MLLGF - Mullen Group Ltd. (MLLGF) Q1 2024 Earnings Call Transcript

2024-04-26 00:23:08 ET

Mullen Group Ltd. (MLLGF)

Q1 2024 Earnings Conference Call

April 25, 2024, 10:00 AM ET

Company Participants

Murray Mullen - Chair, Senior Executive Officer and President

Richard Maloney - Senior Operating Officer

Joanna Scott - Senior Corporate Officer

Carson Urlacher - Senior Financial Officer

Conference Call Participants

Kevin Chiang - CIBC

David Ocampo - Cormark Securities

Cameron Doerksen - National Bank Financial

Konark Gupta - Scotiabank

Walter Spracklin - RBC Capital Markets

Tim James - TD Cowen

Michael Barnes - Raymond James

Presentation

Operator

Thank you for standing by. This is the conference operator. Welcome to the Mullen Group Limited First Quarter 2024 Earnings Conference Call and Webcast. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]

I would now like to turn the conference over to Mr. Murray K. Mullen, Chair, Senior Executive Officer and President. Please go ahead.

Murray Mullen

Thank you. Good morning, everyone. Welcome to Mullen Group’s quarterly conference call. So this morning we’ll provide shareholders and interested investors with an overview of the first quarter financial results. In addition, we’ll discuss the main drivers impacting these results or expectations for the balance of the year and we’ll close with a Q&A session.

Before I commence today’s review, I’ll remind everyone that our presentation contains forward-looking statements that are based upon current expectations and are subject to a number of risks and uncertainties. And as such, actual results may differ materially. Further information identifying the risks, uncertainties, and assumptions can be found in the disclosure documents, which are filed on SEDAR+ and at www.mullen-group.com.

So this morning, here in Okotoks, I have a senior -- entire senior team have Richard Maloney, who’s our Senior Operating Officer; Joanna Scott, who’s our Senior Corporate Officer; and Senior Financial Officer is Carson Urlacher. And once again, Carson’s the primary architect and author of the very informative and detailed Q1 interim report. So today, Carson will be providing analysis and discussion on the Q1 performance.

But before I turn the call over to Carson, let me start with some opening comments. If you look at the first quarter results, perhaps what I’ll do as an opening comment is remind everyone and we expected some challenges in the freight market, in the economy, and more importantly, in the demand for freight to start the year.

In fact, in the 2023 Annual Financial Review, which we released in February of this year, we highlighted that the first half of 2024 would be soft and with economic activity, gaining momentum, providing Central Banks started lowering interest rates. So let’s talk more about that in the outlook section.

But we did -- we -- this -- what happened in this quarter is not really a surprise to us. And I think based upon our quarter results, it’s pretty evident that we got the outlook, at least the first part of the outlook, correct....

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