenue and $9.4 million in incremental revenue from acquisitions. Chair and senior executive officer Murray Mullen says the company is generating excellent results and maintaining a strong, well-funded balance sheet.

Elsewhere, Power Sustainable Lios Inc. acquires Fine Choice Foods Ltd., a Richmond, B.C.-based maker of refrigerated Asian appetizers, from a U.S. private equity firm. Financial terms are not immediately available.

Chorus Aviation Inc. also signs a deal to buy SkyCare Air Ambulance for $40 million. The company says SkyCare is the largest private fixed-wing air ambulance operator in northern Ontario, and the acquisition is expected to close in the fourth quarter of 2026.

Industry pressure and modernization plans

In steel, Stelco posts its strongest quarterly results since being acquired two years ago by Ohio-based Cleveland-Cliffs Inc., helped by a sharp improvement in Canada's hot-rolled steel market. The company is nevertheless moving ahead with up to 500 layoffs at its Ontario operations.

The chief executive of Cleveland-Cliffs says Stelco becomes a positive contributor to third-quarter results for the period ended Sept. 30, but adds that the Canadian government still needs to address what he describes as an oversupplied galvanized steel market in Canada. Stelco is concentrating on hot-rolled products that have stronger demand.

In banking, National Bank's chief executive highlights intensifying competition in personal banking and signals plans to modernize operations to attract more clients. The strategy includes higher investment in client data protection and the possibility of partnering with new players in the market.

Our earlier coverage of Wipro’s second-quarter results noted that the IT services provider beat revenue expectations, supported by a pickup in European client spending. We also highlighted how artificial intelligence-related services are starting to generate incremental revenue streams for major Indian IT firms alongside traditional outsourcing work.

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