COMPETITION WATCH: Mullen posts record revenue in Q2

OKOTOKS, Alta. -- Mullen Group has posted record second quarter revenue, generating $320.1 million in the period ending June 30.

Mullen’s second quarter revenue was an increase of $29.3 million, or 10.1%, from the $290.8 million generated in 2011. The company attributed the increase to greater revenue generated by both its oilfield services segment and its trucking/logistics segment.

The oilfield services segment contributed revenue of $188.0 million, an increase of $13.0 million from 2011 despite a $7.7 million decline in revenue associated with the Thin Fine Tailings barge system project, the company reported. Officials said the majority of the increase in revenue was experienced in those operating entities involved in fluid hauling and related production services, which benefited from improved weather conditions in southeastern Saskatchewan compared to the second quarter of last year, strong heavy oil production and continued crude oil drilling. Revenue also increased due to project specific rig relocation services.

Mullen’s trucking/logistics segment contributed revenue of $133.7 million, which was an increase of $15.6 million over the prior year period. The company said the increase was due to the incremental revenue generated by the Hi-Way 9 Group, continued strong demand for transportation services in western Canada and higher fuel surcharge revenue.

"Overall, we are pleased with Mullen Group's performance for the three month period ended June 30. The overall economy in North America remained relatively stable while activity tied to energy and natural resource development in western Canada continued to grow, albeit modestly, which benefited a number of our business units,” said Stephen H. Lockwood, president and co-CEO of Mullen Group.

“During the quarter, Canadian Dewatering L.P. completed the TFT barge system project. While we are disappointed that we were unsuccessful in recouping a portion of the costs associated with the project, which more than doubled in terms of size and scale, Canadian Dewatering L.P. profitably delivered the TFT barge in line with the customer's engineering specifications, timeframes and without any HSE incidents

For the six month period ended June 30, revenue increased by 17.8% to $746.1 million from $633.5 million in the same period last year.

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COMPETITION WATCH: TransForce revenue, profits soar in Q2

MONTREAL, Que. -- Acquisitions of Loomis Express, IE Miller and Quik X propelled TransForce to a 25% increase in revenue in the second quarter. Total revenue increased $161.2 million to $812.0 million in the three-month period ending June 30.

Profits rose 39% year-over-year, reaching $68.6 million, or 8.5% of total revenue, up from $49.3 million, or 7.6% of total revenue in the corresponding period a year earlier. All business segments delivered a higher year-over-year profit in monetary terms, the company announced.

"TransForce achieved a strong 39% increase in its key EBIT metric despite market conditions that resulted in flat volume and limited pricing power. Approximately 50% of the EBIT increase reflects our ongoing drive to optimize efficiency and asset utilization, while the other half is from strategic acquisitions," said Alain Bédard, chairman, president and CEO of TransForce.

“In Package and Courier, margins are maintaining their gradual sequential increase, as we continue to aggressively implement profit enhancement measures to return to profitability levels achieved prior to the Dynamex and Loomis Express acquisitions. Our constant focus on maximizing return on assets and discipline with regards to capacity in the less-than-truckload and truckload segments continues to pay off, as margins improved substantially despite slightly declining revenue. The acquisitions in the energy sector continue to drive our strong performance in both revenue and operating profitability.”

For the six-month period ended June 30, total revenue reached $1.6 billion, up 32% from $1.2 billion for the same period a year earlier.

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Caterpillar's 3Q Profit Tops $1 Billion; Revenue Hits Record

Heavy equipment maker Caterpillar Inc. said Monday its third-quarter profit jumped on higher sales.

Net income was $1.14 billion, or $1.71 per share, up from $792 million, or $1.22, a year ago.

Sales and revenue jumped 41% to of $15.72 billion, an all-time record for the company, Caterpillar said in a statement.

Caterpillar, which formerly made diesel truck engines, said in 2008 it was pulling out of the North American Class 8 truck engine market except for a truck and engine in partnership with Navistar International Corp.

Earlier this month Caterpillar and Navistar said the venture would become a unit of Navistar.

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