06:24 AM EDT, 07/25/2024 (MT Newswires) -- Mullen Group ( MLLGF ) , one of Canada's largest logistics providers, on Thursday reported a second-quarter earnings and revenues beat, lifted its dividend and flagged that "acquisitions are the only way to grow in this market".

Mullen reported Q2 adjusted earnings per share of $0.37 versus $0.38 a year ago, and compared to a consensus forecast of $0.29 at Capital IQ.

It had Q2 revenues of $495.6 million versus $494.3 million a year ago, and slightly above a consensus forecast of $494.48 million at Capital IQ.

The board approved an increase to its monthly dividend from $0.06 to $0.07 per common share and equates to an annualized dividend of $0.84 per common share. This increase will be effective as of the next regular dividend payment, which is expected to be payable on September 16 to shareholders of record on August 31.

"We generated solid results this quarter, primarily due to acquisitions and by focusing on margin over market share. What is most impressive, I believe, is that our overall financial results are up over last year despite the slowdown in economic growth and the emergence of competitive markets," said Murray K. Mullen, chair and senior executive officer, in a statement.

"We are in a different spot today as compared to the last economic cycle, which was driven by low interest rates and massive government deficit spending," she said. "Today, high interest rates are accompanied by inflation, costs that are hurting the discretionary spending of many consumers. The Canadian economy is also struggling with declines in capital investment, as the private sector assesses the cost of high interest rates and on lower returns. These are significant headwinds for many of our 40 Business Units and the primary reason the Corporate Office has been active in terms of evaluating acquisitions. Quite simply, acquisitions are the only way to grow in this market."