PR Newswire
OKOTOKS, AB, April 25, 2024
OKOTOKS, AB, April 25, 2024 /PRNewswire/ - (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
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 Werbung Mehr Nachrichten zur Mechel PAO ADR Aktie kostenlos abonnieren
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