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
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.
