Marten Transport Posts Mixed Financials for Q1
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Marten Transport’s earnings declined despite increased revenue during the first quarter, the company reported April 18.
The Mondovi, Wis.-based time- and temperature-sensitive transportation services provider posted net income of $22.5 million, or 28 cents per diluted share, for the three months ending March 31. That compared with $27.5 million, or 33 cents, during the same time the previous year. Total operating revenue improved 3.7% to $298 million from $287.3 million.
Marten Transport ranks No. 46 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.
“Our bright and determined people executing our unique business model produced solid operating results despite the impact of widespread severe winter weather and a freight market which has considerably softened from the exceptionally tight conditions during the first half of last year,” Executive Chairman Randolph Marten said.
Marten
“The market has become unsustainable for the smaller carriers who comprise a significant portion of total capacity, and who are expected to continue the recent increased industry exit rate,” he added.
Wall Street analysts had been looking for 27 cents per share and quarterly revenue of $308 million, according to Zacks Consensus Estimate.
“We believe that we are well-positioned to capitalize on profitable organic growth opportunities across our five distinct but complementary business platforms with our emphasis on premium service, data-driven operating efficiencies and cost controls,” Marten said. “And, as a result, to expand the total capacity we provide transporting and distributing the essential food, beverages and other consumer goods to support at a fair price our diverse and growing customer base.”
Segment changes year-over-year:
Truckload
Revenue grew 6.9% to $120.6 million from $112.8 million. The average revenue per tractor each week decreased 8.2% year-over-year to $4,571 from $4,977, but the average number of tractors increased 17.1% to 1,741 from 1,487. Operating income decreased 35.5% to $10 million from $15.6 million.
Dedicated
Revenue increased 10% to $106.4 million from $96.8 million. The average revenue per tractor each week improved 2.8% to $3,960 from $3,851. This was bolstered by the average number of tractors increasing 7.6% to 1,705 from 1,584. Operating income increased 28.5% to $13.7 million from $10.6 million.
Intermodal
Revenue decreased 9.6% to $28.6 million from $31.6 million. The load count decreased 12.3% to 7,277 from 8,294. The average number of tractors increased 11.1% to 180 from 162. Operating income decreased 84.4% to $787,000 from $5.04 million.
Brokerage
Revenue decreased 8.1% to $42.4 million from $46.1 million. The number of loads the segment handled increased by 5.1% to 20,688 from 19,684. Operating income decreased 2.3% to $4.5 million from $4.6 million.
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