• Marten Transport Announces Fourth Quarter and Year End Results

    Source: Nasdaq GlobeNewswire / 27 Jan 2025 16:05:13   America/New_York

    MONDOVI, Wis., Jan. 27, 2025 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $5.6 million, or 7 cents per diluted share, for the fourth quarter ended December 31, 2024, compared with $12.4 million, or 15 cents per diluted share, for the fourth quarter of 2023. The 2024 fourth-quarter earnings improved 50.1% sequentially from 2024 third-quarter net income of $3.8 million, or 5 cents per diluted share. For the year ended December 31, 2024, net income was $26.9 million, or 33 cents per diluted share, compared with $70.4 million, or 86 cents per diluted share, for 2023.

    Operating revenue was $230.4 million for the fourth quarter of 2024 compared with $268.2 million for the fourth quarter of 2023. Excluding fuel surcharges, operating revenue was $202.9 million for the 2024 quarter compared with $229.4 million for the 2023 quarter. Fuel surcharge revenue decreased to $27.6 million for the 2024 quarter from $38.8 million for the 2023 quarter.

    Operating revenue was $963.7 million for 2024 compared with $1.131 billion for 2023. Excluding fuel surcharges, operating revenue was $840.0 million for 2024 compared with $972.0 million for 2023. Fuel surcharge revenue decreased to $123.7 million for 2024 compared with $159.4 million for 2023.

    Operating income was $6.7 million for the fourth quarter of 2024 compared with $15.7 million for the fourth quarter of 2023. The 2024 fourth-quarter operating income improved 57.6% from operating income of $4.3 million for the third quarter of 2024.

    Operating income was $33.2 million for 2024 compared with $90.1 million for 2023.

    Operating expenses as a percentage of operating revenue were 97.1% for the 2024 fourth quarter and 94.2% for the 2023 fourth quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 96.7% for the 2024 fourth quarter and 93.2% for the 2023 fourth quarter – compared with 97.9% for the third quarter of 2024.

    Operating expenses as a percentage of operating revenue were 96.6% for 2024 and 92.0% for 2023. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 96.0% for 2024 and 90.7% for 2023.

    Executive Chairman Randolph L. Marten stated, “We are encouraged by this quarter being the first quarter with sequential improvement in each of our net income, operating income and operating ratio, net of fuel surcharges, since the second quarter of 2022, a period that preceded the freight market recession’s severe inflationary operating costs, freight rate reductions and freight network disruptions. Our people also drove sequential increases this quarter in our revenue per tractor, rate per total mile and miles per tractor within each of our truckload and dedicated operations.”

    “We continue to focus on minimizing the freight market’s impact on our operations while investing in and positioning our operations to capitalize on profitable organic growth opportunities, with fair compensation for our premium services, across each of our business operations for what comes next in the freight cycle as the market moves toward equilibrium.”

    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 Marten’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, Mexico and Canada, 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, 2023. 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, Doug Petit, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.

    MARTEN TRANSPORT, LTD.
    CONSOLIDATED CONDENSED BALANCE SHEETS
     
    (In thousands, except share information)December 31,
    2024    		 December 31,
    2023    		 
     (Unaudited)     
    ASSETS        
    Current assets:        
    Cash and cash equivalents$17,267  $53,213  
    Receivables:        
    Trade, net 89,992   105,501  
    Other 5,364   10,356  
    Prepaid expenses and other 25,888   27,512  
       Total current assets 138,511   196,582  
             
    Property and equipment:        
    Revenue equipment, buildings and land, office equipment and other 1,198,737   1,162,336  
    Accumulated depreciation (370,124)  (370,103) 
       Net property and equipment 828,613   792,233  
    Other noncurrent assets 1,633   1,524  
         Total assets$968,757  $990,339  
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    Current liabilities:        
    Accounts payable$25,781  $36,516  
    Insurance and claims accruals 44,246   47,017  
    Accrued and other current liabilities 23,492   26,709  
       Total current liabilities 93,519   110,242  
    Deferred income taxes 107,034   122,462  
    Noncurrent operating lease liabilities 282   249  
       Total liabilities 200,835   232,953  
             
    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; 81,463,938 shares at December 31, 2024, and
           81,312,168 shares at December 31, 2023, issued and outstanding    		 815   813  
    Additional paid-in capital 52,941   49,789  
    Retained earnings 714,166   706,784  
       Total stockholders’ equity 767,922   757,386  
         Total liabilities and stockholders’ equity$968,757  $990,339  
     


    MARTEN TRANSPORT, LTD.
    CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
    (Unaudited)
     
     Three Months
    Ended December 31,    		  Year
    Ended December 31,    		  
    (In thousands, except per share information)2024  2023  2024  2023  
                     
    Operating revenue$230,432  $268,222  $963,708  $1,131,455  
                     
    Operating expenses (income):                
    Salaries, wages and benefits 83,009   91,350   341,732   378,818  
    Purchased transportation 39,231   47,259   169,142   199,334  
    Fuel and fuel taxes 32,992   42,731   147,143   180,437  
    Supplies and maintenance 14,331   16,120   63,337   67,411  
    Depreciation 27,528   28,748   111,653   116,722  
    Operating taxes and licenses 2,683   2,708   10,302   11,053  
    Insurance and claims 15,134   15,209   53,109   56,014  
    Communications and utilities 2,195   2,524   9,029   10,149  
    Gain on disposition of revenue equipment (387)  (1,802)  (4,971)  (13,612) 
    Other 6,989   7,718   30,012   35,019  
                     
                         Total operating expenses 223,705   252,565   930,488   1,041,345  
                     
    Operating income 6,727   15,657   33,220   90,110  
                     
    Other (394)  (868)  (3,126)  (3,806) 
                     
    Income before income taxes 7,121   16,525   36,346   93,916  
                     
    Income taxes expense 1,488   4,126   9,424   23,543  
                     
    Net income$5,633  $12,399  $26,922  $70,373  
                     
    Basic earnings per common share$0.07  $0.15  $0.33  $0.87  
                     
    Diluted earnings per common share$0.07  $0.15  $0.33  $0.86  
                     
    Dividends declared per common share$0.06  $0.06  $0.24  $0.24  
     


     MARTEN TRANSPORT, LTD.
    SEGMENT INFORMATION
    (Unaudited)
     
     Three Months
    Ended
    December 31,    		  Dollar
    Change
    Three Months
    Ended
    December 31,     		   Percentage
    Change
    Three Months
    Ended
    December 31,    		  
    (Dollars in thousands)2024  2023  2024 vs. 2023  2024 vs. 2023  
    Operating revenue:                
    Truckload revenue, net of fuel surcharge revenue$93,106  $95,461  $(2,355)  (2.5)% 
    Truckload fuel surcharge revenue 14,188   18,023   (3,835)  (21.3) 
    Total Truckload revenue 107,294   113,484   (6,190)  (5.5) 
                     
    Dedicated revenue, net of fuel surcharge revenue 64,997   77,731   (12,734)  (16.4) 
    Dedicated fuel surcharge revenue 11,391   17,310   (5,919)  (34.2) 
    Total Dedicated revenue 76,388   95,041   (18,653)  (19.6) 
                     
    Intermodal revenue, net of fuel surcharge revenue 11,238   15,610   (4,372)  (28.0) 
    Intermodal fuel surcharge revenue 1,971   3,467   (1,496)  (43.1) 
    Total Intermodal revenue 13,209   19,077   (5,868)  (30.8) 
                     
    Brokerage revenue 33,541   40,620   (7,079)  (17.4) 
                     
      Total operating revenue$230,432  $268,222  $(37,790)   (14.1)% 
                     
    Operating income/(loss):                
    Truckload$1,821  $2,487  $(666)  (26.8)% 
    Dedicated 4,073   9,234   (5,161)  (55.9) 
    Intermodal (1,502)  296   (1,798)  (607.4) 
    Brokerage 2,335   3,640   (1,305)  (35.9) 
    Total operating income$6,727  $15,657  $(8,930)  (57.0)% 
                     
    Operating ratio:                
    Truckload 98.3%  97.8%         
    Dedicated 94.7   90.3          
    Intermodal 111.4   98.4          
    Brokerage 93.0   91.0          
      Consolidated operating ratio 97.1%  94.2%         
                     
    Operating ratio, net of fuel surcharges:                
    Truckload 98.0%  97.4%         
    Dedicated 93.7   88.1          
    Intermodal 113.4   98.1          
    Brokerage 93.0   91.0          
      Consolidated operating ratio, net of fuel
         surcharges    		 96.7%  93.2%         
     


    MARTEN TRANSPORT, LTD.
    SEGMENT INFORMATION
    (Unaudited)
     
     Year
    Ended
    December 31,    		  Dollar
    Change
    Year
    Ended
    December 31,    		  Percentage
    Change
    Year
    Ended
    December 31,    		  
    (Dollars in thousands)2024  2023  2024 vs. 2023  2024 vs. 2023  
    Operating revenue:                
    Truckload revenue, net of fuel surcharge revenue$377,452  $395,565  $(18,113)  (4.6)% 
    Truckload fuel surcharge revenue 62,340   69,910   (7,570)  (10.8) 
    Total Truckload revenue 439,792   465,475   (25,683)  (5.5) 
                     
    Dedicated revenue, net of fuel surcharge revenue 267,077   334,962   (67,885)  (20.3) 
    Dedicated fuel surcharge revenue 52,058   73,310   (21,252)  (29.0) 
    Total Dedicated revenue 319,135   408,272   (89,137)  (21.8) 
                     
    Intermodal revenue, net of fuel surcharge revenue 49,468   75,887   (26,419)  (34.8) 
    Intermodal fuel surcharge revenue 9,286   16,191   (6,905)  (42.6) 
    Total Intermodal revenue 58,754   92,078   (33,324)  (36.2) 
                     
    Brokerage revenue 146,027   165,630   (19,603)  (11.8) 
                     
      Total operating revenue$963,708  $1,131,455  $(167,747)   (14.8)% 
                     
    Operating income/(loss):                
    Truckload$3,283  $24,835  $(21,552)  (86.8)% 
    Dedicated 23,037   48,377   (25,340)  (52.4) 
    Intermodal (3,922)  (156)  (3,766)  (2,414.1) 
    Brokerage 10,822   17,054   (6,232)  (36.5) 
      Total operating income$33,220  $90,110  $(56,890)  (63.1)% 
                     
    Operating ratio:                
    Truckload 99.3%  94.7%         
    Dedicated 92.8   88.2          
    Intermodal 106.7   100.2          
    Brokerage 92.6   89.7          
      Consolidated operating ratio 96.6%  92.0%         
                     
    Operating ratio, net of fuel surcharges:                
    Truckload 99.1%  93.7%         
    Dedicated 91.4   85.6          
    Intermodal 107.9   100.2          
    Brokerage 92.6   89.7          
      Consolidated operating ratio, net of fuel
         surcharges    		 96.0%  90.7%         
     


    MARTEN TRANSPORT, LTD.
    OPERATING STATISTICS
    (Unaudited)
     
     Three Months
    Ended December 31,    		  Year
    Ended December 31,    		  
     2024  2023  2024  2023  
    Truckload Segment:                
    Revenue (in thousands)$107,294  $113,484  $439,792  $465,475  
    Average revenue, net of fuel surcharges, per tractor per
       week(1)    		$4,227  $4,183  $4,123  $4,377  
    Average tractors(1) 1,676   1,737   1,751   1,733  
    Average miles per trip 535   533   533   519  
    Non-revenue miles percentage(2) 11.8%  12.4%  12.1%  12.4% 
    Total miles (in thousands) 39,147   39,278   158,985   155,929  
                     
    Dedicated Segment:                
    Revenue (in thousands)$76,388  $95,041  $319,135  $408,272  
    Average revenue, net of fuel surcharges, per tractor per
       week(1)    		$3,841  $3,895  $3,767  $3,936  
    Average tractors(1) 1,288   1,518   1,356   1,632  
    Average miles per trip 313   335   319   335  
    Non-revenue miles percentage(2) 1.5%  1.2%  1.3%  1.2% 
    Total miles (in thousands) 26,799   31,215   110,681   133,163  
                     
    Intermodal Segment:                
    Revenue (in thousands)$13,209  $19,077  $58,754  $92,078  
    Loads 3,803   5,289   16,975   25,160  
    Average tractors 88   133   110   159  
                     
    Brokerage Segment:                
    Revenue (in thousands)$33,541  $40,620  $146,027  $165,630  
    Loads 21,749   23,594   89,138   91,077  
                     
    At December 31, 2024 and December 31, 2023:                
    Total tractors(1) 3,006   3,349          
    Average age of company tractors (in years) 1.9   1.9          
    Total trailers 5,440   5,653          
    Average age of company trailers (in years) 5.3   4.6          
    Ratio of trailers to tractors(1) 1.8   1.7          
    Total refrigerated containers 786   787          
     


      Three Months
    Ended December 31,    		  Year
    Ended December 31,    		  
    (In thousands)2024 2023 2024 2023 
                      
    Net cash provided by operating activities$23,793  $38,045  $134,814  $164,378  
    Net cash used for investing activities (44,891)  (48,070)  (152,138)  (172,540) 
    Net cash used for financing activities (4,625)  (4,829)  (18,622)  (19,225) 
                      
    Weighted average shares outstanding:                
    Basic 81,457   81,309   81,406   81,272  
    Diluted 81,507   81,418   81,472   81,413  
       
    (1)Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 88 and 94 tractors as of December 31, 2024 and 2023, respectively.  
    (2)Represents the percentage of miles for which the company is not compensated. 

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