07:24 AM EDT, 04/25/2024 (MT Newswires) -- Mullen Group ( MLLGF ) , a logistics company, on Thursday reported lower net income and revenue for the quarter ended March 31, 2024, as a result of slowing economic growth.

Mullen reported net income of $22.2 million or $0.25 per share, down from $31.7 million, or $0.34 per share, last year.

Adjusted earnings fell 26.5%, to $0.25 per share, from $0.34 for Q1 2023, and missing the Capital IQ forecast of $0.30.

Revenue fell 7.1% to $462.6 million from last year's $497.8 million, also missing Capital IQ's forecast of $501.6 million.

"Across each of our operating segments we witnessed a softening in demand, accompanied by competitive market conditions," said Murray Mullen, chair and senior executive officer. "Consumer demand continued to decline, capital investment in Canada was noticeably weaker, and major project construction activity virtually ground to a halt."

The company will pursue acquisitions to grow its business as it prepares for its next business cycle.