OKOTOKS, AB, April 25, 2024 /CNW/ - (TSX: MTL)  Mullen Group Ltd. ("Mullen Group", "We", "Our" and/or the "Corporation"), one of Canada's largest logistics providers today reported its financial and operating results for the period ended March 31, 2024, with comparisons to the same period last year.  Full details of the results may be found within our First Quarter Interim Report, which is available on the Corporation's issuer profile on SEDAR+ at www.sedarplus.ca or at www.mullen-group.com. "Using our first quarter results as a barometer for the state of the general economy, one could conclude that the economy is definitely slowing.  Across each of our operating segments we witnessed a softening in demand, accompanied by competitive market conditions.  Consumer demand continued to decline, capital investment in Canada was noticeably weaker, and major project construction activity virtually ground to a halt.  It's no wonder our results were down year over year," commented Mr. Murray K. Mullen, Chair and Senior Executive Officer. "Fortunately, we have a diversified business model that helps mitigate rapid changes in the market and we have the capacity to pursue acquisitions, a core competency and competitive advantage of the Mullen Group.  In the current period, for example, acquisitions added approximately $20.5 million in incremental new revenues, and we announced a transaction to acquire ContainerWorld Forwarding Services Inc., subject to regulatory approvals, one of the few bright spots in an otherwise challenging quarter.  Shareholders will recall that we anticipated demand to be soft entering 2024.  As such, we were well prepared, focusing on controlling those issues we could manage, like costs, restructuring initiatives and productivity initiatives, steps that will provide future benefits.  During these challenging times we have already started preparing for the next business cycle.  And we will pursue acquisitions to grow our extensive network of profitable well managed Business Units," added Mr. Mullen. Financial Highlights (unaudited) ($ millions, except per share amounts) Three month periods ended March 31 2024 2023 Change $ $ % Revenue 462.6 497.8 (7.1) Operating income before depreciation and amortization 66.2 77.0 (14.0) Net foreign exchange loss (gain) 0.2 (1.5) (113.3) Decrease (increase) in fair value of investments (0.1) 0.3 (133.3) Net income 22.2 31.7 (30.0) Net Income - adjusted1 22.4 31.3 (28.4) Earnings per share - basic 0.25 0.34 (26.5) Earnings per share - diluted 0.25 0.33 (24.2) Earnings per share - adjusted1 0.25 0.34 (26.5) Net cash from operating activities 38.6 34.2 12.9 Net cash from operating activities per share 0.44 0.37 18.9 Cash dividends declared per Common Share 0.18 0.18 - 1 Refer to the section entitled "Non-IFRS Financial Measures". First Quarter Highlights Generated revenue of $462.6 million - down 7.1 percent on slowing economic activity levels in Canada due to a lack of capital investment in the private sector, from lower demand for major construction projects including pipelines, a softening in freight and logistics demand and lower fuel surcharge revenue. Operating income before depreciation and amortization ("OIBDA") of $66.2 million - down 14.0 percent from prior year due to lower consolidated revenues being somewhat offset by $3.0 million of incremental OIBDA from acquisitions. Operating margin1 declined to 14.3 percent from 15.5 percent due to higher selling and administrative ("S&A") expenses as a percentage of consolidated revenues, resulting from the relatively fixed nature of S&A expenses. Direct operating expenses ("DOE"), as a percentage of consolidated revenues, remained consistent year over year despite more competitive pricing conditions in certain markets and a reduction in higher margin specialized business. First Quarter Commentary (unaudited) ($ millions) Three month periods ended March 31 2024 2023 Change $ $ % Revenue    Less-Than-Truckload 182.5 192.8 (5.3)    Logistics & Warehousing 126.3 144.1 (12.4)    Specialized & Industrial Services 111.9 112.8 (0.8) U.S. & International Logistics 44.4 51.0 (12.9)    Corporate and intersegment eliminations (2.5) (2.9) - Total Revenue 462.6 497.8 (7.1) Operating income before depreciation and amortization     Less-Than-Truckload 30.8 31.8 (3.1)    Logistics & Warehousing 22.5 26.1 (13.8)    Specialized & Industrial Services 16.7 20.4 (18.1)    U.S. & International Logistics 0.5 1.2 (58.3)    Corporate (4.3) (2.5) - Total Operating income before ...