2 months ago
15
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.
Get the latest news
delivered to your inbox
Sign up for The Manila Times newsletters
By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy.
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.”
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 |
This website uses cookies. By continuing to browse the website, you are agreeing to our use of cookies. Read More. | |||||||||||||
