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Mullen Group reports a 16% revenue increase, Chorus Aviation agrees to a $40-million acquisition, and National Bank plans a digital banking overhaul
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Numbers for its third quarter:
Mullen Group Ltd. reported a third-quarter profit of $51.5 million, up from $33.2 million a year ago, as its revenue rose 16%. The trucking and logistics firm says the profit amounted to 52 cents per diluted share for the quarter ended Sept. 30, up from a profit of 36 cents per diluted share a year earlier.
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.
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 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 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.
Chorus says the purchase price will be funded by $32 million in cash with the remainder payable on or before March 31, 2029, subject to certain performance targets. The acquisition is expected to close in the fourth quarter of 2026.
National Bank’s chief executive says competition is rising in the personal banking space and the lender will look to modernize its operations to attract more clients.
While speaking at the Canadian Club Toronto on Wednesday, Laurent Ferreira noted that consumer habits are shifting and newer lenders are offering fully digital services that are gaining momentum.
Ferreira says the rapid growth of AI will also shift the landscape for deposits and payments. He says the bank views these developments as structural changes with opportunities to gain market share, but that its personal banking segment will undergo changes over the next few years, like becoming more mobile-centric, digital, and simple.
Ferreira says its strategy may also involve partnering with some of the new players that have better technology or a different business model.
As the bank looks to build out its digital platforms, he says it is also increasing investments to protect client data, as AI is being used as a cyber weapon by fraudsters and hostile foreign governments.
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