• Marten Transport Announces Fourth Quarter and Year End Results

    Source: Nasdaq GlobeNewswire / 25 Jan 2022 16:01:01   America/New_York

    MONDOVI, Wis., Jan. 25, 2022 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported a 26.1% improvement in net income to $24.7 million, or 30 cents per diluted share, for the fourth quarter ended December 31, 2021, from $19.6 million, or 24 cents per diluted share, for the fourth quarter of 2020. The fourth-quarter earnings also improved sequentially from 2021 third-quarter net income of $21.3 million, or 26 cents per diluted share. For the year ended December 31, 2021, net income improved 22.9% to $85.4 million, or $1.02 per diluted share, from $69.5 million, or 84 cents per diluted share, for 2020.

        
        
     Operating Results Comparison  
        
       Percentage Percentage Percentage Percentage 
       Increase Increase Increase Increase 
       Three Months Year Year Year 
       Ended Ended Ended Ended 
       December 31, December 31, December 31, December 31, 
       2021 vs. 2020 2021 vs. 2020 2020 vs. 2019 2019 vs. 2018 
                   
     Operating revenue 17.4% 11.4% 3.7% 7.1% 
                   
     Operating revenue, net of fuel surcharges 12.5% 8.3% 6.8% 8.6% 
                   
     Operating income 20.0% 19.8% 21.9% 8.7% 
                   
     Net income 26.1% 22.9% 13.8% 11.0% 
         
         


    Operating revenue for each of the quarter and year ended December 31, 2021 was the highest amount for any quarter and year in Marten’s 76-year history. Operating revenue improved 17.4% to $266.9 million for the fourth quarter of 2021 from $227.3 million for the fourth quarter of 2020, and improved 11.4% to $973.6 million for 2021 from $874.4 million for 2020. Excluding fuel surcharges, operating revenue improved 12.5% to $232.9 million for the 2021 quarter from $207.0 million for the 2020 quarter, and improved 8.3% to $855.9 million for 2021 from $790.6 million for 2020. Fuel surcharge revenue increased to $34.0 million for the 2021 quarter from $20.4 million for the 2020 quarter, and increased to $117.7 million for 2021 from $83.8 million for 2020 due to significantly higher fuel prices.

    Operating income for each of the quarter and year ended December 31, 2021 was also the highest amount for any quarter and year in Marten’s history. Operating income improved 20.0% to $30.7 million for the fourth quarter of 2021 from $25.6 million for the fourth quarter of 2020. Operating income improved 19.8% to $111.7 million for 2021 from $93.2 million for 2020.

    Operating expenses as a percentage of operating revenue improved to 88.5% for the fourth quarter of 2021 from 88.8% for the fourth quarter of 2020. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 86.8% from 87.7%.

    Operating expenses as a percentage of operating revenue improved to 88.5% for 2021 from 89.3% for 2020. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, improved to 87.0%, the best ratio for any year since Marten became a public company in 1986, from 88.2%.

    Executive Chairman Randolph L. Marten stated, “Marten’s bright and determined people consistently produce strong profitable growth, to be continued…”

        
     Operating Results throughout the Pandemic – Percentage Increase Over Same Quarter of Prior Year

      
                           
      Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 
                    
     Operating revenue0.1% 0.5% 4.7% 2.0% 9.4% 16.3% 17.4% 
                    
     Operating revenue, net of fuel surcharges4.7% 3.8% 8.8% 2.5% 5.0% 12.8% 12.5% 
                    
     Operating income26.6% 21.8% 36.0% 33.1% 12.9% 16.8% 20.0% 
                    
     Net income19.4% 8.8% 24.5% 31.3% 18.1% 17.9% 26.1% 
       


    Current Investor Presentation

    Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of refrigerated and dry truck-based transportation capabilities across the Company’s five distinct business platforms - Truckload, Dedicated, Intermodal, Brokerage and MRTN de Mexico. Marten is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food, beverages and other consumer packaged goods that require a temperature-controlled or insulated environment. The Company offers service in the United States, Canada and Mexico, concentrating on expedited movements for high-volume customers. Marten’s common stock is traded on the Nasdaq Global Select Market under the symbol MRTN.

    This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include a discussion of Marten’s prospects for future growth and by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to the Company that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and in Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

    CONTACTS: Tim Kohl, Chief Executive Officer, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.


    MARTEN TRANSPORT, LTD.
    CONSOLIDATED CONDENSED BALANCE SHEETS

      December 31, December 31,
    (In thousands, except share information) 2021 2020
      (Unaudited)    
    ASSETS        
    Current assets:        
    Cash and cash equivalents $56,995  $66,127 
    Receivables:        
    Trade, net  99,003   83,426 
    Other  6,971   4,202 
    Prepaid expenses and other  23,980   21,903 
    Total current assets  186,949   175,658 
             
    Property and equipment:        
    Revenue equipment, buildings and land, office equipment and other  956,476   930,123 
    Accumulated depreciation  (274,199)  (275,950)
    Net property and equipment  682,277   654,173 
    Other noncurrent assets  1,464   1,805 
    Total assets $870,690  $831,636 
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    Current liabilities:        
    Accounts payable $20,150  $25,702 
    Insurance and claims accruals  42,014   39,595 
    Accrued and other current liabilities  31,395   24,497 
    Total current liabilities  93,559   89,794 
    Deferred income taxes  125,163   121,098 
    Noncurrent operating lease liabilities  291   411 
    Total liabilities  219,013   211,303 
             
    Stockholders’ equity:        
    Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding  -   - 
    Common stock, $.01 par value per share; 192,000,000 shares authorized; 83,034,404 shares at December 31, 2021, and 82,705,005 shares at December 31, 2020, issued and outstanding  830   827 
    Additional paid-in capital  85,718   85,070 
    Retained earnings  565,129   534,436 
    Total stockholders’ equity  651,677   620,333 
    Total liabilities and stockholders’ equity $870,690  $831,636 
             


    MARTEN TRANSPORT, LTD.
    CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
    (Unaudited)

      Three Months Year
      Ended December 31, Ended December 31,
    (In thousands, except per share information) 2021 2020 2021 2020
                     
    Operating revenue $266,876  $227,333  $973,644  $874,374 
                     
    Operating expenses (income):                
    Salaries, wages and benefits  88,577   79,121   317,962   300,155 
    Purchased transportation  54,592   40,937   193,221   154,613 
    Fuel and fuel taxes  36,435   24,700   131,288   98,133 
    Supplies and maintenance  11,592   11,314   45,459   47,815 
    Depreciation  25,964   25,914   102,562   102,893 
    Operating taxes and licenses  2,498   2,837   10,534   10,840 
    Insurance and claims  10,649   12,294   41,987   47,454 
    Communications and utilities  2,030   2,050   8,350   8,011 
    Gain on disposition of revenue equipment  (4,436)  (2,834)  (16,295)  (8,733)
    Gain on disposition of facility  -   -   -   (1,718)
    Other  8,298   5,442   26,887   21,665 
                     
    Total operating expenses  236,199   201,775   861,955   781,128 
                     
    Operating income  30,677   25,558   111,689   93,246 
                     
    Other  (16)  (13)  (43)  (140)
                     
    Income before income taxes  30,693   25,571   111,732   93,386 
                     
    Income taxes expense  5,963   5,967   26,304   23,886 
                     
    Net income $24,730  $19,604  $85,428  $69,500 
                     
    Basic earnings per common share $0.30  $0.24  $1.03  $0.84 
                     
    Diluted earnings per common share $0.30  $0.24  $1.02  $0.84 
                     
    Dividends declared per common share $0.04  $0.54  $0.66  $0.633 
                     


    MARTEN TRANSPORT, LTD.
    SEGMENT INFORMATION
    (Unaudited)

              Dollar Percentage
              Change Change
      Three Months Three Months Three Months
      Ended Ended Ended
      December 31, December 31, December 31,
    (Dollars in thousands) 2021 2020 2021 vs. 2020 2021 vs. 2020
    Operating revenue:                
    Truckload revenue, net of fuel surcharge revenue $91,848  $87,460  $4,388   5.0%
    Truckload fuel surcharge revenue  14,345   8,733   5,612   64.3 
    Total Truckload revenue  106,193   96,193   10,000   10.4 
                     
    Dedicated revenue, net of fuel surcharge revenue  73,928   71,313   2,615   3.7 
    Dedicated fuel surcharge revenue  14,994   9,670   5,324   55.1 
    Total Dedicated revenue  88,922   80,983   7,939   9.8 
                     
    Intermodal revenue, net of fuel surcharge revenue  23,275   20,817   2,458   11.8 
    Intermodal fuel surcharge revenue  4,627   1,959   2,668   136.2 
    Total Intermodal revenue  27,902   22,776   5,126   22.5 
                     
    Brokerage revenue  43,859   27,381   16,478   60.2 
                     
    Total operating revenue $266,876  $227,333  $39,543   17.4%
                     
    Operating income:                
    Truckload $14,750  $11,270  $3,480   30.9%
    Dedicated  8,321   9,900   (1,579)  (15.9)
    Intermodal  3,328   2,166   1,162   53.6 
    Brokerage  4,278   2,222   2,056   92.5 
    Total operating income $30,677  $25,558  $5,119   20.0%
                     
    Operating ratio:                
    Truckload  86.1%  88.3%        
    Dedicated  90.6   87.8         
    Intermodal  88.1   90.5         
    Brokerage  90.2   91.9         
    Consolidated operating ratio  88.5%  88.8%        
                     


    MARTEN TRANSPORT, LTD.
    SEGMENT INFORMATION
    (Unaudited)

              Dollar Percentage
              Change Change
      Year Year Year
      Ended Ended Ended
      December 31, December 31, December 31,
    (Dollars in thousands) 2021  2020 2021 vs. 2020 2021 vs. 2020
    Operating revenue:                
    Truckload revenue, net of fuel surcharge revenue $346,289  $342,357  $3,932   1.1%
    Truckload fuel surcharge revenue  50,377   36,791   13,586   36.9 
    Total Truckload revenue  396,666   379,148   17,518   4.6 
                     
    Dedicated revenue, net of fuel surcharge revenue  276,883   271,550   5,333   2.0 
    Dedicated fuel surcharge revenue  52,559   38,234   14,325   37.5 
    Total Dedicated revenue  329,442   309,784   19,658   6.3 
                     
    Intermodal revenue, net of fuel surcharge revenue  87,468   79,944   7,524   9.4 
    Intermodal fuel surcharge revenue  14,777   8,789   5,988   68.1 
    Total Intermodal revenue  102,245   88,733   13,512   15.2 
                     
    Brokerage revenue  145,291   96,709   48,582   50.2 
                     
    Total operating revenue $973,644  $874,374  $99,270   11.4%
                     
    Operating income:                
    Truckload $51,032  $39,637  $11,395   28.7%
    Dedicated  36,395   40,909   (4,514)  (11.0)
    Intermodal  9,479   5,730   3,749   65.4 
    Brokerage  14,783   6,970   7,813   112.1 
    Total operating income $111,689  $93,246  $18,443   19.8%
                     
    Operating ratio:                
    Truckload  87.1%  89.5%        
    Dedicated  89.0   86.8         
    Intermodal  90.7   93.5         
    Brokerage  89.8   92.8         
    Consolidated operating ratio  88.5%  89.3%        
                     


    MARTEN TRANSPORT, LTD.
    OPERATING STATISTICS
    (Unaudited)

      Three Months Year
      Ended December 31, Ended December 31,
      2021 2020 2021 2020
    Truckload Segment:                
    Revenue (in thousands) $106,193  $96,193  $396,666  $379,148 
    Average revenue, net of fuel surcharges, per tractor per week(1) $4,663  $4,116  $4,315  $3,926 
    Average tractors(1)  1,499   1,617   1,539   1,668 
    Average miles per trip  515   526   516   547 
    Non-revenue miles percentage(2)  10.4%  10.4%  10.1%  10.7%
    Total miles (in thousands)  35,679   40,185   147,192   165,267 
                     
    Dedicated Segment:                
    Revenue (in thousands) $88,922  $80,983  $329,442  $309,784 
    Average revenue, net of fuel surcharges, per tractor per week(1) $3,592  $3,350  $3,377  $3,316 
    Average tractors(1)  1,566   1,620   1,572   1,566 
    Average miles per trip  330   303   322   305 
    Non-revenue miles percentage(2)  1.2%  0.7%  1.0%  0.7%
    Total miles (in thousands)  32,491   34,044   128,256   132,597 
                     
    Intermodal Segment:                
    Revenue (in thousands) $27,902  $22,776  $102,245  $88,733 
    Loads  8,102   8,708   32,987   36,444 
    Average tractors  152   125   143   106 
                     
    Brokerage Segment:                
    Revenue (in thousands) $43,859  $27,381  $145,291  $96,709 
    Loads  19,345   13,928   66,512   58,986 
                     
    At December 31, 2021 and December 31, 2020:                
    Total tractors(1)  3,204   3,331         
    Average age of company tractors (in years)  1.4   1.6         
    Total trailers  5,299   5,395         
    Average age of company trailers (in years)  3.3   3.0         
    Ratio of trailers to tractors(1)  1.7   1.6         
    Total refrigerated containers  634   433         

            

      Three Months Year
      Ended December 31, Ended December 31,
    (In thousands) 2021 2020 2021 2020
                     
    Net cash provided by operating activities $43,295  $34,891  $171,204  $189,598 
    Net cash (used for) investing activities  (21,592)  (12,577)  (123,734)  (106,325)
    Net cash (used for) financing activities  (48,608)  (44,466)  (56,602)  (48,607)
                     
    Weighted average shares outstanding:                
    Basic  82,983   82,690   82,872   82,527 
    Diluted  83,420   83,311   83,408   83,164 
                     


    (1) Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 93 and 143 tractors as of December 31, 2021 and 2020, respectively.
      
    (2) Represents the percentage of miles for which the company is not compensated.
       

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