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Marten Transport Announces First Quarter Results
Source: Nasdaq GlobeNewswire / 16 Apr 2025 08:45:07 America/New_York
MONDOVI, Wis., April 16, 2025 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $4.3 million, or 5 cents per diluted share, for the first quarter ended March 31, 2025, compared with $9.6 million, or 12 cents per diluted share, for the first quarter of 2024.
Operating revenue was $223.2 million for the first quarter of 2025 compared with $249.7 million for the first quarter of 2024. Excluding fuel surcharges, operating revenue was $195.8 million for the 2025 quarter compared with $215.7 million for the 2024 quarter. Fuel surcharge revenue decreased to $27.4 million for the 2025 quarter from $33.9 million for the 2024 quarter.
Operating income was $5.9 million for the first quarter of 2025 compared with $12.3 million for the first quarter of 2024.
Operating expenses as a percentage of operating revenue were 97.4% for the 2025 first quarter and 95.1% for the 2024 first quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 97.0% for the 2025 first quarter and 94.3% for the 2024 first quarter.
Executive Chairman Randolph L. Marten stated, “Our unique multifaceted business model’s value is highlighted by the operating results of our dedicated and brokerage operations for this quarter and throughout last year. Our earnings have continued to be heavily pressured by the considerable duration and depth of the freight market recession’s oversupply and weak demand - and the cumulative impact of inflationary operating costs, freight rate reductions and freight network disruptions.”
“We remain focused on minimizing the freight market’s impact – and now the impact of the U.S. and global economies with the current trade policy volatility - 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 segments.”
“We are pleased to recently be certified by the Truckload Carriers Association, or TCA, as a TCA Elite Fleet – 2025 Best Place to Drive.” The TCA partnered with the University of Denver’s Transportation and Supply Chain Institute to recognize North American for-hire truckload carriers that foster exceptional work environments, offer competitive compensation and implement innovative practices to support their drivers.
Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of time and temperature-sensitive and dry truck-based transportation and distribution capabilities across Marten’s six distinct business platforms – Temperature-Sensitive and Dry 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, including the impact of the freight market and U.S. and global economies with the current trade policy volatility, 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, 2024. 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 March 31, December 31, (In thousands, except share information) 2025 2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 39,905 $ 17,267 Receivables: Trade, net 95,250 89,992 Other 4,724 5,364 Prepaid expenses and other 22,621 25,888 Total current assets 162,500 138,511 Property and equipment: Revenue equipment, buildings and land, office equipment and other 1,199,378 1,198,737 Accumulated depreciation (380,321 ) (370,124 ) Net property and equipment 819,057 828,613 Other noncurrent assets 1,775 1,633 Total assets $ 983,332 $ 968,757 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 37,783 $ 25,781 Insurance and claims accruals 43,486 44,246 Accrued and other current liabilities 28,354 23,492 Total current liabilities 109,623 93,519 Deferred income taxes 105,824 107,034 Noncurrent operating lease liabilities 385 282 Total liabilities 215,832 200,835 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; 81,493,424 shares at March 31, 2025, and 81,463,938 shares at December 31, 2024, issued and outstanding 815 815 Additional paid-in capital 53,073 52,941 Retained earnings 713,612 714,166 Total stockholders’ equity 767,500 767,922 Total liabilities and stockholders’ equity $ 983,332 $ 968,757 MARTEN TRANSPORT, LTD.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)Three Months Ended March 31, (In thousands, except per share information) 2025 2024 Operating revenue $ 223,152 $ 249,672 Operating expenses (income): Salaries, wages and benefits 78,800 88,762 Purchased transportation 37,656 41,814 Fuel and fuel taxes 33,117 39,561 Supplies and maintenance 15,513 16,070 Depreciation 27,470 28,527 Operating taxes and licenses 2,417 2,575 Insurance and claims 13,377 11,657 Communications and utilities 2,279 2,371 Gain on disposition of revenue equipment (1,665 ) (1,171 ) Other 8,329 7,256 Total operating expenses 217,293 237,422 Operating income 5,859 12,250 Other (349 ) (796 ) Income before income taxes 6,208 13,046 Income taxes expense 1,873 3,400 Net income $ 4,335 $ 9,646 Basic earnings per common share $ 0.05 $ 0.12 Diluted earnings per common share $ 0.05 $ 0.12 Dividends declared per common share $ 0.06 $ 0.06 MARTEN TRANSPORT, LTD.
SEGMENT INFORMATION
(Unaudited)Dollar Percentage Change Change Three Months Three Months Three Months Ended Ended Ended March 31, March 31, March 31, (Dollars in thousands) 2025 2024 2025 vs. 2024 2025 vs. 2024 Operating revenue: Truckload revenue, net of fuel surcharge revenue $ 90,106 $ 95,022 $ (4,916 ) (5.2 )% Truckload fuel surcharge revenue 14,285 16,529 (2,244 ) (13.6 ) Total Truckload revenue 104,391 111,551 (7,160 ) (6.4 ) Dedicated revenue, net of fuel surcharge revenue 62,405 71,738 (9,333 ) (13.0 ) Dedicated fuel surcharge revenue 11,220 14,722 (3,502 ) (23.8 ) Total Dedicated revenue 73,625 86,460 (12,835 ) (14.8 ) Intermodal revenue, net of fuel surcharge revenue 10,268 13,281 (3,013 ) (22.7 ) Intermodal fuel surcharge revenue 1,849 2,691 (842 ) (31.3 ) Total Intermodal revenue 12,117 15,972 (3,855 ) (24.1 ) Brokerage revenue 33,019 35,689 (2,670 ) (7.5 ) Total operating revenue $ 223,152 $ 249,672 $ (26,520 ) (10.6 )% Operating income/(loss): Truckload $ (300 ) $ 489 $ (789 ) (161.3 )% Dedicated 4,854 9,258 (4,404 ) (47.6 ) Intermodal (855 ) (194 ) (661 ) (340.7 ) Brokerage 2,160 2,697 (537 ) (19.9 ) Total operating income $ 5,859 $ 12,250 $ (6,391 ) (52.2 )% Operating ratio: Truckload 100.3 % 99.6 % Dedicated 93.4 89.3 Intermodal 107.1 101.2 Brokerage 93.5 92.4 Consolidated operating ratio 97.4 % 95.1 % Operating ratio, net of fuel surcharges: Truckload 100.3 % 99.5 % Dedicated 92.2 87.1 Intermodal 108.3 101.5 Brokerage 93.5 92.4 Consolidated operating ratio, net of fuel surcharges 97.0 % 94.3 % MARTEN TRANSPORT, LTD.
OPERATING STATISTICS
(Unaudited)Three Months Ended March 31, 2025 2024 Truckload Segment: Revenue (in thousands) $ 104,391 $ 111,551 Average revenue, net of fuel surcharges, per tractor per week(1) $ 4,196 $ 3,996 Average tractors(1) 1,670 1,830 Average miles per trip 537 537 Non-revenue miles percentage(2) 11.2 % 12.6 % Total miles (in thousands) 38,273 39,703 Dedicated Segment: Revenue (in thousands) $ 73,625 $ 86,460 Average revenue, net of fuel surcharges, per tractor per week(1) $ 3,846 $ 3,781 Average tractors(1) 1,262 1,459 Average miles per trip 308 329 Non-revenue miles percentage(2) 1.6 % 1.1 % Total miles (in thousands) 25,236 29,080 Intermodal Segment: Revenue (in thousands) $ 12,117 $ 15,972 Loads 3,657 4,589 Average tractors 77 126 Brokerage Segment: Revenue (in thousands) $ 33,019 $ 35,689 Loads 20,416 20,061 At March 31, 2025 and March 31, 2024: Total tractors(1) 3,040 3,406 Average age of company tractors (in years) 2.0 1.9 Total trailers 5,331 5,619 Average age of company trailers (in years) 5.4 4.8 Ratio of trailers to tractors(1) 1.8 1.6 Total refrigerated containers 786 787 Three Months Ended March 31, (In thousands) 2025 2024 Net cash provided by operating activities $ 36,215 $ 45,722 Net cash (used for) investing activities (8,413 ) (20,249 ) Net cash (used for) financing activities (5,164 ) (4,956 ) Weighted average shares outstanding: Basic 81,493 81,350 Diluted 81,508 81,437 (1) Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 82 and 96 tractors as of March 31, 2025 and 2024, respectively. (2) Represents the percentage of miles for which the company is not compensated. 
