06:22 AM EDT, 10/22/2025 (MT Newswires) -- Mullen Group ( MLLGF ) , in the transportation and logistics industries, early Wednesday reported earnings were down but still beat forecast for the third quarter, while revenues were up but missed expectations, as the company said it will "continue to rely upon acquisitions" to grow its business.

For Q3, Mullen reported EPS diluted of $0.36 and adjusted of $0.38 versus the consensus estimate compiled by FactSet of $0.36 and also versus EPS of $0.41 a year earlier.

Revenues came in at a quarterly record of $561.8 million. According to consensus estimates compiled by FactSet, the forecast was for $604 million compared to $532 million in the prior corresponding period.

"Our acquisition strategy continued to drive top line growth in the quarter. This is especially satisfying given the current state of the Canadian economy, which continues to struggle with a number of trade and tariff related issues, along with a lack of private capital investment. The 'nation building projects' announced by the Federal Government would boost economic activity and create new jobs for many Canadians. The issue is, from our perspective, when will these economic drivers and job creators begin? It is precisely for this reason that we continue to rely upon acquisitions to grow our business today," said Murray Mullen, chair and senior executive officer.

"There is another reason we continue to like the acquisition model. Not only do we grow revenues, but we also expand the service offerings to our existing customers, acquire another customer base in verticals within the economy we see opportunity."

Shares in Mullen rose 0.5% in Canada yesterday despite big losses for the broader market.