The following is a summary of the Mullen Group Ltd. (MLLGF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Mullen Group's Q1 2024 revenue was $462.6 million, down $35.2 million year over year owing to fewer workdays in the quarter and a decline in revenue per workday.

• The operating margin fell to 14.3% from 15.5% due to an increase in S&A expenses.

• OIBDA decreased to $66.2 million from last year due to a drop in consolidated revenues partially offset by incremental OIBDA of $3 million from new acquisitions.

• Revenue saw a boost of $20.5 million from acquisitions made in 2023, including the B&R Group.

Business Progress:

• Despite market slowdown, the outlook for the LTL segment stayed steady due to the acquisitions that provide growth and margin improvement.

• On anticipating improved revenues following an increase in consumer disposable income, Mullen Group still views the downtick as an opportunity for them to leverage their robustness and agility through acquisitions.

• The company focused on cost control and reduction and saw margin improvements for the LTL sector through consolidations.

• B&R Eckel's acquisition added to the revenues but not to the EBITDA, which is expected to change due to restructuring and better load factor after consolidating routes.

• They aim to secure long-term funding, and focus on mergers for efficiency while the acquisition of ContainerWorld is expected to improve profit margins over time.

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