06:30 AM EDT, 10/24/2024 (MT Newswires) -- Mullen Group ( MLLGF ) , one of Canada's largest logistics providers, on Thursday reported a third quarter earnings beat on record quarterly revenues as its acquisitions "drive growth".

Third-quarter adjusted earnings per share fell to $0.41 from $0.43 a year earlier, but that beat a Capital IQ forecast of $0.36.

The company generated record quarterly revenue of $532.0 million versus $504 million a year earlier, beating a Capital IQ forecast of $522.68 million.

"Acquisitions continue to drive growth, however, I was really pleased with the performance of our Business Units, where the real difficult work is handled," said Chair and Senior Executive Officer Murray K. Mullen said.

But Mullen added: "This is a very frustrating time for anyone involved in the private sector. There is limited growth in most verticals, which is contributing to ultra competitive markets.

"We have a long history of acquiring good companies at a fair price. Of equal importance is that we have the balance sheet to execute the deal. But we will not lose our discipline just because we can, choosing to only pursue transactions that add value to Mullen Group ( MLLGF ) shareholders.

Mullen closed down $0.09 at $14.19 yesterday on the TSX.