Revenue for the quarter totalled $653.2 million, up from $561.8 million in the same quarter last year.
The firm says the year-over-year increase in revenue included $44.3 million of internal growth, a $37.7-million increase in fuel surcharge revenue while acquisitions added $9.4 million of incremental revenue.
On an adjusted basis, Mullen Group says it earned 52 cents per share in its latest quarter, up from an adjusted profit of 38 cents per share a year earlier.
Murray Mullen, Mullen Group’s chair and senior executive officer, says the company is generating excellent results and maintaining a strong, well-funded balance sheet.
Stelco posts strongest quarter since Cleveland-Cliffs takeover amid layoffs
The chief executive of Cleveland-Cliffs Inc. says Stelco has posted its strongest quarterly results since the Ohio-based company acquired the steelmaker two years ago, even as it moves ahead with up to 500 layoffs at its Ontario operations.
Lourenco Goncalves says Stelco became a “positive contributor” to Cleveland-Cliffs’ third-quarter results for the period ended Sept. 30 amid a sharp improvement in Canada’s hot-rolled steel market. However, he says more needs to be done by the Canadian government to correct “a clearly oversupplied market for galvanized steel in Canada.”
Goncalves says without a clear plan from Ottawa aimed at improving market conditions for galvanized steel, the company made the “difficult but necessary” decision to indefinitely idle its galvanizing lines at Stelco. He says laid off workers will be called back as soon as the current situation improves. In the meantime, Goncalves says Stelco will concentrate on hot-rolled products “that actually have a market.”
He says total production tonnage at Stelco will be maintained, its contribution to Cleveland-Cliffs’ earnings will further increase, and about 2,000 Canadian jobs will be preserved.
Stelco produces hot-rolled steel at its Lake Erie Works in Nanticoke, Ont., for products such as construction materials and pipelines, while its Hamilton Works processes steel into cold-rolled and coated products, including galvanized steel, used for automotive, agriculture, and infrastructure applications.
Power Corp. subsidiary buys Fine Choice Foods from U.S. private equity firm
Power Sustainable Lios Inc. says it has bought Fine Choice Foods Ltd., a maker of refrigerated Asian appetizers and owner of the Summ! Brand. Financial terms of the deal for the company based in Richmond, B.C., were not immediately available.
Founded in 1986, Fine Choice Foods specializes in spring rolls, gyoza, bao, and apple pie rolls. It has more than 300 employees and serves both Canadian and U.S. markets. The deal includes co-investments from Farm Credit Canada, Bonnefield Financial Inc., and members of the company’s senior management team.
Power Sustainable Lios is a private equity platform of Power Sustainable, which is an alternative asset manager subsidiary of Power Corp. of Canada. It acquired Fine Choice Foods from U.S. private equity firm Swander Pace Capital.
Chorus Aviation buying SkyCare Air Ambulance for $40 million
Chorus Aviation Inc. has signed 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.
It employs about 220 people across bases in Sioux Lookout, Thunder Bay and Kitchener in Ontario, as well as St. Andrews, Man.
SkyCare operates a fleet of 22 aircraft, including turboprops and business jets configured for air ambulance and other specialized missions.
