Mullen Group is projecting record revenue in 2022, and planning to reward its employees and shareholders, alike.
In its 2022 business plan, the company said it anticipates further supply chain-related challenges, but feels it is well positioned to navigate them.
“Recent events have highlighted just how important the supply chain is to a well functioning economy, to the timely delivery of everything including the most basic items consumers rely upon every day, as well as to price stability,” Murray Mullen, chairman and CEO said in a release.
“In 2022 we anticipate some of the disruptions that have plagued the supply chain ecosystem to be resolved. However, the current reality is that manufacturing, production, and freight distribution remains very tight, primarily due to robust demand. But this does not in itself explain the entire supply chain story. When strong demand is accompanied by lower productivity, due to issues such as new regulations, port bottlenecks, labor shortages and production problems of many critical parts, like computer chips for example, the economy suffers, and inflationary pressures build.”
He went on to say Mullen Group is on “the front lines of the supply chain” but has “persevered and adapted.” Mullen said in 2022, both employees and shareholders will be rewarded.
“Today we have a good paying job for every employee that wants to work…our plan is to reward our employees with pay increases,” he said, while also announcing an increase to the company’s dividend and the anticipated renewal of its current share buyback program.
Mullen is projecting 2022 revenue of $1.6 to $1.7 billion, and has set a net capital budget of $70 million, exclusive of acquisitions. It will spend $60 million on trucks, trailers, specialized equipment and technology. It’s also dedicating $10 million to sustainability initiatives.
Mullen Group also said it will pursue strategic acquisitions, especially in the consumer part of the economy where it sees the best growth opportunities.